Buyers Continue to Seek Opportunities in Lake Tahoe and Truckee Markets in the Fourth-Quarter 2007

Posted by Elli Karagiorgas — January 27, 2008

PLEASANTON, Calif. – (Jan. 28, 2008) – Market activity for both Lake Tahoe and Truckee continued to decline in the fourth quarter. However, the combined effect of longer listing periods and stable median house prices continued to attract qualified buyers into these primarily secondary property markets in the fourth quarter, according to a report released today by the research division of Prudential California Realty, based on an analysis of MLS data.In Lake Tahoe, despite a sharp increase in average listing periods (+85 days), the median price of a detached residential property remained virtually unchanged, firm at $758,644, year-over-year. Double-digit decreases in median single-family home prices in the predominantly second-home markets of Alpine Meadows, Squaw Valley and North Shore were due in part to concern over possible worsening economic conditions and a desire by some recreational property owners to free-up available assets, resulting in higher property listings – up three percent for Tahoe – in the fourth quarter.“Tahoe buyers need to be aware of current market conditions and cannot count on purchasing a high-quality home for unreasonably low prices, especially as the winter ski season moves into high-gear,” explained Cathy Harry, broker and branch manager at Prudential California Realty, Truckee and Lake Tahoe offices. “Serious sellers are primarily what remains in the Tahoe market, as many have listed their properties with less room for negotiation.”Fourth Quarter 2007 Housing Market Survey – TahoeTahoeHomes SoldQ4/07

Homes SoldQ4/06

%ChangeAvg.Days on Market* Q4/07Avg.Days on Market Q4/06Change06/07(Days)MedianPrice**Q4/07Median Price Q4/06%ChangeActive Listings+Q4/07Active Listings Q4/06% ChangeSingle-Family Detached Homes5969-1517085+85$758,644$758,8120473497-5Condominiums / Townhomes2529-14118149-31$1,364,060$601,988+127259213+22The median price of Lake Tahoe condominium properties rose considerably in the fourth quarter, up by 127 percent to $1,364,060, year-over-year, due in large part to the sale of several high-end Tahoe City and West Shore condominium properties. Comparatively less-expensive condo properties in Squaw Valley and Alpine Meadows were also in high demand.Fourth Quarter 2007 Housing Market Survey – TahoeSingle-Family Detached HomesAreaHomes Sold Q4/07Homes Sold Q4/06% ChangeAvg. Days on Market Q4/07Avg. Days on MarketQ4/06Change 06/07(Days)Median Price Q4/07Median Price Q406% ChangeActive Listings Q4/07ActiveListings Q4/06% ChangeAlpineMeadows62+2008072+8$722,500$867,500-1726260North Shore1930-379459+35$525,000$697,500-25162182-11Squaw Valley21+10035890+268$1,150,000$1,600,000-282536-31Tahoe Area129+3315475+79$925,000$785,000+188177+5West Shore2027-26165129+36$852,500$779,000+9179176+2Fourth Quarter 2007 Housing Market Survey – TahoeCondominiums / TownhomesAreaCondos Sold Q4/07Condos Sold Q4/06% ChangeAvg. Days on MarketQ4/07Avg. Days on MarketQ4/06Change 06/07(Days)Median Price Q4/07Median Price Q4/06% ChangeActive Listings Q4/07ActiveListings Q4/06% ChangeAlpineMeadows110125172-47$360,000$400,000-10911-18North Shore69-3318891+97$667,500$640,000+45847+23Squaw Valley97+29145151-6$538,000$699,950-23125104+20Tahoe Area8804176-172$2,919,000$396,000+6375743+33West Shore14-75128154-26$1,542,500$807,500+91108+25In Truckee, unit sales of single-family detached properties decreased by 31 percent, while the sales of several more expensive properties in the fourth quarter helped buoy median single-family house prices, up 13 percent at $734,957, year-over-year. Strong median house price increases in the popular Donner Lake, Northstar and Truckee communities also contributed to largely stable market conditions in the Truckee area.Despite an increase in average listing periods (+42 days), sales of condominium properties in Truckee increased in the fourth quarter, up eight percent when compared to the same period last year. Recent snowfalls at popular area ski resorts continue to entice buyers into the Truckee market; however, few seem willing to make any impulsive purchasing decisions. Condominium prices in the area decreased sharply in the fourth quarter, down by 44 percent to $443,310, year-over-year. Worsening global credit conditions and subsequent foreclosures are cited as possible reasons for the decrease.*  Days on market is the number of days a property was listed on the market until it went under contract at its final listing price. This is may not reflect previous listings.**The median home price for the entire county is the weighted mean of median home prices of cities within the Lake Tahoe area.+  Active listings is the sum of listings that were available for sale for at least one day within the quarter. This can include listings from previous quarters.++Some listings in Glenshire and Golf Course Communities overlap with those in Truckee.Data are sourced from multiple listing services and are deemed reliable but not guaranteed.All percentages rounded to nearest whole number.About Prudential California RealtyFounded in 1887 as Mason-McDuffie Real Estate and transitioning to the Prudential name in 1997, Prudential California Realty (PCR) and its sister affiliations in Nevada and Texas are a leading innovator of real estate technology solutions to its agents and clients. Now the 8th largest national real estate brokerage among companies using settlement services, Prudential CA/NV/TX provides comprehensive real estate solutions when buying, selling and owning a home with more than 11,000 transactions and $5.4 billion in annual sales for 2006. The company offers consumers full MLS access to home listings through its website www.PruRealty.com. Part of the tri-state affiliation owned by David Cobo and Ed Krafchow that includes Prudential California Realty, Prudential Nevada Realty, Prudential Texas Properties and Prudential Texas Realty the organization cumulatively has more than 2,600 agents and 62 offices. Prudential California Realty is an independently owned and operated member of the Prudential Real Estate Affiliates.FOR MORE INFORMATION, please contact:Mansfield CommunicationsElli Karagiorgas: elli@mcipr.com / (415) 283-3216Mark Cohen: mark@mcipr.com / (415) 283-3232

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