Median Single Family Home Graph for Truckee Real Estate, 2004 – 1st Qtr 2010
Here is a graph reflecting median home sales prices in the Truckee Real Estate market through the first quarter of 2010. Prices fell another three percent in the first three months of this year. I think this is primarily because there are still quite a few homes and cabins in the Truckee and Donner Lake areas that are REO (bank owned) and short sale listings. Until these foreclosed and pre-foreclosed homes are no longer a part of the Truckee and North Lake Tahoe real estate market, there will continue to be downward pressure on home prices.
Truckee Real Estate: Graph of Median Single Family Home prices from 2004 through 1st quarter 2010
NOTE: This representation is based in whole or in part on data supplied by the Tahoe Sierra Board of Realtors or its MLS. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market.
Moving in the Right Direction?
In the past, I’ve written about the “collective subconscious” of the real estate market. There’s starting to be more and more good news out there that maybe we’ve actually bottomed out, and that prices will stabilize and homes may actually start appreciating again. A novel thought. I don’t think that we’ve seen the uptick yet in the Truckee Real Estate market, but good news has a way of being contagious.
This week the S&P/Case Shiller Price Index was published for data through February 2010. This is considered the leading indicator of home prices in the US and shows that for the first time since 2006, the annual rates of change for the indices is up. The ten city composite increased nearly 1 and half percent from where it was in February of 2009.
Here’s the graph:
Next week I will have finalized the 1st quarter graph for 2010 for the Truckee Real Estate sold market.
Old Greenwood – Gray’s Crossing Developer Files Chapter 11
This long protracted market downturn has caused East West Partners, the developer of several high end local subdivisions to file for Chapter 11 Bankruptcy protection for several of their properties. You can read about the details in this article just published in the local newspaper.
An update was printed about the potential fate of Gray’s Crossing and Old Greenwood’s Real Estate in this article that was printed on March 17, 2010
Median Single Family Home Graph for Truckee Real Estate, 2004 – 2009
Homes and cabins in the Truckee and Donner Lake real estate market finished the year with an overall 15 percent downturn in median sales price. This graph shows how median sales prices have been steadily decreasing since 2005, with a total decrease of about 27 percent. Truckee homes and cabins that were priced under 1 million dollars decreased in an average per foot selling price at the same percentage. Homes over 1 million dollars have only declined about 13% in dollar per foot sales price.
NOTE: This representation is based in whole or in part on data supplied by the Tahoe Sierra Board of Realtors or its MLS. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market.
Truckee Home Sales Chart 2004 – 3rd Quarter 2009
This chart shows the decline in the number of single family residences that have sold each year since 2004 in the Truckee Real Estate market. This YTD chart ending September 30, 2009 shows a total decline of 61%. This is just single family homes in Truckee and Donner Summit. This number will improve, as there are currently 79 homes in escrow, and another 28 short sales in escrow. Short sales are a real wild card, but some of them will close before the end of the year. I’m predicting that by year end, the current 2009 decline in units sold will actually be an increase over last year. That would make the 61% number of total decline I used above more like 51%. We’ll wait and see.
