Truckee Weekly Sales Update

Here is a sales graph for different areas in and around Truckee for the week of October 19-26, 2008.

AREA	Current homes/ condos		Low	High	Avg.	Avg. days listed	SFR Pend-ing	Sold SFR
Tahoe Donner	163	23	$359K	$4.2 mil.	$985,345	135	20	4
Sierra Meadows/ Prosser	47	1	$330K	$4.5 mil.	$724,625	121	5	0
Lahanton	32	0	$1,549K	$7,950 K	$3,182,515	277	0	1
Gray’s Crossing/ Old Green.	34	5	$1,079K	$3,995K	$1,905,147	166	1	0
Northstar	37	65	$749K	$4,950K	$1,606,243	198	1	1
Alpine M./ Squaw Vly.	51	88	$499K	$5,750K	$1,663,990	188	2	0
Donner Lake	45	3	$299K	$3,950K	$1,072,682	200	0	1
Glenshire/ Devonshire	61		$275K	$2,499K	$731,591	133	6	1

Tahoe Donner Weekly Market Update

The sales are still happening in Tahoe Donner. 5 homes went into escrow during the week of October 19-26, 2008. 3 were in the $400K-$500K range, and 2 were over $1.3 million. There are now 20 homes in Tahoe Donner that are under contract. 6 new homes and 1 new condo came on the market this past week to make a total of 163 active single family homes. 4 homes sold this week – 1 for $425K, $480K, $610K, and 1 for $730K. The average list to sales price was 96% (up from last week’s 95%) and the average days on market was 74 days (compared to last week’s 97 days). The absorption rate is currently 12% (last week it was at 15%) and there is still around 8 months of inventory remaining.

Tahoe Donner Weekly Market Update

There is still quite a bit of activity in Tahoe Donner. 6 homes went into escrow this past week. 2 homes were in the $500K range, one at $800K, and 3 over $1 million. There are currently 22 homes under contract in Tahoe Donner. 6 new homes came on the market this week and there are now 148 active single family homes. 4 homes sold this week – 1 for $355K, 1 for $480K, 1 for $715K, and 1 for $1,040K. The average list to sales price was 95% and the average days on market was 97 days. The absorption rate for homes listed in Tahoe Donner is 15% and there is still about 6 1/2 months of inventory remaining.

Tahoe Donner Weekly Market Update

Week of September 15-21, 2008 

Three homes closed this week. One sold for $380K, one for $552K, and one for $1,695,000. The average days on market for these homes was 108 days. Three homes went into escrow. One that was listed at $520K, one that was listed for $745K, and one condo that was listed at $319K. 

Week of September 22-28, 2008 

Eight homes closed this week. Two were short sales – one sold for $249K and the other sold for $327K. One home sold for $492K, two for $630K, one for $897K and two homes sold for over $1.1 million. The average days on market for these homes was 49 days. Eight homes went into escrow – one for $359K, one for $499K, three for $700K, two for $750K and one for just over $1 million.   

Week of September 29 – October 5, 2008 

Ten homes closed this week. Two homes sold for $350K, one for $555K, two for $600K, one at $656K, one at $775K, one at $841K, one for $897K, and one for $995K.  The average days on market for these homes was 99 days. One condo closed for $529K. Three homes went into escrow – one for $439K, one for $628K, and one at $1.6 million. 

Week of October 6-13, 2008 

Seven homes closed this week. There were five homes in the $500K-$600K range, one at $810K, and one at $948K. 5 homes went into escrow this week. One that was listed at $479, two in the $550K-$600K range, one for $749K, and the other at $1.4 million. One condo that was listed for $299K went into escrow.

Opportunity in Tahoe and Reno Real Estate Market

The Lake Tahoe and Reno real estate market is right in step with national trends, as our third quarter report shows little increase in sales and prices. Truckee, however, continues to show signs of life with strong sales in million-dollar homes and average prices relatively un-phased by the rest of the market.

Truckee seems to be the anomaly, offering some positive indicators. The average price of a home in Truckee was up two percent to $825,312 and the median price held steady at $631,000. Homes sold under the million-mark were down 14 percent while homes sold for more than $1 million jumped 33 percent. Overall volume sold in Truckee was down five percent and units sold were down six percent. 

Here are some year to date stats for the Truckee area. It’s encouraging to see that for homes sold in Tahoe Donner, there was a 43% increase in home sales (31 in 2007 and 55 in 2008). For condo sales so far, there is a 25% increase in sales this year (6 in 2007 and 8 in 2008).

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