Reno Foreclosure Blog

Market area: Glenbrook, NV – Lake Tahoe

Appraised property located on Pine Tree Lane

Search parameters:

Homes priced over $2,000,000

Median price last 12 months = $3,575,000

Median price from 6/15/05 to 6/15/06   =  $3,972,200

Percent decline  =   10%

SALES DATA FOR THE LAST 12 MONTHS

Date Run: 6/22/2010

Base/List Date/Current: 6/22/2010

Foreclosures                         =     0      

Short Sales                           =     0

Arms lengths                        =     10

Total Sales last 12 months    =     10

            Median $          =          $3,575,000

            Hi $                  =          $7,800,000

CURRENT LISTINGS  =  39   Median days on market = 285

Foreclosures                        =   1         

Short Sales                          =   2

Arms length                         =   36

Median $          =          $4,650,000

Hi $                  =          $18,750,000

Low $              =          $2,100,000

There have only been 10 home sales in the subject’s market area over $2,000,000 in the last 12 months, but there are presently 39 listings over $2,000,000 being offered for sale. This results in a 47 month supply. Typical sale marketing periods exceed one year.

MLS data indicates a 10% decline in values in the last 4 years, but Zillow.com indicates a 13.4% decline for the area from 3/31/09 to 3/31/10. Numerous market indicators suggest continued declining values into the future.