What a year for real estate here in Tahoe! Buyers are coming out of the woodwork now that we’ve experienced some economic stabilization. Aggressively priced homes, an emerging bank owned property market (with more to follow), owner/seller and bank short sales along with major reductions in square footage prices supported considerable buyer activity.
Tahoe real estate sales activity continues with the majority of units sold during the summer season – June through mid-September. As expected in our market, we’ve experienced a 7% decline in sales prices since mid-June. Based on statistics from 6/22/09 to 12/1/09, Nevada and Placer Counties sales prices declined from$570,208 to $530,229. (Refer to Median Price Sold Chart). The average Truckee home purchase in Q3 of 2009 was $525,719 compared to $639,863 for the same period in 2008, a decline of 18%.
Residential home sales continue! In Nevada and Placer counties alone, 272 homes sold over the summer. (Refer to Units Sold Chart). Improvements in the stock market, substantial reductions in square footage pricing and the rebounding consumer confidence support strong summer results. The luxury market experienced a substantial decline with some excellent buying opportunities in areas such as Lahontan, Martis Camp (lots), Northstar and the North Shore. Mid-market areas such as Tahoe Donner have leveled out and homes in the <1,600 square foot arena have actually increased in price. The four bedroom, larger homes in Tahoe Donner continue to sit at $280 per square foot average.
What to expect in the coming months? A new crop of homes for sale over the winter – aggressively priced, another release of bank owned (REO) properties available to the consumer, more short sales as Option A and ARM loans reset and relatively stable pricing, with a potential dip of 4 – 5% over the winter in certain markets. Of course, there is always that “deal” if one moves quickly, can close within a very short period and is a cash buyer. Today, “cash is king” as they say!
Elder Group Tahoe Real Estate watches the market carefully. Feel free to call Alison Elder to discuss your real estate goals and objectives in this very unusual market in the very beautiful Tahoe region.
Leave a Reply