Truckee Realty Market Conditions Report

August sales for the Tahoe/Truckee area are up 5% from August 2007. 63 single family homes sold in August 2008 compared to 60 homes that sold last year. 18 condos sold this month and 6 properties categorized as “other.” There was much activity in the lower end again this month, specifically in the $300,000 to upper $600,000 price range.

There are currently 1173 single family homes listed in the Tahoe/Truckee area. This number is down a little from the 1190 homes listed at the end of last month. 343 condos are currently listed and 175 “other” properties. Last year at this time, there were 1124 single family homes listed in the Tahoe/Truckee area. 12 of these properties are listed as contingent short sales. The average listed price is $1,267,609 (up 1% from last month) and the median listing price is $789,000 (also up 1% from last month). The average days on market is 153 and the median days on market is 106 days. There are currently 89 single family homes in escrow (up 9% from last month). The absorption rate for the homes listed is about 7.5% (up 10% from last month). This means that 92.5% of homes currently listed in our MLS are failing to sell. There is about 13 months of inventory remaining for Tahoe/Truckee homes.

Homes in the $500K and under price range saw some of the most activity this month with 24 homes selling. The average sold price was $369,379 and the median price was $417,500. The average list to sales price was 96%. There are still 263 active listings for sale in this price range. 32 homes are under contract which puts the absorption rate at about 12%. There is still around 8 1/2 months of inventory remaining in the $500K and under price range.

17 homes sold in the $500K to $700K price range. The average sold price was $645,129 and the median was $650,000. The average days on market for homes in this price range was 105 days. The average list to sales price was 94%. There are still 262 active single family listings. 20 homes in this price range are currently under contract. The absorption rate for homes in this range is about 7.5% and there is about a 13 months supply of inventory.

The $700K to $1.2 million range saw a fair amount of activity again this month with 12 homes selling. The average days on market in this price range was 121 days. The average sold price was $1,026,916 and the median sold price was $984,000 (both up significantly from last month). The average list to sales price was 90%. There are currently 332 single family homes listed in this price range. 17 homes are under contract which puts the absorption rate at about 5%. There is about 19 1/2 months of inventory still remaining for this price range.

4 homes in the $1.2 million to $2 million range sold this month. The average sold price was $1,240,000 (down 73% from last month) and the median sold price was $1,504,750. The average list to sales price was 92%. There are still 177 homes listed in this price range (same as last month) and 14 are pending which puts the absorption rate at about 8%. There is still a little over a year’s worth of inventory in this price range.