The following Figure shows Tahoe Donner Single Family Home activity from Jan 2008 through Apr 2012.

The data is obtained from the Tahoe MLS published data. Note, this data is for single family homes only – contact me for data on Tahoe Donner Condos, Lot Sales or data for other Truckee or Lake Tahoe areas.

Tahoe Donner is a great area to study for market activity since it is has over 5000 homes and therefore presents a large database for meaningful statistical analysis. Home prices vary from roughly $300K to over $1.5M and ages range from brand new to over 30 years old.

Tahoe Donner Single Family Home Closings – Jan ’08 to Apr ‘12

Tahoe Donner Homes – Apr ‘12 Closings

Single Family home closings in Apr ‘12 were 21 homes compared to 27 last month and 14 the month before. Note that sales in Tahoe Donner are extremely seasonal and year to year comparisons are significant to get a valid picture of typical sales activity. Note that Jan through Apr ‘12 was stronger than the same period for the last 4 years – a good sign.

Regarding other activity, there are 8 pending, 20 contingent and 7 active contingent short sales with offers in the works. We can expect an increased level of closings for the rest of the year. From a seasonality point of view Jan is typically the slowest month of the year with strongest sales in the 2^nd half of the year.. Keep in mind the difference between closings and when the contract is signed can be 4-8 weeks for open and close of escrow for standard sales and longer for short sales and REOs.

Tahoe Donner Homes – Inventory 

The number of Single Family listings was 82 listings at the end of Apr, up from 63 in Mar and 65 in Feb. When you consider we have approximately 5000 single family homes in Tahoe Donner, inventory continues to be very low –  only1.6% of the homes in TD. Inventory will continue to rise to approximately 150 homes over the next 2-3 months if the past seasonality repeats itself.

Tahoe Donner Homes – Days on Market (DOM)

Average Days on Market (DOM) was 102 days, which increased from 99 days last month. The inventory is seasonal and if you look at the first graph you can see that inventory will go up by 50% or so in the next several months as the ski leases run out and owners fix up their homes and get them on the market.

Tahoe Donner Single Family Home Median and Average Home Price – Jan ’08 to Apr ‘12

Tahoe Donner Homes – Average and Median Prices

Average price was $543K and the median price was $482K. This is a recovery due to less lower priced homes selling in Apr. Last month, one could say that prices are falling but looking at the sales data what is really happening is that the sales of properties priced at less than $300K have dramatically increased from less than 10% of the homes sold to 29% in one month. See the following graph. The average and median is now back on track at around $500K which has been fairly consistent over the last few years.

Average Price per Sq Ft

I have in the past given an average price per sq ft. The vast majority of distressed sales and subsequent price change iis in the <$300K and <$500K price bands. Not relevant for the average or higher priced homes in Tahoe Donner. Contact me for details if you are interested in this.

Sold Price vs. Last Listed Price

Average sold to last list price tends to be 94 to 96% of last listed price. So, when you are buying or selling keep this average number in mind.

Tahoe Donner Number of Single Family Homes Sold vs. Sale Price Category – Jan ’10 to Apr ‘12

The above graph shows sales by price range.

Less than $300K – 1 of 21 – or 5% – very high in Feb and Mar but traditional level in Apr

$300K to $500K – 10 of 21 or 48% – strong recovery from last month

$500K to $700K – 6 of 21 or 29% – dramatic increase over Feb and really helping average prices.

$700K to $900K – 3 of 21 or 14% – improving

$900K to $1.2M – 1 of 21 or 5% – signs of life!

$1.2M to $1.5M – 0 of 27

So, what’s the net-net of this picture for home prices in Tahoe Donner? Firstly, the low end home sales are very active – especially in Apr with 53% of sales being for homes less than $500K. I also looked at change in price per sq ft for the various price bands. The low end bands and the very high end bands (very little data) show some reduction over the last year or so but the home prices per sq ft for homes in the $500K to $1.2M bands is fairly flat over the last year. See my blog at http://truckeehome411.com/blog/ for a post about Tahoe Donner distressed sales analysis to see that the low end sales are where the distressed home activity is significant.

Cash buyers are still out in force – 24% of the 21 sales were all cash deals – investors are active. The remaining sales used conventional financing.

