Lake Tahoe & Truckee August 2011 Real Estate Sales Stats
September 14, 2011
The Lake Tahoe and Truckee real estate market continues to see quite a bit of activity! 69 single family homes sold during the month of August 2011. There have been 558 single family homes that have sold in 2011 year to date.
The most home sales took place in Truckee (21 homes) and Tahoe Donner (18 homes). The price range with the most home sales was the $300K-$499K range (25 home sales). 16 homes sold for $299K or less and 11 homes sold for over $1 million last month. There were 10 short sales and 9 REO sales last month.
This information was taken from our local multiple listing service and is for the dates of August 1-31, 2011. Click on the image below for an enlarged version of the chart and more info.
Lake Tahoe & Truckee July 2011 Real Estate Sales Stats
August 3, 2011
86 homes sold in Truckee/Lake Tahoe last month! This brings the 2011 total to 483 year to date. This number has gone up since last year. For the same dates in 2010, 447 homes sold. It’s great to see this improvement in the number of home sales!
The most activity for home sales last month was in Truckee with 29 single family home sales. 21 homes sold in Tahoe Donner, 11 at North Shore of Lake Tahoe, 8 at West Shore Lake Tahoe 3 at Alpine/Squaw, and 1 at Northstar. The majority of home sales was in the $300K-$499K range with 32 sales. 25 homes sold for $299K and under. 8 homes sold for over $1 million. 10 short sales and 16 REOs sold last month.
This information was taken from our local multiple listing service and is for the dates of July 1-31, 2011. Click on the image below for an enlarged version of the chart and more info.
Lake Tahoe & Truckee May 2011 Real Estate Sales Stats
June 6, 2011
57 homes sold in the Truckee/Tahoe area last month. 302 single family homes have sold in our MLS now this year. This number is up a little from 2010. For the same dates last year, 299 homes had sold.
The most activity for home sales last month was in Truckee with 22 single family home sales. 9 homes sold in Tahoe Donner, 7 at North Shore of Lake Tahoe, 4 at West Shore Lake Tahoe 3 at Alpine/Squaw, 1 at Northstar, and 1 at Lahontan. The majority of home sales was in the $300K-$499K range with 17 sales. 15 homes sold for $299K and under. 4 homes sold for over $1 million. 11 short sales and 10 REOs sold last month.
This information was taken from our local multiple listing service and is for the dates of May 1-31, 2011. Click on the image below for an enlarged version of the chart and more info.
Lake Tahoe & Truckee April 2011 Real Estate Sales Stats
May 12, 2011
There were 63 single family homes sales recorded in the Tahoe Sierra Multiple Listing Service for last month (April 2011). This makes a total of 247 homes sales this year!
Home sales in the $499K and under saw the most activity last month. There were 21 homes that sold for between $300K-$499K and 20 that sold for under $299K. 8 homes sold for $500K-$699K. 8 homes sold for over $1 million! The most expensive sold for $3,350,000 in Norden, CA. 9 of the home sales last month were short sales and 18 were REOs.
This information was taken from our local multiple listing service and is for the dates of April 1-30, 2011. Click on the image below for an enlarged version of the chart and more info.
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.
