North Upper Truckee, S. Lake Tahoe Real Estate Market Update
Great news for the Upper Truckee Neighborhood! According to the South Tahoe Association of Realtors’ MLS reports, the North Upper Truckee 1 & 2 neighborhood have seen quite an increase in activity when comparing the first quarter of 2010 to the first quarter of 2011. During the time period of January 1st through March 31st, 2010 there were 6 recorded sales in the North Upper Truckee 1 & 2 neighborhoods. These homes were on the market for an average of 188 days (including the escrow period). Throughout the same time period in 2011, the number of sales almost doubled with a total of 11. Even better news is that out of these 11 sales, there was only one bank owned home and 1 approved short sale. The 2011 sales were on the market for an average of 196 days.
The sale prices for North Upper Truckee 1 & 2 homes also increased during the first quarter of 2011. In 2010, the first quarter sales averaged a sale price of $494,265 and had a median sale price of $522,500. During 2011 these numbers increased to an average sale price of $588,727 and a median sale price of $595,000. During 2010, the average dollar per square foot for the 6 sales was $184 and the median was $188. During 2011, these numbers increased as well with an average dollar per square foot for the 11 sales of $220 and a median dollar per square foot of $225.
As for the list to sale price ratio, those numbers decreased slight from the 2010 first quarter statistics to the 2011 first quarter statistics. In 2010 the homes that recorded escrow had an average sale price of 96.1% of the asking price and a median of 99.1% of the asking price. In 2011, however, the sold homes had an average list price to sale price ratio of 90.5% and a median of 96.1%.
There are currently 18 homes listed for sale on the South Tahoe Association of Realtors’ MLS in the North Upper Truckee 1 & 2 neighborhoods. The 18 homes have an average asking price of $688,561 and a median asking price of $453,950. Out of these 18 listings, 7 of them are currently in escrow.