I hope this data, presented in this form was useful to you. MLS data is available and I encourage the buyer or seller to study the data and arrive at their own conclusions before making a buy or sell decision. Contact me if you would like to discuss these results or see additional data.

Gary LaBelle        Truckeehome411.com       TruckeeRealEstate@gmail.com

The following Figure shows Tahoe Donner Single Family Home activity from Jan 2008 through Mar 2012.

The data is obtained from the Tahoe MLS published data. Note, this data is for single family homes only – contact me for data on Tahoe Donner Condos, Lot Sales or data for other Truckee or Lake Tahoe areas. 

Tahoe Donner is a great area to study for market activity since it is has over 5000 homes and therefore presents a large database for meaningful statistical analysis. Home prices vary from roughly $300K to over $1.5M and ages range from brand new to over 30 years old.

    Tahoe Donner Single Family Home Closings – Jan ’08 to Mar ‘12

Tahoe Donner Homes – Mar ‘12 Closings

Single Family home closings in Mar ‘12 were 27 homes compared to 14 last month and 19 the month before. Note that sales in Tahoe Donner are extremely seasonal and year to year comparisons are significant to get a valid picture of typical sales activity. Note that Jan through Mar ‘12 was stronger than the same period for the last 4 years – a good sign.

Regarding other activity, there are 5 pending, 26 contingent and 8 active contingent short sales with offers in the works. We can expect an increased level of closings for the rest of the year. From a seasonality point of view Jan is typically the slowest month of the year with some recovery starting in Mar. Keep in mind the difference between closings and when the contract is signed can be 4-8 weeks for open and close of escrow for standard sales and longer for short sales and REOs.

Tahoe Donner Homes – Inventory 

The number of Single Family listings was 63 listings at the end of Mar, down from 66 in Feb and 130 in Jan. When you consider we have approximately 5000 single family homes in Tahoe Donner, inventory continues to be very low –  only1.3% of the homes in TD. This is the lowest level of inventory for the last 4 years of my recorded data – obviously a positive sign for the continued good health of the Tahoe Donner Home Market.

Tahoe Donner Homes – Days on Market (DOM)

Average Days on market (DOM) was 99 days, which decreased from 149 days last month. The inventory is seasonal and if you look at the first graph you can see that inventory will go up by 50% or so in the next several months as the ski leases run out and owners fix up their homes and get them on the market.

Tahoe Donner Single Family Home Median and Average Home Price – Jan ’08 to Mar ‘12

Tahoe Donner Homes – Average and Median Prices

Average price was $523K and the median price was $530K. This is a recovery due to less lower priced homes selling in Mar. Last month, one could say that prices are falling but looking at the sales data what is really happening is that the sales of properties priced at less than $300K have dramatically increased from less than 10% of the homes sold to 29% in one month. See the following graph. The average and median is now back on track at around $500K which has been fairly consistent over the last few years.

Average Price per Sq Ft

I have in the past given an average price per sq ft. For various reasons this doesn’t make sense to do. After some analysis I find that it varies all over the map and a buyer or seller should look at this value for the various price bands defined in the following graph as well if the sales are standard, short sales or REO’s. Contact me for details if you are interested in this.

Sold Price vs. Last Listed Price

Average sold to last list price tends to be 94 to 96% of last listed price. So, when you are buying or selling keep this average number in mind.

Tahoe Donner Number of Single Family Homes Sold vs. Sale Price Category – Jan ’10 to Mar ‘12

The above graph shows sales by price range.

Less than $300K – 4 of 27 or 15% – very high in Feb and Mar

$300K to $500K – 8 of 27 or 30% – strong recovery from last month

$500K to $700K – 10 of 27 or 37% – dramatic increase over Feb and really helping average prices.

$700K to $900K – 3 of 27 or 11% – could be better

$900K to $1.2M – 2 of 27 or 7% – signs of life!

$1.2M to $1.5M – 0 of 27

So, what’s the net-net of this picture for home prices in Tahoe Donner? Firstly, the low end home sales are very active – especially in Mar with 65% of sales being for homes less than $500K. I also looked at change in price per sq ft for the various price bands. The low end bands and the very high end bands (very little data) show some reduction over the last year or so but the home prices per sq ft for homes in the $500K to $1.2M bands is fairly flat over the last year. See my blog at http://truckeehome411.com/blog/ for a post about Tahoe Donner distressed sales analysis to see that the low end sales are where the distressed home activity is significant.

