South Lake Tahoe, CA Market Statistics
- All Sales in the last 365 Days
- Absorption Rates - Last 365 Days
- All 2010 South Lake Tahoe, CA Sales
- All 2009 South Lake Tahoe, CA Sales
- All Current Escrow - South Lake Tahoe, CA
- Al Tahoe, CA
- Bijou, CA
- Black Bart, CA
- Christmas Valley, CA
- Gardner Mountain, CA
- Heavenly Valley, CA
- Highland Woods, CA
- Meyers, CA
- Montgomery Estates, CA
- Pioneer Trail, CA
- North Upper Truckee, CA
- Sierra Tract, CA
- S. Lake Tahoe Condos, CA
- The Tahoe Keys Condos, CA
- Stateline Area, CA
- Tahoe Island Drive, CA
- Tahoe Island Park, CA
- The Tahoe Keys, CA
- Tahoe Paradise, CA
- Y Area, CA
Stateline, NV Market Statistics
- All Sales in the Last 365 Days
- Absorption Rates - Last 365 Days
- All 2010 Stateline, NV Sales
- All 2009 Stateline, NV Sales
- All Current Escrow - Stateline, NV
- Cave Rock, NV
- Glenbrook, NV
- Hidden Woods, NV
- Kingsbury (Lower), NV
- Kingsbury (Middle), NV
- Kingsbury (Upper), NV
- Lakefront Properties, NV
- Round Hill, NV
- Skyland, NV
- Summit Tahoe Village (Condos), NV
- Lake Village TownHomes, NV
- Zephyr Heights, NV
Stat Counter
South Lake Tahoe Real Estate News: Stateline, NV 2010 Sales
Posted by Richard Bolen on September 2nd, 2010
57 Homes Sold in 2010 to date in Stateline, NV area of South Lake Tahoe.
We have just updated current 2010 home sales in the Stateline, NV area of South Lake Tahoe.
To get as true indication of market conditions as possible, we also report all single family home sales in Stateline, NV for the last 365, 180, 90 and 30 days as well.
All sales in the last 365 days are continually updated (here)
All 2010 homes sales are continually updated here.
Current Demand:
The chart indicates Stateline, NV housing demand by year since 2004:
- We are on a pace to sell about the same number of homes as last year.
- In other words, there is no increase in demand to date this year.
- Demand is about the same as it was in 2006.
2010 Sales Recap (Lake Front Properties and Glenbrook not included in these stats.)
Here are the current market conditions in Stateline, NV:
- There are 57 single family home sales in 2010.
- The median sold price is $515,450.
- It was $480,000 at the end of June, $477,500 in May, and $535,000 last April.
- The Average Original List Price is $866,693.
- The Average Sold Price is $658,316.
- The difference between Average Original List Price and Median Sold Price is $208,376, or 24%.
- Average Days on Market is 244.
- Average Price Sq. Ft. is $246.
- Average size was 2,795 sq. ft.
Median Sold Price:
The Median Sold Prices in Stateline, NV: (Lake Front Properties and Glenbrook not included)
- For 2009: $512,500
- For 2008: $575,000
- For 2007: $854,500.
- For 2006: $835,000.
- For 2005: $775,000.
2010 Sales and Foreclosures:
Of the 57 home sales in 2010 in the Stateline, NV area of South Lake Tahoe to date:
- 15 are distressed sales (31%).
- 5 of these are bank owned (REO).
- 10 of these are short sales.
Recent Stateline, NV home sales updates:
June 22, 2010 Sales Report, here.
May 18, 2010, Sales Report, here.
February 2, 2010 Sales Report, here.
January 18, 2010, Final Stateline, NV 2009 sales, here.
December 20, 2009 Sales Report, here.
November 2, 2009 Sales Report, here.
August 16, 2009 Sales Report, here.
July 21, 2009 Sales Report, here.
June 15, 2009 Sales Report, here.
May 12, 2009 Sales Report, here.
April 5, 2009 Sales Report, here.
March 16, 2009 Sales Report, here.
February 9, 2009 Sales Report, here.
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South Lake Tahoe Real Estate News: Stateline, NV Escrow Report
Posted by Richard Bolen on September 2nd, 2010
Homes in Escrow in the Stateline, NV area of South Lake Tahoe.
