August Market Stats

 We are happy to report the downward trend of distressed sales however small it may seem. The total number of sales for the month of August was 87 with 22 of those being distressed properties, which translates to 25% (last month reported 26% distressed sales). The Timbers condominium complex in Truckee represents a large number of August’s distressed properties. This entire development was foreclosed upon during the construction phase, so to see these properties being sold is a good thing. The list to sale median is down from 98% in July to 89% in August, however the median sale price was up from $420,000 to $434,000 – translation… Sellers are coming further off of their asking price, but the median sale price has gone up. What all of this really means has us scratching our heads!

 Statistics from the Tahoe MLS: the solds from August 1 – 31, 2010:   

Tahoe Donner:  23 homes (2 REO) (1 SS), 2 condos

Northstar:  0 homes , 4 condos

Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows:   3 homes (1 REO)

Olympic Heights:  0 residential properties

Prosser Lake Area:  3 homes (1 REO)

Sierra Meadows: 0 residential properties

Martiswoods, Ponderosa Ranchos:   0 residential properties

Ponderosa Fairway: 1 home

Winter Creek:   1 home (1 SS)

The Timbers: 5 condos (5 REO)

Lahontan:   3 homes

Timlick: 0 residential properties

Old Greenwood:  1 home (1 SS)

Gray’s Crossing:  1 home

Martis Camp:  0 residential properties

Truckee Proper:   2 homes (1 SS)

Donner Crest:  0 residential properties

Donner Lake:    0 homes, 1 condo

Donner Summit: 3 homes, 1 condo

West shore Lake Tahoe:  6 homes (3 REO), 1 condo (1 SS)

Tahoe City:   4 homes, 2 condos (2 REO)

North shore Lake Tahoe:  4 homes, 1 Condos

Kings Beach & Tahoe Vista:  6 homes (2 REO), 1 condo

Alpine & Squaw Valley:  3 homes (1 REO), 4 condos (1 REO)

Shared Ownerships – entire region:  2 Old Greenwood, 2 North Shore, Lake Tahoe

Mobile Homes – entire region:  0 sales

Sierra & Plumas Counties: 3 homes (2 REO), 1 condo (1 REO)

 Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 12 homes, 2 condos

 Highest priced home or condo sold: This special Carnelian Bay Lakefront Estate never actually hit the market but was sold behind the scene for $10,000,000. The 5,200 sq. ft. home + 1,300 sq. ft. guest house sits upon 1.4 acres with tennis court, private double deck deep water pier with hoists and bouy.

 Lowest priced home or condo sold:  This studio condo at the Donner Lake Village sold for $66,000. A super location on the shore of Donner Lake, perfect for the vacation get away. Don’t plan on staying too long because these condos do not allow full time residency. 

 The list to sell ratio on the median was 89%.  In other words, the homes sold within 89% of the list price.  The median list price for this period was $489,500 and the median sale price was $434,000. Using the median price tends to take the extreme highs and lows out of the picture as it is based on the sale of the house in the middle of the pack.