32%of the properties sold being distressed properties”
This was penciled-in in one of the well written year end reports for North Tahoe and Truckee.
(Note: This report was compiled from North Tahoe- Truckee MLS.)
Some things I thought were interesting:
In 2011…
- 16.9% of sales in North Tahoe was foreclosed homes (206 homes).
- Just a notch below (15.3%) is short sales — 186 homes.
- So just over a third of all real estate sales in North Tahoe was distressed (short sale, REO’s, etc.,).
- Of the active listings, there are 132 properties listed as short sales, (15.5%) and 45 properties listed as REO sales, (5.3%).
- 66% of the homes sold were priced under $500,000 — (investors: Take note. Liquid market for half a mil and below.)
- There were fewer “luxury homes” over $1 million sold in 2011 — a step back of negative 24%
- Median sales price of luxury homes went up 1.5% from $1.6 m to 1.625 m
As Nevada and California’s economy continues to struggle, I don’t expect the Tahoe real estate market to find a market bottom, home prices are expected to go down further. I think the question we should be asking is velocity — are home prices going down in double digits? I hope not. But I think we can never take it out of the equation.
Worth noting is history shows us that real estate recession in our country lasts 3-5 years. Were headed toward our 5’th, if you count 2007 as the start of the decline.
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