Truckee/North Tahoe 2011 Real Estate Sales Summary   Leave a comment

Snow Envy!                                                   

Truckee/North Tahoe Sales By Year              2011                                    2010

Total Sales                                                            1217                                    1136

Single Family Residences                                   956                                      866

Condos                                                                   261                                     270

Average Sales Price                                           $535,834                              $640,727

Median Sales Price                                             $397,700                             $430,000

Truckee Only Sales

Single Family Residences                                  582                                         506

Average Sales Price                                           $541,833                                $591,609

Median Sales Price                                             $435,000                               $472,000

Beyond the numbers:

There was a slight increase in total sales, and a substantial decrease in the average and median prices of properties sold from 2010 to 2011.

There were 186 short sales and 206 REO sales in 2011…thus 32% of the sold properties were considered “distressed sales.”

66% of the sales were under $500,000, compared to 60% under $ 500,000 in 2010.

At the end of 2011, there were 854 listings on the market. Given the current level of inventory, and the speed at which houses are currently selling, there is roughly six months of inventory available—assuming no new listings come on the market. And we can probably assume that not only will more properties come on the market, but that as spring and summer roll around the total number of properties on the market will increase.

What does it mean for you:

If you are a seller: Houses are selling, because the prices have been driven down to a point where buyers now feel like they are getting a deal. With about 1/3 of all sales being short sales or properties owned by banks, there is significant downward pressure on prices. This will probably continue until the inventory of total homes on the market is significantly reduced, and the percentage of those sales that are distressed drops as well. Most experts believe that will not be happening in the next year.

What is selling? The lower priced the better. In fact, in the lowest price ranges there is quite a bit of activity with competitive properties sometimes garnering multiple offers and/or offers over the list price. Properties in the medium and higher price ranges are selling more slowly, with more downward pressure on prices.

If you are a buyer: Great deals are out there, but in many cases the deal is already reflected in the listing price, especially for lower priced homes. If you are interested in an REO or short sale purchase, while there is potential to get a deal, there also may be heartache and headache involved in the process. Patience and flexibility will be required. If you find a house that fits you and it is priced right-act accordingly by putting in a strong offer now.

If you are considering an investment you need someone who really understands the complications of the local market. I have been active in the Truckee-Tahoe real estate market for over 25 years, in good times and bad, from roaring markets to whatever it is we have now. I keep up to date and communicate with my clients on a regular basis. If you need help, give me a call.

Are you a procrastinator? Well, you may have lucked out this winter. Even if you haven’t gotten around to winterizing your house yet, the lack of snow may have given you a second chance. Check back to my November 1st blog and review the “10 Things to Do before winter.” Even if you don’t get your house winterized, perhaps just making an effort to do so will make it snow…while you are at it would you please do your part by washing your car, taking your snow tires off, and making plans for a big outdoor event…that should make it snow.

Sales Information is based on sales reported to the Tahoe Sierra Multiple Listing Service and Coldwell Banker. The median priced sale is the price where half the sales were more expensive and half the sales were less expensive.

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