At present there are 10 homes in escrow. That same number was 17 on June 21, the beginning of the South Lake Tahoe summer season. This is 7 homes less than the number of homes that were in escrow about the same time last year.
Of these homes in escrow, 20% are distressed sales (REOs or short sales). That same number was 45% at the end of May, and was trending about 50% throughout the first quarter of 2010.
All Current Escrow – Stateline, NV, plus statistics, here
Escrow Summary:
Here’s what the latest escrow information tells us about current market conditions in Stateline, NV:
- The Median Price for the homes in escrow is $824,863 (not including Lake Front Properties and homes in Glenbrook).
- It was $824,863 at the end of June, and $765,966 in the spring. (See study about "conformity" and foreclosures here.)
- The wide variance in the median price of homes in escrow is not an indication, necessarily, of a change in home value, but it does indicate the price range of recent buyer interest.
- Escrow normally takes about 60 days, except for short sales which can take much longer.
- The homes in escrow now generally reflect buying activity from March and April forward.
Escrow and Inventory:
The chart tracks the number of listed homes and those in escrow since November of 2006.
- There are 135 available listings in Stateline, NV right now.
- This is only one more home on the market than at the end of June.
- There are 10 homes in escrow.
- This is 7 less homes in escrow than at the end of August last year.
Escrow and Foreclosures:
Of the 10 homes currently in escrow in Stateline, NV:
- 2 are distressed sales (20%)
- 1 is a short sale
- 1 is a bank owned property (REO)
Recent Stateline, NV Escrow Reports:
June 21, 2010: Escrow Report, here.
May 18, 2010 Escrow Report, here
March 27, 2010 Escrow Report, here.
December 20, 2009 Escrow Report, here.
November 2, 2009 Escrow Report, here.
August 16, 2009 Escrow Report, here.
July 21, 2009 Escrow Report, here.
May 12, 2009 Escrow Report, here.
April 5, 2009 Escrow Report, here.
March 16, 2009 Escrow Report, here.
February 9, 2009, More Homes in Escrow than Usual, here.
December 31, 2008 Escrow Report, here.
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US Home Prices Up… so What about South Lake Tahoe?
Posted by Richard Bolen on August 31st, 2010
South Lake Tahoe, CA home prices stable for last 11 months… but have declined by 36% since market high.
Today's somewhat better national housing news comes via various media outlets, and it is based on the current Standard & Poor's / Case-Shiller 20-city home price index released this morning. Here we'll focus on what the Associated Press and CNNMoney.com has to say, then we'll compare to South Lake Tahoe.
- First here's a synthesis of the bullet points in today's real estate news:
- Home prices gain 3.6% in the past year.
- Home prices gained 1% in June (compared to May)
- Home prices were up 4.4% in the second quarter compared to the first quarter in 2010.
- Nationally, prices have risen 6% from their April 2009 bottom. But they remain 28 percent below their July 2006 peak.
It is speculated that these increases are largely due to the recently expired home buyer tax credit. The CNNMoney.com article comes with doom and gloom predictions from several economists. Lets see some bullet points from them:
- Since the home buyer tax credit expired, housing has been an "Acapulco-sized cliff dive."
- Prices will slowly deteriorate in the upcoming months.
- Home prices could be much lower a year from now.
- An inventory glut, a new foreclosure deluge, and unemployment will cause prices to come down.
Before we compare this report to South Lake Tahoe, we feel it's important to note that all of us have seen similar negative predictions from various economists and media outlets for at least the last 20 months or so. These such reports cite essentially the same reasons for further housing value declines. We recently reported on this here, here and here.
(full Associated Press article, full CNNMoney.com article)
What About South Lake Tahoe?
Lets look at the numbers for both sides of our tateline, and then we'll compare in a following summary.
South Lake Tahoe, CA: (Tahoe Keys not included)
The median sold price of single family homes in January, 2010 was: $300,000 (based on sales of prior 180-days)
The median sold price today for all 2010 sales is: $308,000
The median sold price in the last 180 days is: $300,000
The difference: $8,000 more, or 2.6% up.
South Lake Tahoe median sold price of all May sales: $295,000
The median sold price of all June sales: $297,500
The difference: $2,500 more, or .8% up.
