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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Over the next few years, the provisions of the Affordable Care Act, commonly known as Obamacare, will go into effect, as well as new tax measures to pay for the program. The tax of most concern to those selling real estate, is a 3.8% tax on investment income, which includes interest, dividends, rents as well as the capital gains from the sale of real estate. This tax goes into effect starting January 1, 2013.
To correct some of the misconceptions about the tax, the National Association of Realtors created the attached Q and A, which makes it clear that this tax is not a new real estate or transfer tax collected upon the sale of property. Instead the tax applies to capital gains (not the sales price) on the sale of real estate and other investment income, and it only applies to sellers with high incomes who meet a number of other criteria. After reviewing the attached information from the NAR, it is important that any seller contact their financial advisor to review all aspects of the law before making financial decisions. Below are two sites for you to review.
http://www.realtor.org/small_business_health_coverage.nsf/pages/health_ref_faq_med_tax?
opendocumenthttp://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_invest_inc_tax_broch.pdf/$FILE/government_affairs_invest_inc_tax_broch.pdf
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Interested in the latest sales activity for the Lake Tahoe and Truckee area? We’ve just added a seperate page on the blog titled ‘North Lake Tahoe-Truckee Real Estate Stats’. This page will be your location for the latest sales information in a readable format.
Use this link below to go directly to it:
https://yourfriendinhighplaces.wordpress.com/north-lake-tahoe-truckee-real-estate-market-stats/
Share this: Lynn Richardson, Your Friend in High Places
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