Don't know if you plunged into the market yet and I just came across your question almost a year later, but here are my thoughts to share.
Median price doesn;t tell the whole story about values in the North Lake Tahoe and Truckee real estate markets. It only reflects the mid point between the high and low sale data points and not necessiarly a specific change in the values of all properties.
Comparing the first six months of 2009 over 2008: the median sales price dropped 12+% from $652,500 to $570,000; the average sales price dropped 20+% from $990,000 to $788,000, while the inventory of single family homes for sale increased 5% from 371 to 392 . The days on market for those sold properties remained unchanged at 125 days.
The statistics for condominium sales showed a slight increase in the number of sales, but a decrease in median and average sales price. In my opinion, the few number of sales distorts the percentages, so I wonâ€™t report percentages, but the median sale was $397,500 and the average sale was $390,000. Inventory of townhomes and condominiums is up by just under 10%.
Prudential California Realty