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Lake Tahoe Real Estate Update, 2010 Market Recap

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2010 will be known as the year of the Lakefront!  This year N. Lake Tahoe doubled its lakefront sales from 11 in 2009 to 22 and the average price went from $3.95M to $4.81M.  This is very significant as it shows that the ultra-luxury buyers felt that prices made sense in 2010 and that they could obtain the most valuable real estate for significant discounts.  This is significant for all aspects of the Tahoe/Truckee real estate sector as it is one of the first signs of stability within the market.
 

Review of the Overall N. Tahoe/Truckee Markets (SFR)
Average Price: up 5% from $685.5K to $724.8K% (+$39K)
Median Price: down 9.5% from $530K to $479.8K (-$50K)
Number of Sales: up 2% 728 to 743 (+15 sales)
Days on Market: down 6% from 121 to 114 (-7 days)

The average price is up, most likely due to a significant increase in Lakefront sales as well as other high-end properties.  I think the higher sales volume and lower days on market help show that buyers are very active, are looking for the best deals possible, and are ready to jump on great values.  The historically low-interest rates have helped to motivate buyers as these savvy investors are well aware that the cost of capital is going to increase in the near term. 

 

In 2010 there were 211 REO and Short Sales with a median price of $384K representing or 28% of total sales which has had a significant impact on pricing and the overall market.  As long as distressed sales make up a significant portion of market sales we are susceptible to soft market conditions and further price reductions.  

2010 Market Highlights
  • 22 Lakefront Sales in 2010 vs 11sales in 2009
  • Martis Camp had 70 property sales including 66 vacant lot sales with a total sales volume of $43M! Martis Camp also won 3 prestigious Gold Nugget Awards for Best Private Club, Best Site Plan, and Community of the year.
  • Squaw Valley USA sold to Colorado’s KSL Capital!  KSL has pledged to spend $50M on improvements over the next 5 years which will increase skier days and also improve property values in Squaw and Alpine Meadows.
  • Average SFR price up 5% in the overall Truckee/Tahoe Market
  • Median SFR pricing in Tahoe City(MLS Area 4) is up 2%
  • Sales volume is up in almost every neighborhood
  • Average 30 Yr Fixed interest rate of 4.68% in 2010, historically low rates.
  • The 1st phase of the Tahoe City Marina expansion was completed this summer adding 31 new boat slips and a 304′ rock crib pier.
Feel free to call me to discuss the Truckee/N. Lake Tahoe markets in more detail 530-448-9882


Visit www.WestallRealEstate.com to search all Truckee and N. Lake Tahoe listings including REO’s and Short Sales.

If you are considering selling your Tahoe Real Estate please contact me to discuss my powerful marketing plan and how I can help you sell your home quickly and for top dollar.

Happy Holidays, Dave Westall


David Westall, Realtor
530-448-9882
David@WestallRealEstate.com
www.WestallRealEstate.com

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Comments

  1. Max says

    >Well..

    Lake Tahoe is one of the best places to buy a property. Its a luxury place to find a property.

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    Lake Tahoe Real Estate

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