South Lake Tahoe median sold price for the first quarter 2010: $315,000
The median sold price for the second quarter of 2010: $300,000
The difference: $15,000 less, or 4.7
The South Lake Tahoe median sold price in June, 2006: $475,000
The South Lake Tahoe median sold price in April, 2009: $361,000 (it declined to $325,000 by the end of May)
The median sold price today: $300,000 (last 180-days)
The difference from June '06 to now is $175,000, or a 36.8% decline. The difference from April 2009 is $61,000, or 16.8%.
Stateline, NV: (based on sales over past 180 days, Lakefront properties and Glenbrook not included)
The median sold price of single family homes on January 1, 2010 was: $572,000
The median sold price today for all of 2010 is: $527,450
The median sold price in the last 180 days: $575,000
The difference from January to today is $3,000 more, or .5%. This is based on all sales over the last 180-days. For all 2010 sales, however, the difference is $44,550 less, or 7.7% less. Two reasons for this discrepancy are (1) there are such few NV sales, and the last two months have produced sales at a higher price point than the first two months of the year.
Stateline, NV median sold price of all May sales: $519,000
The median sold price of all June sales: $725,000
The difference: $206,000 more, or 39.6% up. Again, reasons for such a wide range of change is there are so few NV sales, and we're seeing higher sales points now than at beginning of the year.
Stateline, NV median sold price for the first quarter 2010: $485,000
The median sold price for the second quarter of 2010: $575,000
The difference: $90,000 more, though again reason for such a a wide range of change is there are so few NV sales, and sales points were lower at beginning of the year.
Stateline, NV median sold price on June 30, 2006: $900,000 (last 180-days)
Stateline, NV median sold price in April, 2009: $475,000 (last 180-days)
The median sold price today: $575,000 (last 180-days)
The difference: from June 2006 to today, $325,000 less, or 36.1% decline. From April 2009 to today: $100,000 more, or 21% increase.
Summary:
One of the real estate terms that one frequently hears is "all real estate is local." What that means is market forces in one area are not necessarily the same in another. As it relates to South Lake Tahoe, often national real estate trends and conditions are different than those here. When trends and conditions are similar, often there is a difference in degree.
Lets summarize the report here:
Home prices have gained 3.6% nationally thus far in 2010. In South Lake Tahoe, CA that gain is 2.6%. In Stateline, NV that gain is only .5%.
Nationally home prices gained 1% in June compared to May. In South Lake Tahoe, CA that gain was .8%, or about the same as the national average. In Stateline, NV that gain was 39.6%, but that is based on only on a few home sales (less than 10) .
National home prices were up 4.4% in the second quarter of 2010 compared to the first. In South Lake Tahoe, CA there was a 4.7% loss. In Stateline, NV that gain was 18.5%, but again this is based on only a few home sales (only 55 homes sold in all of 2010, only 19 in Q1 and 20 in Q 2.)
Nationally, prices are down 28% from their 2006 high. In South Lake Tahoe, CA that decline is 36.8%. In Stateline, NV that decline is 36.1%
Other posts that may be of interest:
August 27, 2010: I Woke Up this Morning… to the South Lake Tahoe Blues.
July 1, 2010: South Lake Tahoe Foreclosures: No Change Yet.
May 15, 2010: Where is the New Foreclosures Deluge?
November 15, 2009: Foreclosure Filings Down in October, what does it mean?
November 24, 2008: Sometimes South Lake Tahoe and National Real Estate Trends just don't Jive
| Discussion: Please leave a comment.
South Lake Tahoe, CA: A Closer Look at Bijou
Posted by Richard Bolen on August 30th, 2010
Bijou: a neighborhood that's in the middle of everything good about South Lake Tahoe
We're doing a lot of work in each South Lake Tahoe neighborhood right now. This is another one of the various outcomes that will spring from these efforts.
Much of this work involves additions to our image libraries. We're doing one neighborhood at a time, and this new addition to the online resources we provide is meant to work in concert with the extensive neighborhood updates we have been doing for the last three years.
