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.
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.