Truckee Real Estate Market Update

For the week of August 3-10, 2008, there was not much activity in the Truckee area. Only 1 house in Sierra Meadows sold this week for $425,000. There are currently 278 active single family listings and 114 condos for the whole Truckee area (not including Tahoe Donner). 20 homes are currently under contract which puts Truckee at an absorption rate of about 7%. This means that 93% of homes that are currently listed in Truckee are failing to sell. There is about 13 months of inventory for the Truckee area. Of the 278 homes listed, 47 are under $500K, 88 are in the $500K-$900K range, 42 are in the $900K-$1.2 mil. range, 42 are listed in the $1.2-$1.8 mil. range, and 70 are listed for over $1.8 million. It continues to be a buyers market (duh) and there are still lots of great deals out there!