About Bijou :
(Number homes: a few less than 1,400) Bijou is also one of South Lake Tahoe’s oldest neighborhoods. It is also perhaps its most centrally located. Homes range from small, entry-level starters, to large remodels and some new homes. Some duplexes are also found throughout.
Neighborhood features are close proximity to things South Lake Tahoe: shopping, recreation and entertainment. Tall trees and some mountain and forest views are found here, and some homes flank open meadows. Bijou has its own public golf course. There are also a few Bijou homes that are lakefront properties too.
Because of its central in-town location, Bijou offers access to nearby beaches, and a public pier featuring a terrific restaurant, and all Lake Tahoe summer resort water sports attractions. Yes, that means jet ski and boat rentals… and parasailing.
Prices range from small, older homes in original condition in the $200K’s to larger remodeled homes much above that. Average sold price is in the mid $300K’s.
Since 2007, the lowest home sale in Bijou is $120,000 at 3404 Freel Avenue, which sold in 2009. The highest Bijou home sale is $1,800,000 at 952 Balbijou, a lakefront home sale also in 2007.
The high median sold price for Bijou home sales was $391,750 in 2007. In 2010 the median sold price is $268,000, as of August from 25 sales.
Check out "Bijou" on the Lake Tahoe Real Estate blog for current home values, real estate trends and all recent activity.
The image below is of 3404 Freel, the most affordable Bijou home sale in the last 4 years.
The image below is of 952 Balbijou, a beach front home and the highest sale in Bijou since 2007.
The image below is the Bijou golf course, a small public course in the middle of South Lake Tahoe, CA that wraps around one side of the Bijou neighborhood.
The image below is the public Bijou pier. At the far end of the pier in this image, the first house on the beach to the left (you can't see it) is 952 Balbijou, the highest sale in some time, and one of the few Bijou beach front homes.
The image below is Bijou from Google Earth. The pier jutting out over the lake in this image is the same in the image above. The Bijou Golf Course is in the middle of the image.
Current Bijou listings (here)
All Bijou escrow (here)
2010 Bijou home sales to date (here)
Some recent relevant articles:
Jun 4, 2010: South Lake Tahoe Biz Spotlight: Bijou Golf Course
Jan. 27, 2010: South Lake Tahoe Listings Update: Bijou
Aug. 9, 2009: South Lake Tahoe Home Sales Update: Bijou
Aug. 6, 2008: South Lake Tahoe Real Estate Update: Bijou
| Discussion: Please leave a comment.
Well, I woke up this morning… to the South Lake Tahoe Blues.
Posted by Richard Bolen on August 27th, 2010
Is South Lake Tahoe at the polar opposite of where we were back in August, 2005?
It's true, a whole lot of blues songs start out with the lyric "I woke up this morning." Usually the songwriter, that quintessential bluesman, is waking up to bad news– that my woman done left me kind of bad news.
Our bad news yesterday morning was not that dire, we didn't lose anything, but two of the home buyers we are developing, one about to make an eminent offer, emailed us that they are not going to buy now. Their reason: the recent national news about the drop in July existing home sales.
We knew this was coming, and it's quite likely this was heard more than once here in South Lake Tahoe in the last few days. More than anything, it's about perception.
On the release of the news, we immediately wrote a comparison to the news item (here), so that our readers could put that national report into some meaningful context in South Lake Tahoe. We also followed that up with a piece yesterday (here) that was even more to the point: the only decline seen here was 7 sales less than July of last year.
Us and Buyers :
Before we talk about perception, lets review that we are never in a rush with the buyer's we represent. As much as possible we try to mirror a buyer's pace. If they appear to be in a hurry, we move quickly. If they are looking for the future, we move at their speed. In other words, If a buyer wants to wait, that's just fine with us. We are gratefully working with lots of these.
Sometimes though, we have to remind a buyer that they very well will miss a house they love if they do not move on it right away. That is the nature of our business. From time to time houses appear on the market, at the right price and circumstance, and those that do don't last long. Sometimes, literally, we're talking hours, if not minutes for the market to gobble a home… even in today's real estate climate.
It's always a good idea for a buyer to remember this: that house you really like, that's right for you, is probably the exact same thing that others are looking for too.
The Home Buying Decision :
As significant a purchase as a house may be, buying one is still an emotional decision. It comes with facts, due-diligence and attendant investment considerations, of course, but buying a house still is a decision that comes from the heart. We understand that.
