Tahoe Donner Real Estate Market Update – May 2011
June 6, 2011
Home for Sale in Tahoe Donner
We are seeing an increase in the number of homes listed in Tahoe Donner. At the end of April there were 92 homes listed and there are now 119 homes listed in Tahoe Donner. We will likely continue to see inventory go up over the next few months during the busy selling season this summer.
Martis Camp
May 12, 2011
Martis Camp
Martis Camp is the happening place in Tahoe right now! This private residential community is conveniently located between Truckee and Lake Tahoe off of Highway 267. Martis Camp provides fun and activities all year long with the private ski lift to Northstar-at-Tahoe in the winter, and golfing at the 18-hole Tom Fazio course in the summer.
Other amenities at Martis Camp include: the 50,000 sq. ft. Camp Lodge, 18 hole Dick Bailey Putting Park, and over 20 miles of trails, the Lost Library, Family Barn-with indoor basketball court, bowling, art loft, movie theatre, folk school, nostalgic soda fountain, outdoor amphitheater and summer swimming venue, Park Pavilion with croquet, bocce ball, and Sporting Fields. Martis Camp has it all!
Click on the link to view more information about Martis Camp and the Martis Camp Brochure.
Now is a great time to buy at Martis Camp. Please contact me if you are interested in properties for sale at Martis Camp.
Tahoe Donner Real Estate Market Update – April 2011
May 12, 2011
Tahoe Donner Home for Sale
The Tahoe Donner Real Estate Market is looking good! 12 homes sold last month. This makes a total of 57 Tahoe Donner home sales for 2011.
We are continuing to see more and more short sales and foreclosures on the market. 1 of the homes that sold last month was short sales and 3 were REOs. The rest were standard sales (8). The lowest home sale price last month was $230K and the highest home sale price was $850K. The average sales price was $509, 558. The average days on market was 86 days.
92 single family homes are now listed in Tahoe Donner. 14 of these are short sales and 1 is an REO. Inventory is slowly going back up as the warmer weather is coming and home owners are deciding to sell again. There are currently 16 homes in escrow in Tahoe Donner. The absorption rate is around 17% and there is about 6 months supply of inventory remaining in Tahoe Donner. Click on the link for current homes for sale in Tahoe Donner.
Shadow Inventory
May 9, 2011
The KCM Blog recently posted a blog entitled: Shedding a Little Light on Shadow Inventory. The article states that distressed properties are expected to increase. The article also talks about the affect on neighboring properties.
Last week, we posted a blog titled: The Impact of Distressed Properties on Neighboring Values. In the article, we said there would be more distressed properties coming to market in the next six months and that these properties would put added downward pressure on prices of other homes in the area. Some questioned our assumption that foreclosures were about to increase and others questioned our assertion that they would have a negative impact on values. We want to qualify both of our statements today.
Distressed properties are about to increase
We have been in the ‘eye of the storm’ regarding the shadow inventory of foreclosure properties for the last several months. Foreclosures have been delayed by court systems mandating that the banks have their paperwork in order. Just last week, Fannie Mae addressed this issue in a report:
“Our foreclosure rates remain high. However, foreclosure levels were lower than what they otherwise would have been in the first quarter of 2011 due to the delays caused by servicer foreclosure process deficiencies and the resulting foreclosure pause.”
In their First Quarter 2011 Financial Results Supplement, Freddie Mac, also addressed this issue last week:
“We expect the pace of our REO acquisitions to increase in the remainder of 2011, in part due to the resumption of foreclosure activity by servicers, as well as the transition of many seriously delinquent loans to REO.”
More foreclosures will be coming to the market throughout 2011.
Distressed properties impact prices of surrounding properties
Clear Capital discussed this point in their May 2011 Market Report. In the report they used two graphs to emphasize the connection. In the first graph, they charted the national saturation rate of foreclosures (REOs) from 2008 until the present.
In the second graph they charted national home prices during the same time period.
We can see that as the saturation rate of foreclosures increase, prices decrease.
Bottom Line
More foreclosures will be coming to market and they will have an impact on values. How will your neighborhood be affected? Sit down with a local real estate expert to find out.
To read the entire article click here.
Lake Tahoe & Truckee March 2011 Real Estate Sales Stats
April 8, 2011
We are continuing to see quite a bit of activity in the Lake Tahoe and Truckee real estate market! 88 homes sold last month! This makes a total of 184 home sales in our MLS for 2011.
The price range that continues to see the most activity is the $300K-$499K range. 33 homes in this price range sold last month. 20 homes sold in the $400K-$599K range, and 17 sold for $299K or under.
7 homes sold for over $1 million in March! The most expensive home sold for $6.3 million.
This information was taken from our local multiple listing service and is for the dates of March 1-31, 2011. Click on the image below for an enlarged version of the chart and more info.
