Tahoe Donner Real Estate Market Update – March 2011
April 8, 2011
21 Tahoe Donner homes sold last month! This is the largest number we have seen in quite some time. There have now been 45 single family home sales in Tahoe Donner for 2011.
4 homes that sold were short sales and 2 were REOs. The lowest sale price was $235K and the highest sale price was $1.2 million. The average home sale price was $554,114 and the median home sale price was $525K. The average days on market was 105 days.
There are still 81 single family homes listed in Tahoe Donner. 13 of these are short sales and 3 are REOs. The amount of inventory is going down a bit each month. It will likely go up again this spring. There are currently 17 homes in escrow in Tahoe Donner. The absorption rate is around 20% and there is about 4 1/2 months supply of inventory remaining in Tahoe Donner. Click on the link for current homes for sale in Tahoe Donner.
Will Sellers Get More Money if They Wait?
March 11, 2011
Interesting article for sellers who are deciding if now is the best time to sell.
Sellers in any real estate market are looking to get the best possible price. If you are looking to sell in the next year, today’s price may well be the best price. Home values stabilized somewhat in 2010. Many hoped that was a sign that values had bottomed out and we would see price appreciation in 2011. Studies released this week have painted a different picture.
If we look at CoreLogic‘s January Home Price Index (HPI), we see that prices are again beginning to decline:
National home prices, including distressed sales, declined by 5.7 percent in January 2011 compared to January 2010…
Mark Fleming, chief economist with CoreLogic, said, “A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.”
They are not talking about the spring market increasing or even stabilizing prices. They hope it will “reduce” the pressure to drive prices lower.
Radar Logic’s RPX Composite Price comes to virtually the same conclusion:
Radar Logic believes the RPX Composite price will continue to exhibit year-on-year declines throughout 2011 due to a growing supply of homes for sale and in the inventories of financial institutions, and weakening demand due to the reduction of government incentives for home buyers. Moreover, banks are facing uncertainty over whether they will be forced by regulators to expand mortgage modifications, and may reduce lending and tighten standards as a result.
“No matter what you call it, a ‘double dip’ or the continuation of a long process of deterioration, the current trend in home prices is evidence that housing markets are continuing to languish,” said Quinn Eddins, Director of Research at Radar Logic. “We expect the negative trend to continue under a severe supply overhang that includes a large and growing ‘shadow inventory’ of homes in default or foreclosure.”
Bottom Line
It seems that prices have again begun to fall nationally. With the overhang of existing and shadow inventory, prices will probably continue to decline throughout most of 2011. If you’re thinking of selling, now might be the best time. Check with a local real estate professional to see how this might impact your area.
Tahoe Donner Market Update – February 2011
March 7, 2011
13 homes sold in Tahoe Donner last month! This makes a total of 22 homes that have sold year to date.
2 of the homes that sold last month were short sales and 3 were REOs. The least expensive home sale price was $311K and the most expensive home sale price was $965K. The average home sale price was $539,895 and the median was $460K. The average days on market was 133 days.
87 homes are currently listed in Tahoe Donner. 11 of these are short sales and 5 are REOs. The number of homes on the market has come up a bit from last month. 19 homes are currently under contract. The absorption rate is around 22% and there is about 4 1/2 months supply of inventory remaining in Tahoe Donner. Click on the link for current homes for sale in Tahoe Donner.
Lake Tahoe & Truckee February 2011 Real Estate Sales Stats
March 7, 2011
117 single family homes have sold in our MLS so far for 2011! 48 single family homes sold last month.
The price range that continues to see the most activity is the $300K-$499K range. 17 homes in this price range sold last month. 12 homes sold for $299K or under. 8 homes sold for $500-$699K and 8 homes sold for $700K-$899K. Just 1 home sold for over $1 million last month. The sold price was $1.2 and the home was located in Homewood. 6 of the sold homes last month were short sales and 15 were REOs.
This information was taken from our local multiple listing service and is for the dates of February 1-28, 2011. Click on the image below for an enlarged version of the chart and more info.
Tahoe Donner Market Update – January 2011
February 4, 2011
Tahoe Donner continues to be a neighborhood with lots of home sales each month. Another 9 homes sold during the month of January 2011.
The least expensive home sales last month was $329K and the most expensive was for $875K. The average home sale price was $566,888 and the median home sale price was $512K. The homes were on the market an average of 175 days. 2 of the sales were short sales and the rest were standard.
There are currently just 76 homes listed in Tahoe Donner. This is a lowest number we have seen in quite some time! 26 homes are under contract. The absorption rate is around 34% and there is just under 3 months supply of inventory remaining in Tahoe Donner. Click on the link for current homes for sale in Tahoe Donner.
