North Lake Tahoe – Truckee Stats for July 2010

The North Lake Tahoe-Truckee market seems to have rebounded from a low of 62 sales in June to 88 sales during the month of July 2010.  Of those 88 sales of single family and condo’s, 23 were distressed properties or 26% of sales. If you have been following our monthly updates, you will be aware that this number has gradually decreased since the beginning of the year when the distressed portion of the market was a whopping 43%. We keep hearing that there will be more distressed sales coming but thus far that hasn’t happened.  The fact that all of these standard sales have happened tells us that the Sellers are listening to the market which was set by the distressed sales.

From the Tahoe MLS: the solds from July 1 – 31, 2010:

Tahoe Donner: 13 homes, (1 REO), 3 condos, (1 REO)

Northstar: 1 homes, 1 condos

Gray’s Crossing: 1 home (SS)

Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 7 homes  (1SS)

Prosser Lake Area: 1 home (1REO)

Sierra Meadows, Ponderosa Palisades, Winter Creek: 1 home, 2 condos (1 REO)

Olympic Heights: 1 home (SS)

Lahontan: 2 homes

Timlick: 0 residential properties

Old Greenwood: 0 residential properties

Martis Camp: 0 residential properties

Truckee Proper: 2 homes, 1 condos

Donner Crest: 0 residential properties

Donner Lake: 2 homes, 1 condo

Donner Summit: 2 homes

West shore Lake Tahoe: 12 homes (3 REO, 2 SS), 1 condo

Tahoe City: 5 homes (1 REO)

North shore Lake Tahoe: 6 homes (1 SS), 2 condos

Kings Beach & Tahoe Vista: 6 homes (2 REO, 1 SS), 4 condos (2 REO)

Alpine & Squaw Valley: 2 homes (1 REO), 3 condos

Shared Ownerships – entire region: 5

Mobile Homes – entire region: 4

Sierra & Plumas Counties: 6 homes (2 REO)

Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 11 (1 SS)

Highest priced home or condo sold:  A 8.8 acre parcel containing a 5640 square foot home which was built in 2006.  This 5 bedroom, 5.5 bath home, located at 6280 RiverRoad in Squaw Valley went for $1,100,000 less than its asking price of $5,950,000.  Guess the seller looked at the fact that the buyer brought ALL CASH and decided to take the offer seriously.  This is when making a “low ball” offer makes sense.

Lowest priced home or condo sold:  Just to reiterate the old saying “cash is king” the lowest priced home went for all cash too.  A little bank owned home located in Portola went out at $45,000 (asking price $55,900).  Somebody just got a nice little place.  Who says that there are no deals out there?

The list to sell ratio on the median this month 98%. In other words, the homes sold within 98% of the list price.  The median list price for this period was $440,000 median sale price was $420,000.   This median sale and list price continues to inch down.   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.