The activiity in our office indicates buyer’s are finally getting off the fence and jumping into the buying pool!
Price reductions are occuring and new listings priced right are getting showings! The kind of market buyer’s have been waiting for.
Fall is traditionally a busy time, buyer’s look all summer and watch the market as new listings hit their peak by June and seller’s take advantage of the active summer months with vacationers and potential buyer’s.
September has held true to this pattern. This is how the market stacks up today:
Homes- 242 For Sale
Highest price is $34 million which buys a 8.75 acre estate on the beautiful shores of Lake Tahoe. Three homes and a buildable parcel.
Median price is $1,545,000 which buys a house on the Championship golf course with 4 bedrooms, 3.5 baths approx. 4000 sq ft. remodeled on the market since 6/08.
Lowest price is $399,000 which buys a 1200 sq ft fixer with 2 bedrooms and 1 bath.
Home Sales Jan-Sept. Total 62
High=$7,350,000 Lakefront home needed work
Median=$1,035,000 Mid elevation, 2600 sq. ft. 4 bed 3.5 bath remodeled built 1978
Low=$370,000- bank foreclosure- high elevation- 1600 sq ft home fixer
Foreclosures made up 12 of the above 62 sales and 1 was a short sale
Selling prices: 100-$500,000=6
$501K-$700,000= 14
$701,000- $900,000= 6
$901,000- $1,200,000= 6
$1,200,001-$1,500,000= 4
$1,500,001- $2,000,000= 7
$2,000,001-$2,500,000 = 5
$2,500,001-$3,000,000= 5
$3,000,001- $8,000,000= 9
Under contract of sale= 18 which makes this third quarter our highest quarter with 40 days to increase this number.
Take the leap and take advantage of a market that appears to be leveling out!