Buyers are also fearful, by that we mean two essential questions must be answered within every buyer's mind: am I paying too much, and did I miss anything. Every buyer objection comes from one or both of these questions.
We've used this example before, and it's a good one. A buyer once told us they would not buy a $2.5M house because they didn't like the color of the master bedroom carpet. What they said is they don't like mauve, but what they meant is the house costs too much.
About Perception :
People like to believe what suits them. Sometimes what suits us is right, or true, sometimes not. It's been like that, we think, since man started thinking. It is the nature of things.
When it comes to real estate, either nationally or locally, the public perception may not be real, but it is reality.
The media usually fuels public perception, though in the current national real estate climate, various media sources have differing opinions as to where we are. There are some who say things are better, or worse, than others. The point is, who are you going to believe?
For the last year and a half, at least, there has been much media hue and cry about the shadow inventory: the foreclosure deluge that is sure to come, say some. We've heard and read about it so much that shadow inventory is part of the American lexicon. It's a buzz word now, and one to be aware and careful of, but the truth is there is no more evidence of it in South Lake Tahoe now than eighteen-months ago. No new deluge here.
The new term now, sprinting blisteringly past shadow inventory, is double-dip recession. And the national existing housing report a few days ago has certainly given rise to double-dip-talk frenzy (double dip is for ice cream cones, but that's another story).
Is that shadow inventory actually coming? Will there be a significant return to further recession? Are we already there yet? We don't know, but we aren't seeing it yet statistically here in South Lake Tahoe. Truth is we only saw 7 fewer July sales this year than last, and more than 100 South Lake Tahoe homes have sold this year to date than last year.
Ours is to report what is, and might-be is not the business we are in, and besides that, nobody knows either. That's why people can find just about anything they want to support what they choose to believe.
A Closing Thought and Question : (this is where that polar opposite stuff comes in)
Back in August, 2005, right before Katrina hit, your remember, that was when real estate home values were higher than the ever were, or have been since. If you asked someone about the market back then, and we did, a lot, nobody ever said this: the market is higher right now than it will be for the next 5 years.
Nobody said that because nobody knew.
Since then, though, how many thousands, OK millions of people who have sold, or lost their home since have said this: I wish the hell that I would've sold my house back in August of 2005!
So lets consider these points, and ask a final question.
- Interest rates are at an historic low.
- In some cases it is possible to get a mortgage at 4%, and even less with a point.
- Public perception has just recently been challenged, again.
- Consumer confidence is not where it should be.
- The South Lake Tahoe real estate market has been showing signs of stabilization since last October.
- South Lake Tahoe sales are even up, and there is almost no evidence of the recent national decline sales fury here.
Are we not at one of those places in time where people will say five years from now, I should have bought back in August of 2010?
Other Lake Tahoe Real Estate Blog articles you may find interesting:
July 1, 2010: South Lake Tahoe Foreclosures: No Change Yet.
May 15, 2010: Where is the New Foreclosures Deluge?
November 15, 2009: Foreclosure Filings Down in October, what does it mean?
November 24, 2008: Sometimes South Lake Tahoe and National Real Estate Trends just don't Jive
| Discussion: Please leave a comment.
South Lake Tahoe Real Estate News: Tahoe Keys Luxury Homes
Posted by Richard Bolen on August 26th, 2010
Tahoe Keys Luxury Home Neighborhood, South Lake Tahoe, CA: Current Real Estate Activity.
We’ve just updated all Tahoe Keys neighborhood real estate activity in South Lake Tahoe, including all 2010 luxury home sales, current escrow and all active listings. Please note “Tahoe Keys (CA)” found in our left sidebar.
2010 Tahoe Keys single family home luxury sales, here.
2009 Tahoe Keys single family home luxury sales, here.
Current Tahoe Keys, South Lake Tahoe single family luxury homes in escrow, here.
Current Tahoe Keys, South Lake Tahoe single family luxury homes listed, here.
Also note that we have added information about distressed sales to our reports so that you can easily determine if a house is bank owned, a short sale or not.
