Truckee 2011 First Quarter Statistics

First quarter, 2011 Truckee real estate sales showed a BIG 11% increase as compared to same quarter, 2010. A total of 124 single family homes sold with the median price 14% lower than the same period in 2010. Interestingly, the average price of a home sale in Truckee decreased from $624,015 to $504,337 – a substantial 19%. The median sales price of a single family home in Truckee decreased 14% from $510,000 to $439,000.

In the luxury real estate market, we experienced a 20% increase in homes sold under $1MM and a 67% decrease for homes sold over $1MM. Why? The value of $1MM+ home sales has decreased substantially over the last three years. Home buyers can now secure a lovely home that is under the $1MM mark.

Clearly, now is the time to buy your Truckee-Tahoe vacation retreat, second home or simply, move on up to the mountains as pricing appears to have stabilized. In several recent Q2, 2011 sales, I am seeing an uptick in square footage prices. Please feel free to call or email me for further information and discuss the neighborhood you are interested in following.  For more statistical information, click here for Elder Group Tahoe/Chase International Q1 Truckee Sales Statistics.

The Artisan Group

As a Chase International agent, I am able to syndicate and provide extensive networking and alliance programs to help my Client’s market and sell their properties. The Artisan Group is a team of six quality agencies that team together to match people and properties. Our relationship with these firms is significant and I welcome your review of our Winter Issue . Here’s to a small world and reinforcement of ‘six degrees of separation’!

Truckee Luxury Market Returns with the West Shore and Northstar Posting Many Sales

High net worth individuals are buying luxury properties!  Since January 1, 2010 an amazing 46 homes have sold for more than $1 million. In Truckee, 26 homes closed over $1 million. Lahontan real estate’s luxury community posted six sales averaging $1,621,833, closing at 95% of list price.  With two pending sales now in the upper luxury price point of over $2 million, appraisal “comps” are established. Days on the market now indicate that the Lahontan lover is back – with 435 days on average to sell a home, these last tough two years appear to have passed.

Northstar leads the Truckee area luxury real estate market with a $3 million sale on Grouse Ridge. Four home sales averaging $1.9 million closed year to date and two in escrow stabilizes this market.  The average square foot prices are still incredible values at $423 per square foot based on year to date sales.

Tahoe Donner continues to support the million dollar market with four home sales this year averaging $1,292,500, or $324 square foot, with one currently in escrow.  Despite Chapter 11 reorganization, due to be resolved by the end of June, Tahoe Mountain Resort Communities Old Greenwood and Gray’s Crossing also posted three $1 million plus sales with two in Gray’s Crossing and one in Old Greenwood. 

In the North Shore, six sales averaging almost $1.9 million closed year to date with square footage pricing at a whooping $1,055 per square foot.  North Lake Boulevard continues to offer superb values with great Lake views and 50% of the year to date sales.  Tahoe City saw two luxury sales averaging over $1.5 million with one property in escrow on day day.

Not to be left behind, the West Shore is raging.  As of today, there are three properties in contingent status, with a $16 million listing in escrow.  Year to date the West Shore saw five sales averaging $2.2 million and $973 per square good.  Yes, the luxury market has returned!