Lake Tahoe/Truckee Market Update 04.10.10

Latest Tahoe/Truckee market summary: A few more listings this week. Approximately 13% are "distressed" sales (short sales and REO/bank foreclosures). Certainly less than other areas of California! We have almost 1100 active homes and just over 500 active lots on the market. Had a spike in closed sales last week, bringing the months of inventory down to 14.

Total Sales 2010 Vs 2009: For 2010, year to date (YTD), there have been 288 properties sold in the market as compared to 163 for the same period in 2009 which is a 77% increase in sales. Distressed sales were 39% of the sold properties.

For 2010, there have been 181 properties sold priced below $500,000, 81 properties sold between $500,000 and $1,000,000 and 26 properties sold over $1,000,000. Median and Average Sales Prices 2010 Vs 2009: The median sales price for properties sold year to date in 2010 is $405,000 while the average sale price is $511,103. For the same period in 2009, the median sales price was $465,000 and the average sales price was $584,437 which is a (13%) and (12%) decline in price respectively year over year for the same period of time.
Last Week's Sales: For the week of March 29th to April 4th, a total of 41 properties sold which is the single highest week of sales in five months. Of the properties sold last week eight (8) were sold with a price over $750,000. Coldwell Banker was involved in 20 of the 82 sales sides closed or 25% of the sales.

Within the under $500,000 price segment of the market we are often seeing multiple offers. We continue to see solid activity in the market as buyers are very interested in taking advantage of our large inventory of properties that are priced at 2003 levels. Contact me for more area specific info.

Tamara Perlman Coldwell Banker Donner Pass, 12068 Donner Pass Rd., Truckee, CA. Tamara represents buyers and sellers in Lake Tahoe, Truckee, and Napa CA. Please call: 530-550-1299 or email Tamara at tperlman@coldwellbanker.com for more information on either market or general real estate inquiries. Search listings at www.TamaraPerlman.com