The Truckee Tahoe Real Estate Market

Comments on the Truckee – Tahoe Market:  Well, the sky has not really fallen in here in North Lake Tahoe and Truckee.  Real Estate is still pretty popular, especially with the second home market.  People are shopping for homes because they know that the houses that are on the market now have sellers who are really motivated and need to sell.  It is true that there are a lot fewer of these buyers out there right now but they are there.  For example, in the Tahoe Donner Subdivision there are currently 163 single family residences on the market and, 25 homes in escrow and, believe it or not, 29 homes in that subdivision sold over the past month.  That doesn’t sound too bad does it?  Only about a 6 month turnover time. 

 

The full time homebuyer, however, is in short stock.  The full time markets here in Truckee include predominately Sierra Meadows, Ponderosa Palisades, Prosser and Glenshire.  There track record over the same period of time (September 11 through October 11, 2008) is as follows:  Leaving out the way upper end (homes in Lahontan, Old Greenwood, Gray’s Crossing, Timilick etc.) there are currently 135 homes for sale, 10 in escrow and only 12 have sold over the past month.  A turnover time of 11.25 months.  Not so good for these sellers.

 

Gone are the sellers who are just “testing the market.”  They have become scared of the reality that their competition includes people who HAVE to sell!!  The Truckee Tahoe area is not immune to short sales and bank owned properties and these sales are taking their toll on the appraised values of their neighbors.  But honestly, a quick look at our multiple listing services tells me that out of 969 single family homes that are for sale in our Tahoe Truckee area, only 39 of them are short sales.  It would be much more difficult to track the bank owned properties but this kind of gives us some perspective.

 

 

 

 

 

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