Truckee Real Estate Prices Have Reached the Bottom!

Client Buyers continually ask me about inventory supplies and pricing, waiting for the “perfect” moment to buy in Truckee. My response? “It’s time.” Prices have stabilized and appear to be on the brink of a rise in certain markets segments.  I recently met with a local appraiser who spent many years leading appraisal groups for a major bank lender in the Tahoe area. His bank developed and utilized a sophisticated algorhythm that indicates that Truckee is no longer a declining market. 

A March appraisal on one of my recent listings that went into contract in three days set a new high in its class. That particular buyer listed their cabin with me and it also pended within days at a very solid price point over the client’s target selling price. The analytics show me the market has stabilized and the “feel” of the market tells me it’s changing. Low financing rates, seller’s who are wrapping up the ski season and nice product gives Buyers options that all align.

Record Price Reductions Fuel Tahoe Property Sales!

The 4th quarter of 2009 delivered record sales and the lowest prices in years in the Truckee Tahoe real estate market and making it a prime time for Buyers as prices continue to soften. Several Elder Group clients were able to secure their dream Tahoe retreat with phenomenal pricing.

Sales increased 107% from the Q4 in 2008 overall and improved a huge 147% on the West Shore, 125% in Tahoe City and 91% in the North Shore. By the end for Q4, 100 properties closed. In the Truckee area, huge increases were also recorded. Home sales increased 80% representing huge increases in Donner Lake (up by +1,100%), Glenshire/Devonshire (up by 211%), Northstar (showing an increase of +100%) and Truckee (+77%). 

Reduced square footage pricing, low financing rates and motivated Sellers are helping to propel property sales. There’s no doubt now is the time to buy your Tahoe cabin, condo or estate home – and the statistics prove it!

Record Home Sales As Compared to Q4 2008
As compared to 2008, Q4 of 2009 produced fabulous sales statistics occurring with record number of sales in areas like Donner Lake, Northstar, Glenshire and Truckee as compared to the same quarter in 2008. 

In Truckee, home sale prices decreased by 8% from $619,644 to $570,132 in just one year.  The Lake Tahoe area experienced a huge 21% market adjustments and slid from $637,772 to 503,379.