Tahoe Keys Home Sales Recap :
There are 28 Tahoe Keys single family home sales in 2010. Eight of these were distressed properties (either a bank owned or short sale).
There are 62 Tahoe Keys single family homes listed and available for sale that are not in escrow right now. At least seven of these are distressed properties.
There are 16 Tahoe Keys single family homes in escrow at present. Five of these are distressed properties.
2010 Sales Statistics :
| 2010 Sales |
|
| Lake Tahoe Real Estate Blog | |
| Tahoe Keys |
|
| Median Sold Price | $697,500 |
| Average Sold Price | $840,393 |
| Average List Price | $1,003,030 |
| $ Difference List v. Sold | $162,637 |
| % Difference List v. Sold | 16.2% |
| Average Days on Market | 176 |
| Average Price Sq. Ft. | $340 |
| Average Size | 2,418 |
| As of Wednesday, August 25, 2010 | |
| 3:17 pm | |
| Gary Bolen and Richard Bolen | |
| McCall Realty – 800-923-9022 |
|
Some recent posts about the Tahoe Keys:
Aug 5, 2010: The Wonder of the Upper Truckee Marsh, here.
May 13, 2010: Tahoe Keys Luxury Home News, here.
Apr 16, 2010, a look at South Lake Tahoe sun path, here.
Apr 13, 2010, a study of Aloha Drive in the Tahoe Keys, here.
Mar 18, 2010, more Tahoe Keys stuff, here.
Mar 18, 2010, Tahoe Keys real estate update, here.
Feb 5, 2010, an extraordinary Tahoe Keys listing, here.
Jan 29, 2010, Tahoe Keys real estate update, here.
Jan 3, 2010, Tahoe Keys real estate update, here.
Dec 4, 2009, Tahoe Keys real estate real update, here.
Sep, 28, 2009, Tahoe Keys real estate update, here.
Aug 4, 2009, Tahoe Keys real estate update, here.
Jun 4, 2009, Tahoe Keys real estate update, here.
Mar 26, 2009, Tahoe Keys real estate update, here.
Aug 13, 2008, Tahoe Keys wooden boat show, here.
Why we publish this blog:
We support our families by helping folks buy and sell real estate. The goal here is twofold: to show you convincingly why you should consider asking us for help, and that you can trust the help you will find.
Email us directly here. Call us: 800-923-9022.
Search South Lake Tahoe, CA listings here. Search Stateline, NV listings here. Automatic Listing notification here.
| Discussion: Please leave a comment.
South Lake Tahoe Real Estate News: We’re Only Talking about 7 Home Sales!
Posted by Richard Bolen on August 25th, 2010
Amid all the national news hoopla, 2010 South Lake Tahoe, CA Home Sales are up 48.3%
As soon as we heard yesterday's news about the US decline in July existing home sales, we knew what was coming. That's why we immediately crunched numbers, looked at the data, and compared the national report to what's what here in South Lake Tahoe right now (here).
Regardless of the differences in a national report and current South Lake Tahoe reality, we knew a media barrage was coming, and that it would impact people's perceptions.
The truth is a funky national housing report does not necessarily apply to South Lake Tahoe. Sometimes national trends appear here, usually months after the fact, and then again, sometimes they do not. Usually what happens here is a difference in degree (in this case that degree is 9%).
We are a second home resort market. Most real estate markets are not that, many many more than a simple majority, and national real estate reports include the country… and all of those many, many real estate markets that are not resorts.
That we are a resort, with real environmental growth restrictions that limit supply, is something to remember; it makes sense that trends here can be different.
In the case of yesterday's report, the sizzle… what people will remember from it is that existing US home sales in July are down 27%. That's the headline, the attention getter, the around-the-water-cooler buzz; folks will remember that more than anything else in the report.
So here's the comparative bottom line when considering yesterday's 27% decline media blitz as it relates to South Lake Tahoe, CA: we are only talking about 7 home sales!
That's right, and we need to remember it, put perception into perspective. The national report compares July sales of this year to last year; that's where the 27% decline comes from. Here, there were 38 homes sold in July of 2009. This year 31 homes sold. True, this is a decline, an 18% percent one, though 9% better than the national average, and as big as an 18% decline sounds, we're only talking about 7 home sales. That's it, 7-sales, amid all the hoopla.
