Mortgage Rates Hits New Low

Low mortgage rates may be encouraging buyers to step up to purchase.  Two high end areas in Truckee, Lahontan and Old Greenwood have recently had new activity.   Lahontan had two sales last week  with average price of $1.7M and Old Greenwood had one sale at $2.0M.   There are currently three properties in escrow in Old Greenwood.  This is good news as the properties over a million dollars are showing activity.

Realtor.com news shows mortage rate at new low.  This was posted on realtor.com on February 20, 2009.

30-Year Rates Drop to Near 5%
Mortgage rates across the board fell this week, a welcoming sign to potential buyers and home owners looking to refinance.

The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week’s 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports.

Freddie Mac reported the following for other rates for the week:

• 15-year mortgage rates: averaged 4.68 percent, down from last week’s 4.81 percent. Last year at this time: 5.64 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 5.04 percent this week, a drop from last week’s 5.23 percent. Last year at this time: 5.37 percent
• 1-year ARMs: averaged 4.8 percent, down from last week’s 4.94 percent. Last year at this time: 4.98 percent

“Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation,” says Frank Nothaft, Freddie Mac’s chief economist.

Lake Tahoe/Truckee Sales Stats for January 2009

This chart shows the sales stats for the Lake Tahoe and Truckee area for January 2009. The chart breaks down the sold properties by area and by price range. The most activity is in the $900k and under price range. But there was 1 property that sold for over $1 million (Northstar) and 2 properties that sold for over $2 million in the month of January (1 in Lahontan and 1 in the Northshore of Lake Tahoe). A total of 8 homes sold in the $299k & under price range which has been unusual for the area in the past. There were a total of 28 single family homes and 3 condos that sold in the month of January.

This information was taken from our local multiple listing service and is for the dates of January 1-31, 2009. Click on the image below for an enlarged version of the chart.

Lake Tahoe & Truckee 2008 Year End Sales Statistics

The following chart shows sales stats for the Tahoe Truckee area for the year 2008. It shows the number of single family home sales & number of condo sales in each area. Also, the lowest home & highest home price for single family homes sold in each area as well as the median and average price. The information was taken from our local multiple listing service and is for the dates January 1, 2008 - December 31, 2008.

AREA	# Homes Sold	# Condos Sold	Low SFR Price	High SFR Price	Avg.	Median	Avg. days listed
Tahoe Donner	193	19	$249,000	$1,945,000	$776,307	$695,000	105
Sierra Meadows/ Prosser	42	0	$270,000	$899,900	$483,082	$454,500	113
Lahanton	11	0	$1,790,000	$4,959,000	$2,452,545	$2,195,000	256
Gray’s Crossing/ Old Green.	5	1	$850,000	$2,495,000	$1,727,000	$1,845,000	146
Northstar	11	48	$799,000	$6,200,000	$2,162,090	$1,295,000	125
Alpine M./ Squaw Vly.	23	32	$650,000	$6,000,000	$1,697,206	$1,150,000	155
Donner Lake	13	3	$225,625	$3,075,000	$951,125	$534,000	132
Glenshire/ Devonshire	46	0	$285,000	$1,500,000	$564,595	$466,450	118
Lake Tahoe North Shore	78	27	$199,000	$6,995,000	$970,444	$635,500	124
Lake Tahoe West Shore	57	0	$334,950	$22,500,000	$1,730,723	$769,000	203

Truckee/Tahoe Weekly Sales Graph

This chart shows the sales in the Truckee Tahoe area for the week of November 30, 2008 - December 7, 2008. The information was taken from our local multiple listing service.

AREA	Current homes/ condos		Low	High	Avg.	Median	Avg. days listed	SFR Pend-ing	Sold SFR
Tahoe Donner	146	26	$375K	$3,465K	$950,819	$849K	146	11	4
Sierra Meadows/ Prosser	35	1	$339,500	$4.5 mil.	$821,900	$599K	121	2	1
Lahanton	31	0	$1,549K	$7,950K	$2,962,161	$2,790K	251	0	0
Gray’s Crossing/ Old Green.	33	70	$899K	$3,995K	$1,878,227	$1,695K	171	0	1
Northstar	35	70	$749K	$4,950K	$1,535,542	$1,199K	203	1	0
Alpine M./ Squaw Vly.	43	85	$545K	$5,250K	$1,698,883	$1,295K	165	1	1
Donner Lake	30	3	$329,900	$3,950K	$1,253,553	$826K	186	0	0
Glenshire/ Devonshire	49	0	$279K	$2,950K	$754,739	$550K	153	3	1
Lake Tahoe North Shore	143	55	$299K	$10,995K	$1,284,311	$699K	187	7	0
Lake Tahoe West Shore	114	4	$185K	$31,550K	$2,576,817	$949,999	172	5	0

Tahoe Truckee Weekly Sales Chart

The following is a chart showing sales in the Truckee Tahoe area for the week of November 23-30, 2008. The information was taken from our local multiple listing service.

AREA	Current homes/ condos		Low	High	Avg.	Median	Avg. days listed	SFR Pend-ing	Sold SFR
Tahoe Donner	142	24	$375K	$4.2 mil.	$950,540	$843,500	144	13	0
Sierra Meadows/ Prosser	39	2	$339,500	$4.5 mil.	$828,523	$625K	128	5	0
Lahanton	32	0	$1,549K	$7,950K	$2,981,937	$2,820K	207	0	0
Gray’s Crossing/ Old Green.	34	5	$899K	$3,995K	$1,878,720	$1,722,500	162	0	1
Northstar	35	71	$749K	$4,950K	$1,535,542	$1,199K	196	1	1
Alpine M./ Squaw Vly.	46	86	$545K	$5,250K	$1,680,413	$1,187,500	169	2	0
Donner Lake	27	3	$329,900	$3.4 mil.	$1,205,777	$875K	185	0	0
Glenshire/ Devonshire	47	0	$279K	$2,950K	$765,069	$579K	153	4	1
Lake Tahoe North Shore	148	55	$299K	$10,995K	$1,315,104	$699K	186	5	0
Lake Tahoe West Shore	120	4	$185K	$31,550K	$2,575,459	$870K	169	4	0

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