Cash buyers are still out in force – 31% of the 27 sales were all cash deals – investors are active. The remaining sales used conventional financing.

I hope this data, presented in this form was useful to you. MLS data is available and I encourage the buyer or seller to study the data and arrive at their own conclusions before making a buy or sell decision. Contact me if you would like to discuss these results or see additional data.

Gary LaBelle        Truckeehome411.com       TruckeeRealEstate@gmail.com

Combat Deal-Killing Low Appraisals

DAILY REAL ESTATE NEWS | WEDNESDAY, MARCH 28, 2012
About one in three real estate contracts were canceled in January, up from 9 percent the previous year. Lowball appraisals are most to blame, agents say.

A recent article at Zillow points out how home owners may be able to improve their appraisal:

Gather about six comps ahead of time. Appraisers will pull their own comparables of recent sale prices to help determine the home’s value, but real estate professionals can walk sellers through at least six comparables beforehand in educating the seller about pricing the home. This can help prepare them for what an appraisal might show later too.

Show off upgrades. The appraiser will inspect the property and sellers and their agents should carefully consider what separate the homes that are similar from theirs. This may include a finished basement, the biggest yard on the block, or maybe its location in a scenic area. Sellers should “respectfully tell [the appraiser] what you know,” treating them as a member of your team, says Sara Stephens, president of the Appraisal Institute. “It will increase the odds of your getting a fair and accurate assessment.”

You can appeal an appraiser. Believe the appraisal was unfair? Most lenders allow home owners to challenge an appraisal they feel wasn’t done correctly, but home owners can just say their home is worth more as their sole justification. Home owners will need to prove an error or omission, such as comps that should have been taken into consideration but weren’t (another reason to review those comps before). Home owners can also take their complaints to the state’s appraisal board if they feel their case isn’t being properly reviewed.

$25K Price Reduction – Now $560K

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Owners anxious to sell – make offer!

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What is the activity level in Tahoe Donner for Short Sales and REO’s?

Tahoe Donner is the largest community in the Truckee/Tahoe area, with over 5000 homes, therefore, an excellent source of sales data.

The following data is for all of 2011 until Mar of 2012. As you can see most of the Short Sale and REO activity is in the lower price bands of homes. The first band is for homes less than $300K for which Short Sales and REO’s together are roughly 50% more than standard sales. The homes in this price range are 20-30 years old and smaller homes. The next band is the highest volume band of $300 to $500K homes and Short Sales and REO’s are now about 20% of the total sales. The next band of $700 to $900K only has approximately 7% of Short Sales and REOs and then it drops off in the two higher bands.

 Tahoe Donner Home Sales – # Homes vs. Price Bands – Jan 2011 to Mar 10, 2012

What does this mean for prices in Tahoe Donner? 

Obviously, home pricing for the first two bands are heavily influenced by the excessive Short Sale and REO activity. REO’s can be in poor condition and Short Sales are often lived in and not ideally dressed up for sale, resulting in lower sale prices. The higher priced bands would have much less pricing pressure from these distressed sales. 

Does the commonly used $ per sq ft pricing mean anything?

Yes, but be careful because a high level of distressed home sales can dramatically affect this number. For example, in the $300 to $500K band prices per sq ft have varied from $100 to $325 per sq ft from the start of 2011 to the present. Obviously, the condition of the home must be carefully assessed when pricing or assessing the value of homes in this price band. 

Tahoe Donner Homes Sold by Price Band for Last 2 Years – Note strong <$300K and <$500K bands

Does it mean anything when you read a report that says pricing is down by say 15% this year compared to last year?

Be careful, due to the extreme variation in prices as discussed above, a change in the mix of sales where the low end sales are growing faster than  high end homes, the lack of new high end home construction and so on are all factors that are affecting the market, and influencing pricing. 

Tahoe Donner Sales Data – 4 Years of Data

Tahoe Donner sales activity is shown above. Inventory is at the lowest level since I started recording data 4 years ago. Closings hover around 20 per month, Days on market hovers around 120 days and over all the market looks healthy in that there are no distressing trends visible.

Work with a realtor! Call or email me if you have any questions about buy or sell prices for Tahoe Donner.

