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A client of mine contacted me this morning looking for information about distressed sales(single family) in the Truckee, CA market and I thought my findings are worth sharing with you.
All information is from the previous 12 months between 2/01/09 and 02/26/10 taken from the Tahoe-Sierra MLS and does not include for sale by owner sales or off MLS sales. All information in this report is for single family residences and condos were not considered in this analysis.
In the last 12 months the average price for a SFR 3 Bed/2 Bath/2 Car Garage is $442K, the median price is $424K, and there were 76 sales.
In the last 12 months in Area 7/Greater Truckee there have been 227 single family home sales. Of these 227 sales 86 of these sales have been short sales or REO sales with 46 foreclosure/REO sales and 40 short sales. So this equates to 38% of total sales in Greater Truckee market were distressed sales(short sale and REO) or 20% of total sales were REO sales.
The average DOM for a 3 Bed/2 Bath/2 Car Garage is 106 days while the average DOM for a single family home in Truckee is 130 days.
The average list to sold discount in Area 7/Greater Truckee is 9% while the median list to sold discount is 4%
Truckee in its Entirety
In the last 12 months the average price for a SFR 3/2/2 is $504K, the median price is $476K, and there were 167 sales.
In the last 12 months in Truckee there have been 533 single family home sales. Of these 533 sales 142 of these sales have been short sales or REO sales with 75 foreclosure/REO sales and 67 short sales. So this equates to 27% of total sales in Area 7/Greater Truckee were distressed sales(short sale and REO) or 14% of total sales were REO sales.
The average DOM for a 3/2/2 is 97 days while the average DOM for a single family home in Truckee is 117 days.
The average list to sold discount in Truckee is 6% while the median list to sold discount is 4%.
The graphs below are taken from Trulia and show graphs of the median sales prices in Truckee as well as the number of sales going back to January 2000.
If you have any questions about this brief analysis or if you would like a market analysis for your home or neighborhood please do not hesitate to contact me.
Best regards, Dave
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