2006 Expireds increase in South Lake Tahoe by 868%.

February 8th, 2007 categories: For Agents, For Buyers, For Sellers, Lake Tahoe Real Estate

2006 lake tahoe expiredsThis is what sparked us to create our Real Estate Market Seminars.

One of the clearest indicators of our “Buyer’s Market” here in South Lake Tahoe is the startling increase in the number of homes that did not sell in 2006. This occurred on both sides of our state line, but more so in California than Nevada. There are a few reasons for this, but first the actual numbers.

There were 73 homes that expired in our South Shore California market in 2005, compared to 632 in 2006 – a startling increase of 868%. On the Nevada side of our market there were 36 expired homes in 2005 compared to 63 expireds in 2006, an increase of 175%.

There are approximately 2,500 single family homes on the Nevada side of our south shore market. There’s no “town” across the state line on the Lake per se, so we just call it Stateline, Nevada. South Lake Tahoe, California has about 13,500 single family homes. So there’s always more homes on the market here, and more opportunities for expireds.

Technorati Tags: , , , ,

Another differing characteristic of the South Lake Tahoe, California side of our market is listing agreements are normally somewhat shorter. Average days on market are also less here than across the Stateline, as are median prices. Nevertheless, an increase in homes that did not sell by 765% is unprecedented. It also represents a significant opportunity for Buyers.

As our year-end numbers indicate, our market was off 36% in terms of number of sales last year compared to 2005. We sold about 435 homes on the California side and only 89 in Nevada. Yet, we still have 92% of our entire 2006 annual production on the market, or about 354 active listings. In Nevada, we’ve got 150% of last years production still on the market. As the year progresses, this inventory load will increase.

Buyers will have more to choose from, and in some cases Buyers will find additional advantages if and when they find a Seller who needs to sell.

Tags: , ,

This entry was posted on Thursday, February 8th, 2007 at 6:30 pm and is filed under For Agents, For Buyers, For Sellers, Lake Tahoe Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

You must be logged in to post a comment.

Real Esate Tomato Chiclet