Truckee Real Estate 3rd Quarter Market Review
Here are the 3rd quarter market stats for the Truckee real estate market. This graph is just homes, and not condos. I think of interest to note is that volume in Truckee home sales is up 16% this year. Tahoe Donner sales are up just over 3% (only 5 homes). I’ve certainly been feeling and espousing that. The median sales price is down though, by 9% overall.
One phenomenon I’ve seen, which is new in my almost 15 years of Truckee and Tahoe real estate sales, is that vacation owners are much more open to the idea of looking outside of “traditional” vacation home neighborhoods like Tahoe Donner. I have had several vacation home buyers choose Glenshire this year, and that has not been typical. This could be one reason why the overall Truckee real estate market has seen 16% more sales over last year. But I also think that many primary owners are having an opportunity to buy now, where they maybe could not previously afford to do so. A positive outcome of this protracted market correction. The other interesting thing to note is that while the median price is down 9% overall, while the number of homes sold was up 16%, in Tahoe Donner, the median sales price only declined by half of that, at 4.5%. That’s not a gain, but a good number…considering. In the Tahoe real estate market, median price and the number of homes sold is essentially flat from last year. Another good sign.
Anectodatly, I traveled a bit yesterday down to the Bay, and I noticed new construction, and people working, and busy shopping areas, just like here. I think that those of us blessed enough to have good work, in many cases, are pulling ourselves up by the bootstraps, and getting on with it, whatever “it” is.
Truckee and Tahoe Weekly Real Estate Update
2011 Weekly Real Estate Market Report
Truckee-North Lake Tahoe Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: October 17th to October 23rd
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee and North Lake Tahoe went up slightly from the previous week to 1,214 active listings in the market; 943 single family homes and 271 condominiums for sale. Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Listings: Of the active listings, there are 174 properties listed as short sales, (14.3%) and 45 properties listed as REO sales, (4.1%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 9-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 945 residential properties sold in the Truckee and Tahoe market as compared to 879 for the same period in 2010 which is a year over year 7.5% increase in sales. Of the total sales in the market for 2011, 746 have been single family homes, while 199 or 21% of the sales were condominiums. I n 2010, condominiums represented 32% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 168 have been REO’s, (17.8%), and 130 have been Short Sales, (13.8%) which results in over 31% of the properties sold being distressed properties. In 2010 for the same period, there were 172 REO sales and 110 short sales or roughly 32% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 623 homes in Truckee and North Lake Tahoe priced below $500,000, 238 properties sold between $500,000 and $1,000,000 and 84 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $400,000 while the average sales price is $548,746. For the same period in 2010, the median sales price was $430,000 and the average sales price was $639,713 which is a (7.0%) and (14.2%) decline in price respectively year over year.
Last Week’s Sales: For the week of October 17th, a total of 27 properties sold which was a significant increase from the previous week’s sales of 16 properties. Of the properties sold last week, seven (7) of the properties sold were priced over $750,000 and of these seven, 5 were greater than $1.0 million. Of the million sales, one property was $2.5 million and another was $3.0 million. Coldwell Banker was involved in 35% of the closed transactions, including a multimillion dollar sale.
Pending Sales: Currently there are 175 pending residential sales in the Truckee and Tahoe real estate market which is identical to the previous week. Of the pending sales, 16 are short sales and 27 are REO properties which are roughly 25% of the pending sales being distressed properties.
Market Activity Summary:
Sales for the week of October 17th went back up nicely from the previous week with 27 residential properties closing escrow. October 2011 as expected is turning into a great month of sales and is outpacing sales for October of 2010. What was particularly encouraging about last week’s sales was the number of sales over $1.0 million with five properties in this range. Coldwell Banker has roughly 16% market share in the north Tahoe and Truckee area and is the market leader in terms of both units sold and sales volume.
Median sales prices have decreased from last year by 7.0% to $400,000 while the average sales prices have decreased by 14.2% to $548,746. The continued downward trend in price in our market is one of the major factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 623 properties have sold in this price range. In 2010, 60% or 525 properties sold in this price range which was lower than this year primarily because of the drop in home prices.
Luxury home sales, homes priced above $1,000,000, are down 21% from 2010 sales as 84 properties or 8.9% of sales have sold year to date as compared to 107 properties last year in this segment.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 238 properties sold or 25.2% of sales as compared to 247 properties sold or 28.1% in this range in 2010. The gap in this segment of the market has narrowed in the past 90-days as more sales in this price range have occurred of late.
Distressed properties, REO and Short Sales represent 31% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 31% of the sales are distressed properties only 17% of the active listings and 25% of the pending sales are distressed properties.
The active inventory of residential properties leveled off last week with a slight increase in active listings occurring. The inventory for single family homes is fairly significant as compared to other parts of California where inventory is limited.
With the inventory of great residential properties on the market, homes priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market for real estate in the Truckee resort communities.
Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. DRE License # 00313415
If you’re buying Real Estate in Truckee, don’t make these mistakes:
8 Ways To Accidentally “Un-Approve” Your Mortgage
For all the talk of how tough it is to be “mortgage approved”, the basics of mortgages haven’t changed. Mortgage approvals are still the 3-legged stool of income, equity and credit.
Sometimes, though, it’s not getting approved that’s hard — it’s staying approved.
You have to watch out for landmines.
Mortgage approvals take time. In a typical home loan market, it’s about 3 weeks from start-to-finish.
Approvals can take longer, however, depending on market conditions. For example, if rates are low and there’s a refi boom on-going, a refinance can take 6 weeks to close. Banks don’t have capacity to do work much faster.
Or, if you’re buying a home and it’s a short sale or foreclosure, expect delays there, too. With REO, it can take up to 6 months to get to the closing table.
Thing is, during that “extra time” — 3 weeks, 3 months or longer — a lot can go wrong, and when things go wrong, your loan goes bad. For example, if lose your job, become ill, or see your home damaged by storms, you may lose your mortgage approval — even if you were previously cleared-to-close.
Unfortunately, these are all events that are beyond your control. You can’t control sickness any more than you can control Mother Nature. But you can control yourself during those extra few weeks.
Good behavior matters in mortgage.
Bad Mortgage Behavior, Defined
Keeping “good behavior” in mind, here are 8 things you should absolutely not do between your date of application and your date of funding. I’ve been doing this long enough that I can say with certainty: Ignore these rules at your own peril.
- Don’t buy a new car or trade-up to a bigger lease
- Don’t quit your job to change industries or start a new company
- Don’t switch from a salaried job to a heavily-commissioned job
- Don’t transfer large sums of money between bank accounts
- Don’t forget to pay your bills — even the ones in dispute
- Don’t open new credit cards — even if you’re getting 20% off
- Don’t accept a cash gift without filing the proper “gift” paperwork
- Don’t make random, undocumented deposits into your bank account
Now, you may find it 100% impractical to have to follow these rules to the letter. I know that.
For example, if your car lease is expiring, you have to do what you have to do. Renew the lease. But before doing it, you should check with your loan officer to see if renting a car in the short-term, instead, would be a more mortgage-friendly solution instead.
The same goes for accepting cash gifts from parents. There’s a right way and a wrong way to accept a cash gift from family and if you do it the “wrong way”, your gift may be prohibited from use as part of your down payment funds.
There are a bevy of “gotchas” in Mortgageland and you can’t expect to know them all. These 8 rules, however, are a good start.
If you are considering a mortgage on a real estate in Truckee or North Lake Tahoe, you should call:
Linda Whitham
Executive Mortgage Planner
Partners Mortgage
1687 Eureka Rd Ste 100
Roseville CA 95661
e: lwhitham@partnersmortgage.com
p: 530-412-1100
f: 916-293-3730
MLO 275575/DRE 01181311
Truckee – Tahoe Real Estate Update
2011 Weekly Real Estate Market Report
Truckee-North Lake Tahoe Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: October 10th to October 16th
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee went down significantly from the previous week to 1,211 active listings in the market; 931 single family homes and 280 condominiums for sale. Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Listings: Of the active listings, there are 169 properties listed as short sales, (14.0%) and 45 properties listed as REO sales, (3.7%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 9-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 916 residential properties sold in the Truckee and North Lake Tahoe market as compared to 857 for the same period in 2010 which is a year over year 6.9% increase in sales. Of the total sales in the market for 2011, 724 have been single family homes, while 192 or 21% of the sales were condominiums. I n 2010, condominiums represented 33% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 163 have been REO’s, (17.8%), and 129 have been Short Sales, (14.1%) which results in over 31% of the properties sold being distressed properties. In 2010 for the same period, there were 168 REO sales and 108 short sales or roughly 32% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 607 residential properties sold priced below $500,000, 230 properties sold between $500,000 and $1,000,000 and 79 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $400,000 while the average sales price is $545,472. For the same period in 2010, the median sales price was $429,000 and the average sales price was $637,969 which is a (6.8%) and (14.5%) decline in price respectively year over year.
Last Week’s Sales: For the week of October 10th, a total of 16 properties sold which was a significant decrease from the previous week’s sales of 30 properties. Of the properties sold last week, four (4) of the properties sold were priced over $1,000,000. Coldwell Banker was involved in 23 of the closed transactions or 54% of the sales.
Pending Sales: Currently there are 175 pending residential real estate sales in the Truckee and North Lake Tahoe market which is up slightly from the previous week. Of the pending sales, 14 are short sales and 28 are REO properties which are roughly 24% of the pending sales being distressed properties.
