2013 3rd Quarter (Jan – Sept) Report
Overall the residential real estate sales in the North Tahoe – Truckee market, as of the end of the 3rd quarter of 2013, are 8.3% ahead of sales at the same time last year in terms of units sold. What is of particular interest is that in terms of dollar volume we are ahead of last year by 31%.
In my opinion, this change is due to several factors;
- A huge drop in Distressed Property (bank owned and short sale) listings which has resulted in a similar drop in sales in that category. 13% of total units sold this year compared to 30% at the same time last year.
- A 10.45% drop in sales of Single Family Home priced under $500,000 and a 2.6% drop in Condominium sales in the same price range.
- Large increases in both units sold and dollar volume of sales in the mid price and upper price ranges.
- This year the market for Single Family Homes has shifted from the majority of sales in 2012 (60%) being in the under $500,000 price range to a more equal number of sales in the higher price ranges (50%) in 2013.
- Condominium sales have also shifted into the higher price ranges by about 9% – 10%. These shifts in both categories have caused an 8.3% increase in Median Prices and a 17% increase in Average Prices.
We have also seen 20% to 30% drops in Days on Market; properties are not only selling at higher prices but they are selling faster.
Truckee is the area with the largest share of our entire market with 64% of the total units sold and 59% of the total dollar volume for 2013. It has also seen the biggest increase in Single Family Home sales for both units sold (+12.8%) and dollar volume (+41%). Squaw Valley has see the biggest increase in Condominiums sales in both units sold (+22%) and dollar volume (+78%).
Current Active Residential Listings # of Units Listing $ Volume
- Single Family Homes 464 $643,028,296
- Condominiums 172 $117,308,600
- Total 636 $760,336,896
Current Residential Listing in Escrow
- Single Family Homes 144 $111,490,250
- Condominiums 51 28,357,800
- Total 195 $139,848,050
Although our number of residential listings has been lower than normal all year, we have still had a lot of activity and a higher level of sales than in 2012. I expect this to continue as we move into the final quarter. This is the time of year we see sellers in the non-ski market areas either reduce their listing prices or accept lower offers. There are still a lot of very nice properties in prime locations available to purchase. Prices generally are lower than pre down-turn highs and even though interest rates have bounced up and then down again they are still quite low. Now is an excellent time to purchase a property in the North Tahoe – Truckee area. Give me a call.
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