Not included in the hoopla is that we've sold more than 100 more homes this year than at the same time last year. This is a 48.3% increase in South Lake Tahoe, CA home sales, while exactly considering and including yesterday's media-claimed startling news.
To drive the point home perhaps even more, lets look at South Lake Tahoe, CA June sales. Last year 40 homes sold, this year 48. So this means there was a 20% increase in year over year June sales, and if both June and July are added together, right smack-dab in the middle of all of this double-dip talk, one more home has sold in the first two months of this summer compared to last. And 100+ more homes have still sold this year too.
Other posts of possible interest:
Aug. 24, 2010: US Home Sales Plunge in July, so What About South Lake Tahoe?
July 27, 2010: US Home Prices Increase, so What About South Lake Tahoe?
July 24, 2010: US Existing Home Sales Down, but What About South Lake Tahoe?
July 5, 2010: The Price of South Lake Tahoe Foreclosures
June 23, 2010: What about South Lake Tahoe Housing Demand?
May 10, 2010: South Lake Tahoe, CA Housing Demand and Absorption Rates
February 22, 2010: South Lake Tahoe, CA Real Estate Demand and Absorption Rates
| Discussion: Please leave a comment.
U.S. Home Sales Plunge in July… So What about South Lake Tahoe?
Posted by Richard Bolen on August 24th, 2010
Better News in South Lake Tahoe, CA.
Well, the existing housing sales report of today is not good news for the housing industry, or for U.S. economic recovery either. But this is a national report based on July home sales; we're not insensitive to it, but our focus is certainly more on South Lake Tahoe.
We normally do a comparison of national reports like this to what is happening here in South Lake Tahoe, CA. Often national trends and forces can be similar here, and seemingly just as often they are quite different.
Lets see some key points in today's article, then we'll compare:
- U.S. existing home sales plunge to their lowest level in 15 years.
- Some economists warn that a double-dip in housing prices is just around the corner.
- Existing home sales sank 27.2% in July, twice as much as analysts expected.
- Much of that drop is attributed to the end of the $8,000 homebuyer tax credit.
- U.S. housing inventory represents a 12.5-month supply. (A six-month of supply is considered normal.)
(full CNNMoney.com article here)
What About South Lake Tahoe, CA?
July Sales:
- South Lake Tahoe, CA 2009 July home sales: 38
- South Lake Tahoe, CA 2010 July home sales: 31
- Decline of 7 homes sold, or 18.4% (or about 9% less than national report)
Sales Year to Date:
- 2009 South Lake Tahoe, CA home sales: 205 (As of Aug 31, 2009)
- 2010 South Lake Tahoe, CA home sales: 304 (As of Aug 24, 2010)
- Increase of 99 homes sold, or 48.3%.
Note: '09 sales total as of August 31st, '10 sales total based on yesterday. Final August sales totals will be even more than the increase as found here.)
Housing Inventory: (absorption rates chart here)
- Current number houses available for sale: 438
- Avg. number homes sold per month: 40.5 (based on last 180 days)
- Current inventory: 10.8 months (based on absorption rates for last 180 days)
Summary:
Where the national news is not good, housing demand in South Lake Tahoe is better. Compared to the national July housing sales report, South Lake Tahoe had 9% less decline than the nation. South Lake Tahoe, CA housing inventory, while not at the normal level of 6-moths, is about two months less, or better than the national average.
Perhaps more telltale than the July comparison herein, South Lake Tahoe, CA home sales this year are up by more than 100 sales compared to last year. This represents an increase in demand of some 48.3%.
The chart below contains South Lake Tahoe, CA home sales by month since 2003:
Other posts you may find of interest:
July 27, 2010: US Home Prices Increase, so What About South Lake Tahoe?
July 24, 2010: US Existing Home Sales Down, but What About South Lake Tahoe?
July 5, 2010: The Price of South Lake Tahoe Foreclosures
June 23, 2010: What about South Lake Tahoe Housing Demand?
May 10, 2010: South Lake Tahoe, CA Housing Demand and Absorption Rates
February 22, 2010: South Lake Tahoe, CA Real Estate Demand and Absorption Rates
Why we publish this blog:
We support our families by helping folks buy and sell real estate. The goal here is twofold: to show you convincingly why you should consider asking us for help, and that you can trust the help you will find.
