|
|
|
|
|
Truckee Update
From The Nicholls Real Estate Group
|
|
|
|
| The Decade and Year Past |
Every year has its trials and tribulations, but 2009 definitely put many Americans to a stern test. The Truckee real estate market certainly is not immune to the economy. However, it was interesting to see that our market, despite being severely down in 2006 through 2008 actually started showing signs of recovery. Median and average sales prices did drop dramatically but, more importantly, the number of transactions on single family homes started to rise. This increase in activity is always the first sign of recovery in any market. Without an increase in activity there is no chance of an increase, or even a leveling, of prices.
Though the number of sales in the first half of the year didn't look significantly different than the lean years, there was a distinctly different buzz. Many local Realtors were shocked at how "busy" they felt in the first half of the year. There was a sudden increase in leads from our marketing efforts, a surge of buyers wanting to look at houses, and seller's who really wanted to sell their homes (not just put a "For Sale" sign on them). It took over 6 months for this increased activity to turn into increased sales, but it did happen. The summer selling season was solid, but the fall was when things really started to look different as far as numbers. Most neighborhoods showed consistent, strong sales activity for single family homes in each month of the 2nd half of the year. Even the vacant land market, which had practically disappeared in the first half of the year, showed some signs of life.
Here are the statistics on number of single family home sales in Truckee for each quarter since 4thQ 07. Notice the dramatic 53% increase in number of sales in 3rd and 4thQ 09 compared to 3rd and 4thQ 08:
| 4thQ 07 |
100 |
| 1stQ 08 |
79 |
| 2ndQ 08 |
105 |
| 3rdQ 08 |
113 |
| 4thQ 08 |
95 |
| 1stQ 09 |
74 |
| 2ndQ 09 |
99 |
| 3rdQ 09 |
144 |
| 4thQ 09 |
175 |
Are we out of the woods? No. The median sales prices has dropped over 20% on single family homes since the peak in 2006 (Though it is still up 29% since 2002). It takes time to recover from that dramatic a drop. Things are still tenuous and will remain so until the global economy starts expanding again. However, the second half of 2009 did show some solid steps in the early recovery process.
Where do we go from here? That all depends on the economy. There is definitely a case for optimism (see article in the sidebar on the right), but there certainly are more challenges to overcome. What we would like to see for our local market is consistency. The last 4 years have been filled with highs and lows. The last 6 months have marked the longest stretch of consistent activity since 2005. We don't expect the roller coaster to end, but we do expect it to be less extreme.
If you have questions or would like to see more statistics on our local market, don't hesitate to drop us an email or a phone call.
Make it a great 2010! | |
 |
| In The News |
|
Local:
Get discount lift tickets and support the schools:
|
| Check Out Our Website |
TruckeeDreamHomes.com just had a major upgrade to it's property search function, called My Property Manager.
My Property Manager is a FREE and easy to use account that gives you the ability to save and manage multiple properties displayed on TruckeeDreamHomes.com. Think of this as your own private manager that allows you to search, track and save properties listed in the MLS, all in a private, password protected account. In addition to all the organizational tools you will have access to, you can even customize special email alerts so that you receive the latest listings that you are specifically looking for, as soon as they are added.
-Save unlimited properties to compare or show others -Free customized email updates, only receive the information you want
| |
|
|
Local Market Update |
December activity was slower than the previous 5 months, but still quite strong compared to December's past. Many people are more focused on holiday shopping and spending time with family than they are on purchasing a mountain cabin during December. Here is the neighborhood by neighborhood run down on the activity for the last month of 2009:
Like most years activity dipped in December but still remained strong compared to December's of years past. 15 homes went into escrow. This broke the string of 8 straight months with 20 or more homes going into escrow, but was still higher than any December in the "down" years (2005 - 2008, we never saw more than 10 escrows in December) and on pace with the "boom" years (in 2004 there were 14 December escrows and in 2003 there were 18). Activity switched back to the low end of the market as 14 of the 15 escrows were on homes with asking prices under $515,000. Here are pictures and descriptions of the homes:
Martis Camp: The developers goal, at the beginning of the year, was to sell 25 lots in 2009. They ended up selling 53 lots with an average sales price of $750k!! 6 more lots are already under contract for 2010. Needless to say, the developer is very happy with results. The community seems to be having extraordinary resilience in this economy.
Old Greenwood/Gray's Crossing: One Gray's Crossing home went into escrow. Here are the details:
Northstar: 3 condos and 2 homes went into escrow. The community is very excited about the opening of the Ritz-Carlton Hotel which is located at mid mountain of the ski area. The Grand Opening occurred on December 9, 2009, and the hotel has received rave reviews. Here are pictures and descriptions of the homes which went into escrow:
Donner Summit: 2 homes went into escrow: Serene Lakes/Donner Summit Real Estate Activity
Lahontan: No homes went into escrow in December.
Glenshire/Sierra Meadows/Prosser/Donner Lake: For the first time in 9 months we didn't reach the magical 20 escrows for the month. 16 escrows, however, is quite strong for December, as people are typically more focused on The Holidays. Here are the pictures and details:
Squaw Valley/Alpine Meadows:
Strong activity continued with 10 condos and 1 home going into escrow in these areas. For the second month The Resort at Squaw Creek was noticeably active with 5 more units going into contract: Squaw Valley/Alpine Meadows Real Estate Activity
North Lake Tahoe: The one area where activity increased in December compared to November was North Lake Tahoe. 23 homes went into escrow, marking 6 out of 7 months in which 20 escrows have been exceeded (including 3 with over 30). Activity was noticeably focused on the lower end of the market with 19 of the 23 escrows coming on homes with asking prices under $515,000. Here are the details of all the homes: North Lake Tahoe Real Estate Activity |
|
Contact us |
 |
Alan Nicholls
530-550-5005
Norm Nicholls
530-550-5035 | |
|
|
|
|
|
