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Market Synopsis for North Lake Tahoe Real Estate and Truckee Real Estate - March 1, 2007. Market Graphs for this synopsis may be seen below.
Single Family Homes under $1 Million have strengthened with a big drop in inventory while posting 3 consectutive months of increased sales. The next few months will give sellers the best opportunity to sell their properties prior to the summer inventory increase. Prices are still trending upwards slightly.
The market Single Family Homes over $1 Million has seen little change over the past 3 months with 7 to 14 homes selling and roughly 220 homes available on the market. Prices are trending slightly upward. We expect this market to become more competitive as we approach summer and the inventory will increase by another 50 to 100 homes. Continued below... |
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Lake Tahoe Condos and Townhomes remain sluggish with only 11 to 17 units selling per month. Inventories remain similar with 290 units on the market. Median Prices are relatively flat. We do not expect this market to change significantly over the next 6 months.
The land market remains extremely weak with only 10 to 14 lots selling with an overwhelming amount of avaialble inventory with 596 lots available. Prices are still trending upwards over the past year but we anticipate that prices will decline as sellers become more motivated. Sales were spread out accross the market with no one area dominating buyer interest.
The market for share ownership property is also very weak with only 3 to 5 shares selling per month and a large amount of 166 units to choose from. Shares of individual luxury homes are selling while less expensive units are struggling. Units at 80/50 Northstare are selling with the developer sales push and are increasing the pending "new demand" numbers. |
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