Tahoe Donner Homes – Nov 11 Closings
December 22, 2011
Tahoe Donner Homes – Single Family Home Sales
November 2011
The following Figure shows Tahoe Donner Single Family Home activity from Jan 2008 through Nov 2011.
The data is obtained from the Tahoe MLS published data. Note, this data is for single family homes only – contact me for data on Tahoe Donner Condos, Lot Sales or data for other Truckee or Lake Tahoe areas.
Tahoe Donner is a great area to study for market activity since it is has over 5000 homes and therefore presents a large database for meaningful statistical analysis. Home prices vary from roughly $300K to over $1.5M and ages range from brand new to over 30 years old.
Tahoe Donner Single Family Home Closings – Jan ’08 to Nov ‘11
Tahoe Donner Homes – Nov Closings
Single Family home closings in Nov ’11 were strong with 21 homes up from 20 last month and 28 the month before. Note that sales in Tahoe Donner are extremely seasonal and year to year comparisons are significant to get a valid picture of typical sales activity. Looking at the above graph, sales tend to be strong in the May-Jun to Dec period every year.
Regarding other sales, there are 8 pending, 18 contingent and 16 active contingent short sales with offers in the works. So, still a lot of sales activity in Tahoe Donner. December should be another strong month for sales.
Tahoe Donner Homes – Inventory
The number of Single Family listings was 116 listings at the end of Nov, down from 134 in Oct and 151 in Sep. When you consider we have approximately 5000 single family homes in Tahoe Donner, inventory continues to be low – 3% of the homes in TD. This low inventory is obviously a positive sign for the continued good health of the Tahoe Donner Home Market.
Tahoe Donner Homes – Days on Market (DOM)
Average Days on market (DOM) was 90 days, which has been increasing over the last few months because of lower inventory and therefore sales of homes that have been on the market for some time. The good news here is that even homes that have been on the market for some time are now moving due to lower inventory and an active market.
Tahoe Donner Single Family Home Median and Average Home Price – Jan ’08 to Nov ‘11
Tahoe Donner Homes – Average and Median Prices
Average price was $600K which is about average since Feb of 2010 which is about 18 months. The median price was $580K.One can see a decline in the 1H of 2011 to June but also an increase after June 2011. Lots like a market recovery to me!
Average Price per Sq Ft
The average price per square foot for Nov was $243.
Sold Price vs. Last Listed Price
Average sold to last list price for Sept and Nov was 95%. So, when you are buying or selling keep this average number in mind. This has been higher for the last few months which means buyers are coming in closer to asking price instead of low offers.
Tahoe Donner Number of Single Family Homes Sold vs. Sale Price Category – Jan ’10 to Nov ‘11
The above graph shows sales by price range. The winner in Nov was the $500 to $700K segment with 7 of 20 total homes sold. The $300 to $500K segment was next with 6 out of 20 homes sold. One home sold in the $700K to $900K range and a very surprising if not great 4 homes sold in the $900 to $1.2M price range. Cash buyers were out in force with 8 of 20 or 40% of sales being cash. The remaining sales used conventional financing.
The builders are coming back to Tahoe Donner – there are multiple remodels and a bit of spec home activity. At the present time, there are 6 brand new homes for sale in Tahoe Donner. That’s a great trend for Tahoe Donner housing. I believe the spring should see more building as the market continues to improve. That also says lot sales should improve accordingly.
Builders, buy your lots and start planning your spec home for the spring build! Keep your price below $900K and you’ll do fine! From the above graph we can see that $700-900K price band accounts for close to ½ the sales in Tahoe Donner. Also, the $900K to $1.2M band is showing signs of a recovery.
I hope this data, presented in this form was useful to you. MLS data is available and I encourage the buyer or seller to study the data and arrive at their own conclusions before making a buy or sell decision. Contact me if you would like to discuss these results or see additional data
Gary LaBelle
Truckeehome411.com
TruckeeRealEstate@gmail.com
Tahoe Donner Closings – Nov 2011
December 17, 2011
Tahoe Donner Homes – Single Family Home Sales
November 2011
The following Figure shows Tahoe Donner Single Family Home activity from Jan 2008 through Nov 2011.
The data is obtained from the Tahoe MLS published data. Note, this data is for single family homes only – contact me for data on Tahoe Donner Condos, Lot Sales or data for other Truckee or Lake Tahoe areas.
Tahoe Donner is a great area to study for market activity since it is has over 5000 homes and therefore presents a large database for meaningful statistical analysis. Home prices vary from roughly $300K to over $1.5M and ages range from brand new to over 30 years old.
Tahoe Donner Single Family Home Closings – Jan ’08 to Nov ‘11
Tahoe Donner Homes – Nov Closings
Single Family home closings in Nov ’11 were strong with 21 homes up from 20 last month and 28 the month before. Note that sales in Tahoe Donner are extremely seasonal and year to year comparisons are significant to get a valid picture of typical sales activity. Looking at the above graph, sales tend to be strong in the May-Jun to Dec period every year.
Regarding other sales, there are 8 pending, 18 contingent and 16 active contingent short sales with offers in the works. So, still a lot of sales activity in Tahoe Donner. December should be another strong month for sales.
Tahoe Donner Homes – Inventory
The number of Single Family listings was 116 listings at the end of Nov, down from 134 in Oct and 151 in Sep. When you consider we have approximately 5000 single family homes in Tahoe Donner, inventory continues to be low – 3% of the homes in TD. This low inventory is obviously a positive sign for the continued good health of the Tahoe Donner Home Market.