Email us directly here. Call us: 800-923-9022.
Search South Lake Tahoe, CA listings here. Search Stateline, NV listings here. Automatic Listing notification here.
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South Lake Tahoe Business Spotlight: Gaia-Licious Global Gifts
Posted by Richard Bolen on August 24th, 2010
Visit South Lake Tahoe's Experiential Gift Boutique
We love to showcase the unique in South Lake Tahoe, and Gaia-Licious is just that – a unique and delightfully (deliciously?) eclectic gift / clothing / music / book store.
Located just off the "main drag" of Lake Tahoe Blvd. on Tallac Avenue, this unusual shop offers "a relaxed and inspirational shopping experience."
Opened in September 2006 by Kelly and Felix (locals since 1998), the name Gaia refers to the Greek goddess of the earth, and the shop showcases and honors the earth and its diverse cultures. The store supports fair trade and eco-friendly products, which come from both local artisans and communities around the world.
When entering the shop, you'll immediately recognize that you are somewhere special…you'll hear international music playing, smell the delicate aroma of burning incense, and be welcomed and encouraged to "hang out, relax, and enjoy the vibe."
We, in our turn, encourage you to visit this shop – perhaps even attend a special event there (past events have included belly dancers and tea-tastings). Their ever-changing selection of gifts and clothing keep frequent visits a must.
Gaia-Licious
987 Tallac Ave. South Lake Tahoe, CA
Phone: (530) 542-4244
Sources: Lake Tahoe South Shore Chamber of Commerce, Gaia-Licious, Wikipedia
Some Previous Business Spotlights:
August 16, 2010 Tahoe Sport Fishing, here
August 14, 2010 Sprouts Natural Foods Cafe, here
August 9, 2010 Jarvis Photography, here
July 20, 2010 Tahoe Best Friends, here
July 18, 2010 Black Bear Inn, here
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Response to a South Lake Tahoe Buyer in Europe
Posted by Richard Bolen on August 22nd, 2010
Immediate Response is Always Our Goal
As you likely know, the information on this blog attracts many South Lake Tahoe home buyers. This is one of our goals, and the information here, its accuracy and frequency is most important to us. This is why we consistently update the market trends and statistics here.
Though there is always something to learn about online clients and buyers, we do know a few things about your expectations. One of which is the online customer wants a timely response to any and all questions. As much as possible, and as often as possible we respond to you immediately. Often within seconds!
We're visiting our parents who live in the greater Memphis area. They live in the Mississippi Delta actually. Two days ago we got an inquiry from a potential buyer in Great Britain, one of two now that we are actually serving.
Before we got here, we had wireless installed in our parents house… even though we needed it for only a week. We travel with an iPhone, and iPad and two laptop computers(a mac and a pc). The idea is we're always ready to receive and respond to you no matter where we are, and as fast as we can.
Here's an exact copy of our response to someone who asked of us while we are on vacation, and this response was literally within minutes after the initial inquiry was received.
Dear (client),
We are visiting our parents south of Memphis, but we wanted to get this back to you immediately. We will be back at the Lake late Sunday evening.
- 1690 skyline dr is a short sale.
- 2383 wagon trail trail is a bank owned sale, and will likely go right away.
- 2291 Sutter is owned by list agent, and might be something to consider.
- 3128 Jacarillo is also owned by list agent, and is situated at end of non-busy street.
- 1831 Toppewetah is a short sale. Owner wants to lease back… but is negotiable.
- 918 Forest Mountain is bank owned sale, and a good value for it's size. Is near Angora Highlands, though not part of it.
- 2224 Inverness is Tahoe Keys. Has boat dock in marina. If it is to be Tahoe Keys for you, we'll focus on that separately.
We are very familiar w that house and builder. Construction is ok, decent, but not what a few others are. Is noticable when showing one to another.
Sep. 17, 2009: What we do when you contact us
Sep. 8, 2009: Email from a buyer in town now
Dec. 28, 2009: The Truth about Featured Listings
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- Our Goal and Purpose of this Blog.
- How to Use our Statistics.
- How to Use our Absorption Rates.
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