Closed Transactions in april
While buyer demand continues to be high, the lack of available inventory is suppressing the total sales each month. This does continue to push values up each month. There is definitely more demand on the lower price points. This is shown clearly in the price points of the homes sold last month and the homes available for sale today. In April the average price for a single family sold in Tahoe Donner was $746,000. The average price for active listings is $876,000.
However, listing season is starting to crank up and more inventory is on the way. As long as sellers do not greatly overprice their homes the amount of sales will increase. As always, supply and demand will dictate what happens to prices as we move forward. Here are the sales in Tahoe Donner for April...
As we start to see hints of spring on the horizon, home sales continue to be strong for this time of year. This is point where we expect to see a big increase in listings, as the ski mountains start to close down, although many of them are extending their seasons! We can see up to 2/3rds of our yearly listings between May and September, and those tend to be front loaded to early summer. Having some more inventory would help balance our market out a bit. Currently there is a lot of demand for homes, driven by a solid economy, low interest rates and an amazing ski season. If you follow my market updates, you will know that I often use the community of Tahoe Donner as a bellwether for the Truckee North Lake Tahoe market in general. Here are the sales numbers for Tahoe Donner for April:
Right now is a strong time to be a seller, as inventory remains very low and demand high. As of today, there are only 39 single family homes available in Tahoe Donner out of over 5100 existing. This is less than 1% of homes on the market. Other surrounding communities reflect similar numbers. However with listing season about to hit, this will start to change and buyers are going to have more options. I am not expecting inventory to increase, as I believe the strong buyer demand will continue to pick off good homes as they come on. Buyers will have options and will see more homes, but they need to be ready and decisive when the right one comes along. If you are thinking about buying or selling, let me know if I can help!
C.A.R.’s Housing Affordability Fund’s Homeowners Association Grant Program
The market this winter continues to outperform. Interest rates are still VERY low. My latest quote on Friday was 3.625% with no points on a conforming 30 year fixed mortgage. This, combined with much needed snow and some great skiing has brought consistent demand from both primary and second home buyers. This bodes well for a continued upward trend in prices. So far, the pace of price increases has been moderate and sustainable. We are still not yet to the highs we saw in 2006, and it will most likely be a few years yet until we see those prices again.
If you are considering selling your home in Truckee / North Tahoe, give me a call. I focus on listing properties to maximize price and minimize time on market. Our local market has really turned a corner and buyers are being very aggressive for good homes priced properly. The last two homes I have listed sold at or within 1% of asking price and were on the market less than a day each. Both sold above comparative market value as buyers continue to bid up prices.
Contact Dave Donnelly
Allison James Estates and Homes
Truckee, CA 96161 USA
Phone: (530) 414-4072
License: BRE 01723953
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