Tahoe Donner Homes – Days on Market (DOM)
Average Days on market (DOM) was 90 days, which has been increasing over the last few months because of lower inventory and therefore sales of homes that have been on the market for some time. The good news here is that even homes that have been on the market for some time are now moving due to lower inventory and an active market.
Tahoe Donner Single Family Home Median and Average Home Price – Jan ’08 to Nov ‘11
Tahoe Donner Homes – Average and Median Prices
Average price was $600K which is about average since Feb of 2010 which is about 18 months. The median price was $580K.One can see a decline in the 1H of 2011 to June but also an increase after June 2011. Lots like a market recovery to me!
Average Price per Sq Ft
The average price per square foot for Nov was $243.
Sold Price vs. Last Listed Price
Average sold to last list price for Sept and Nov was 95%. So, when you are buying or selling keep this average number in mind. This has been higher for the last few months which means buyers are coming in closer to asking price instead of low offers.
Tahoe Donner Number of Single Family Homes Sold vs. Sale Price Category – Jan ’10 to Nov ‘11
The above graph shows sales by price range. The winner in Nov was the $500 to $700K segment with 7 of 20 total homes sold. The $300 to $500K segment was next with 6 out of 20 homes sold. One home sold in the $700K to $900K range and a very surprising if not great 4 homes sold in the $900 to $1.2M price range. Cash buyers were out in force with 8 of 20 or 40% of sales being cash. The remaining sales used conventional financing.
The builders are coming back to Tahoe Donner – there are multiple remodels and a bit of spec home activity. At the present time, there are 6 brand new homes for sale in Tahoe Donner. That’s a great trend for Tahoe Donner housing. I believe the spring should see more building as the market continues to improve. That also says lot sales should improve accordingly.
Builders, buy your lots and start planning your spec home for the spring build! Keep your price below $900K and you’ll do fine! From the above graph we can see that $700-900K price band accounts for close to ½ the sales in Tahoe Donner. Also, the $900K to $1.2M band is showing signs of a recovery.
I hope this data, presented in this form was useful to you. MLS data is available and I encourage the buyer or seller to study the data and arrive at their own conclusions before making a buy or sell decision. Contact me if you would like to discuss these results or see additional data
Gary LaBelle
Truckeehome411.com
TruckeeRealEstate@gmail.com
New Northstar Townhomes – Direct Access to Slopes
December 14, 2011
Home Run, an intimate neighborhood of 16 luxury residences located mid-mountain at Northstar-at-Tahoe, is nearby the new Ritz-Carlton, Lake Tahoe. These 16 luxury on-mountain townhomes are nestled between two ski runs offering direct access to the slopes of Northstar. Each residence features high-quality finishes with 3BR/3BA and 4BR/5BA options available. Construction is well underway. Our model residence available mid-February 2012. Call 530.448.1100 for more details. Price starts at $1,645,000.
All residences feature a two-car garage. Home Run is designed to achieve a LEED Certification Standard as designated by the U.S. Greenbuilding Council, in recognition of the on-going commitment to the environment.
Owners of Home Run will enjoy memberships in The Highlands Spa at The Ritz-Carlton and Tahoe Mountain Club, providing a remarkable collection of all season amenities in the Lake Tahoe area.
Gary LaBelle 530.448.1100
Housing Market – Better times ahead?
November 17, 2011
Housing Picture Expected to Brighten in 2012
Better times are ahead for the real estate market in the new year, according to several forecasts and recent surveys.
Fiserv, a financial information services firm, predicts that 95 percent of the 384 metro areas it tracks will see prices rise in 2012.
Many surveys and economists are forecasting a very modest increase for the housing market in the new year, but after several years of dropping prices and rising foreclosures, even the slightest increase would signal a glimmer of hope for the market. In a survey by MacroMarkets of 100 economists and real estate professionals, respondents reported home values will likely rise slightly at 0.25 percent in the new year.
The real estate market still faces a large backlog of foreclosures that it must work through in many markets. As such, price gains through 2015 will likely just be around 1.1 percent, according to the survey. However, this is a reversal after a forecast of 2.8 percent decline in median home values for this year.
Foreclosures continue to weigh on many markets and are preventing home values from stabilizing, economists say.
"The water is very deep in the living room, but it's no longer getting deeper and is starting to recede,” says Mark Fleming, CoreLogic's chief economist.
Low interest rates on mortgages mixed with more affordable housing for families in the median income range are expected help the market in its rebound in 2012, economists say.
Source: “A Smaller House Will Make a Big Difference,” Money Magazine (Nov. 14, 2011)
Local Note:
Our local Truckee/ Tahoe market seems to be improving already. There are several reports of increasing prices as well as a considerable amount of building and remodeling activity. Some of the very high-end communities like Martis Camp are very active in terms of lot sales and new home construction. There is also a considerable amount of new investment in the local ski communities with Vail Resorts investing in Northstar and Heavenly and the recent acquisition of Squaw Valley by KSL and the subsequent partnership with Alpine. Growth in these areas will certainly result in higher demand for Truckee/Tahoe housing.
Gary at 530-448-1100 or truckeerealestate@gmail.com
Truckee Real Estate – Hot New Listings
November 16, 2011
Here is a list of hot new Tahoe Sierra MLS listings for the last 24, 48 and 72 hrs. This covers Truckee, Tahoe Donner, Lake Tahoe and surrounding communities.
This is a very convenient link to see new listings within hours as they are added to the MLS. Bookmark this link to be able to check new listings with one click!
http://www.truckeehome411.com/buyers-sellers/hot-new-listings/
Call or email me if you want more information about any of these properties or wish to schedule a tour of one or more of the homes.
Gary LaBelle, 530-448-1100, truckeerealestate@gmail.com
