Residential Listings sold so far this year in the North Tahoe-Truckee market are 1% higher than at this time last year. What is interesting is that January sales were 15% higher than last January and February sales are 16% lower than last February. Here are some other interesting 2013 statistics on Residential Property sales compared to 2012;
- Median sales price increased by 5.9%
- Average sales price increased by 67.9%
- Luxury property (over $1,000,000) sales increased by 157%
- 64% of sales were priced under $500,000 (similar to 2012)
- 22% of sales were priced between $500,000 and $1,000,000 (similar to 2012)
- 13% of sales were priced over $1,000,000
- Distressed Property sales have decreased dramatically, Bank Owned down 70% and Short Sales down 30%
The real big difference from last year is the low level of inventory, down 37% from this time last year. This is a situation that exists in many markets nationwide according to a recent article in InmanNews. The article says that according the National Association of Realtors this “suggest that inventory shortages will mean a less dramatic increase in sales this year than last, but that home prices will show stronger gains.” I expect this will be true here in our market as well.
It is Not Too Late! There are still some very good values in the North Tahoe -Truckee market available to purchase at good prices (10 year lows), and interest rates are also still at historic lows. If you are interested in owning a property in this area, don’t wait for prices to go higher, now is the time to act!
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