Gary at 530.448.1100 or  TruckeeRealEstate@gmail.com

The following Figure shows Tahoe Donner Single Family Home activity from Jan 2008 through Feb 2012.

The data is obtained from the Tahoe MLS published data. Note, this data is for single family homes only – contact me for data on Tahoe Donner Condos, Lot Sales or data for other Truckee or Lake Tahoe areas.

Tahoe Donner is a great area to study for market activity since it is has over 5000 homes and therefore presents a large database for meaningful statistical analysis. Home prices vary from roughly $300K to over $1.5M and ages range from brand new to over 30 years old.

Tahoe Donner Single Family Home Closings – Jan ’08 to Feb ‘12

Tahoe Donner Homes – Feb ‘12 Closings

Single Family home closings in Feb ‘12 were14 homes compared to 19 last month and 17 the month before. Note that sales in Tahoe Donner are extremely seasonal and year to year comparisons are significant to get a valid picture of typical sales activity. Note that Feb ‘12 was consistent with other Feb closings for the last several years.

Regarding other sales, there are 6 pending, 29 contingent and 6 active contingent short sales with offers in the works. We can expect an increased level of closings for the rest of the year. From a seasonality point of view Jan is typically the slowest month of the year with some recovery starting in Feb. Keep in mind the difference between closings and when the contract is signed can be 4-8 weeks for open and close of escrow for standard sales and longer for short sales and REOs.

Tahoe Donner Homes – Inventory 

The number of Single Family listings was 66 listings at the end of Jan, up from 91 in Dec and 116 in Nov. When you consider we have approximately 5000 single family homes in Tahoe Donner, inventory continues to be very low –  only1.3% of the homes in TD. This is the lowest level of inventory for the last 4 years of my recorded data – obviously a positive sign for the continued good health of the Tahoe Donner Home Market.

Tahoe Donner Homes – Days on Market (DOM)

Average Days on market (DOM) was 149 days, which increased from 120 days last month. The low inventory typically means that homes that have been on the market for some time are now selling raising the DOM.

Tahoe Donner Single Family Home Median and Average Home Price – Jan ’08 to Feb ‘12

Tahoe Donner Homes – Average and Median Prices

Average price was $490K and the median price was $380K. One could say that prices are falling but looking at the sales data what is really happening is that the sales of properties priced at less than $300K have dramatically increased from less than 10% of the homes sold to 29% in one month. See the following graph.

Average Price per Sq Ft

I have in the past given an average price per sq ft. For various reasons this doesn’t make sense to do. After some analysis I find that it varies all over the map and a buyer or seller should look at this value for the various price bands defined in the following graph as well if the sales are standard, short sales or REO’s. Contact me for details if you are interested in this.

Sold Price vs. Last Listed Price

Average sold to last list price tends to be 94 to 96% of last listed price. So, when you are buying or selling keep this average number in mind.

Tahoe Donner Number of Single Family Homes Sold vs. Sale Price Category – Jan ’10 to Feb ‘12

The above graph shows sales by price range.

Less than $300K – 5 of 14 or 36% – 2 to 3 times previous highs – very surprising!

$300K to $500K – 4 of 14 or 29%

$500K to $700K – 1 of 14 or 7%

$700K to $900K – 2 of 14 or 14%

$900K to $1.2M – 1 of 14 – last activity in this band was Nov 2011

$1.2M to $1.5M – 1 of 14 – 1^st sale in this band since June of 2011 – great news!

So, what’s the net-net of this picture for home prices in Tahoe Donner? Firstly, the low end home sales are very active – especially in Feb with 65% of sales being for homes less than $500K. I also looked at change in price per sq ft for the various price bands. The low end bands and the very high end bands (very little data) show some reduction over the last year or so but the home prices per sq ft for homes in the $500K to $1.2M bands is fairly flat over the last year.

Cash buyers are still out in force. The remaining sales used conventional financing. One of the sales was a brand new home.

I hope this data, presented in this form was useful to you. MLS data is available and I encourage the buyer or seller to study the data and arrive at their own conclusions before making a buy or sell decision. Contact me if you would like to discuss these results or see additional data.

Gary LaBelle        Truckeehome411.com       TruckeeRealEstate@gmail.com

taking place in Tahoe from the Colorado Ski Resort companies.

Will be a major positive driver for our economy and Real Estate values.

Click for article: Tahoe Gold Rush