2012 Tahoe-Truckee Real Estate Summary: The Times they are a changin’   Leave a comment

photo

A quiet ski at Donner Lake

  

There are lots of statistics to analyze what happened in the Tahoe-Truckee Real Estate Market last year but these are the most important:

The last time we saw a year with this many real estate sales in the Truckee-Tahoe area was 2004.

There were 16% more sales in 2012 than in 2011.

The median real estate sales price went up 1.5% last year from $399,000 in 2011 to $405,000 in 2012.

The average price went up 12% last year from $535,460 in 2011 to $600,806 in 2012. Much of this increase was due to a whopping 32% increase in the sale of properties over $1,000,000 in 2012.  On the other end of the market, there were also fewer distressed sales (REO’s or short sales).

The end of the year inventory of homes on the market was down 29% from a year ago.

What does it mean: Finally, after the market has taken it in the shorts for a few years, sales are increasing and prices are beginning to increase. There is an old saying about the real estate market. You never know when you’ve reached the bottom of a downturn until it has already started going back up. Guess what, it has started going back up. But there are still great values out there and interest rates are fabulous.

Interested in what is going on your neck of the woods? Let me know, I can give you the latest sales information for your specific area.   If you want to look at the numbers please click on the  “market stats”  line above my photo.

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