Market Activity Summary:
The first two weeks of October were on fire with 42 sales the first week and 30 sales the second week. This past week sales took a bit of a breather with 16 sales closed for the week. All in all, sales thus far for October are 25% higher than last year for the same period. Coldwell Banker is the market leader in terms of unit sales and sales volume with 393 units sold and $168,000,000 in sales volume. Coldwell Banker has roughly 16% market share in the north Tahoe and Truckee area.
Median sales prices have decreased from last year by 6.8% to $400,000 while the average sales prices have decreased by 14.5% to $545,742. This continued downward trend in price is one of the major factors influencing home sales on a year to date basis for astute investors looking to own real estate in Truckee and North Lake Tahoe.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 607 properties have sold in this price range. In 2010, 60% or 513 properties sold in this price range which was lower than this year which is influenced because of the reduction in home prices.
Luxury home sales, homes priced above $1,000,000, are down 23% from 2010 sales as 79 properties or 8.6% of sales have sold year to date as compared to 103 properties last year in this segment. For 2011, the median sales price for luxury properties is $1,675,000 while the average sales price is $2,135,635 which is slightly higher than the prices for 2010 for luxury properties.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 230 properties sold or 25.1% of sales as compared to 241 properties sold or 28.1% in this range in 2010. The gap in this segment of the market has narrowed in the past 90-days as more sales in this price range have occurred of late.
Distressed properties, REO and Short Sales represent 31% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 31% of the sales are distressed properties only 17% of the active listings and 23% of the pending sales are distressed properties.
The active inventory of residential properties as anticipated has been declining steadily over the past few weeks with the increase in closed sales as well as homeowners starting to take their homes off the market for the upcoming winter season.
Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. DRE License # 00313415
Truckee – Tahoe Real Estate Update
2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: September 26th to October 2nd
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee Real Estate went down significantly from the previous week to 1,262 active listings in the market; 973 single family homes and 289 condominiums for sale. Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Listings: Of the active listings, there are 169 properties listed as short sales, (13.4%) and 50 properties listed as REO sales, (4.0%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 9-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 866 residential properties sold in the Truckee and Tahoe real estate market as compared to 803 for the same period in 2010 which is a year over year 7.8% increase in sales. Of the total sales in the market for 2011, 682 have been single family homes, while 184 or 21% of the sales were condominiums. I n 2010, condominiums represented 32% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 160 have been REO’s, (18.5%), and 127 have been Short Sales, (14.7%) which results in over 33% of the properties sold being distressed properties. In 2010 for the same period, there were 154 REO sales and 106 short sales or roughly 32% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 577 residential properties sold priced below $500,000, 216 properties sold between $500,000 and $1,000,000 and 73 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $399,000 while the average sales price is $544,077. For the same period in 2010, the median sales price was $435,000 and the average sales price was $647,138 which is a (8.3%) and (15.9%) decline in price respectively year over year.
Last Week’s Sales: For the week of September 26th a total of 42 properties sold which was a significant decrease from the previous week’s sales of 18 properties. Of the properties sold last week, seven (7) of the properties sold were priced over $750,000. Coldwell Banker was involved in 23 of the closed transactions or 54% of the sales.
Pending Sales: Currently there are 173 pending residential sales in the Truckee and Tahoe real estate market which is down slightly from the previous week. Of the pending sales, 10 are short sales and 23 are REO properties which are roughly 19% of the pending sales being distressed properties.
Market Activity Summary:
With 42 closed sales this past week, it was the single largest week of closed transactions in 2011. The month of September as anticipated was the most active month for closed sales with an average of 30 sales closed each week. Sales for the month of September were considerably better than for the same period in 2010. Historically, the month of October is another solid month of closed sales and we will wait to see if the trend continues.
Median sales prices have decreased from last year by 8.3% to $399,000 while the average sales prices have decreased by 15.9% to $544,077. This continued downward trend in price is one of the major factors influencing home sales on a year to date basis.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 577 properties have sold in this price range. In 2010, 59% or 475 properties sold in this price range which makes sense given the drop in median sales prices.
Luxury home sales, homes priced above $1,000,000, are down from 2010 sales as 73 properties or 8.4%, have sold year to date as compared to 99 properties last year which is a 26% decline. For 2011, the median sales price for luxury properties is $1,675,000 while the average sales price is $2,135,635 which is slightly higher than the prices for 2010 in this segment.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 216 properties sold or 24.9% of sales as compared to 229 properties sold or 28.5% in this range in 2010. The gap in this segment of the market has narrowed in the past 60-days as more sales in this price range have occurred of late.
Distressed properties, REO and Short Sales represent 33% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 33% of the sales are distressed properties only 17% of the active listings and 19% of the pending sales are distressed properties.
The active inventory of residential properties for sale in Truckee as anticipated has been declining steadily over the past few weeks with the increase in closed sales as well as homeowners starting to take their homes off the market for the upcoming winter season.
With the inventory of great residential properties on the market, homes priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market for a home in the Lake Tahoe – Truckee resort communities.
Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. DRE License # 00313415
