The State of the Stateline, NV Real Estate Market Right Now!

August 9th, 2008 categories: Lake Tahoe Real Estate

Current State of the South Lake Tahoe Real Estate MarketFive key Stateline, NV real estate market indicators: Demand, Supply, Escrow, Prices, Absorption.

The following is a summary of all key South Lake Tahoe real estate market indicators for Stateline,  NV.  Details for each of the five key indicators follows.

Particular items of note:

  • there are more homes in escrow than anytime in the last 2 years…
  • but demand is still down.
  • median sold prices are lowere than they  have been in the last 5 years.
  • there are 5 luxury homes in escrow (from $2.2M to $5.2M)…
  • but there are 11 homes in escrow priced under $500,000 (61% of the homes in escrow).

 Demand :

  • There have been 76 home sales in the last 365 days.
  • There were 74 homes sold in Stateline, NV in 2007.
  • Compared to 2006 (89 home sales), this is a decline in demand of 14 home sales (14.6%).

 Supply :

  • There are 156 homes currently listed.
  • At current market performance rates, it will take 2 years to sell all of the homes that are on the market in Stateline, NV now.

 Escrow :

  • There are 18 homes in escrow at present.
  • This is the most homes in escrow than at any other time in 2 years.
  • 11 of the homes in escrow are priced under $1M.
  • 9 of the homes in escroe are priced under $500,000.
  • The current median listed  price for homes in escrow is $469,000 (Glenbrook and Lakefronts not included)
  • This suggests that most  Stateline, NV buying activity at present is focused on market entry properties.

 Prices :

  • The median sold price for the last 365 days, not including Lake Front properties and Glenbrook, is $672,000.
  • In the last 180 days, the median sold price is $620,000 (39 sales) .
  • In the last 90 days, the median sold price is $605,000 (18 sales).

 Absorption :

  • The Stateline, NV real estate market is currently averaging 6.5 home sales per month (last 180 days).
  • The Stateline, NV real estate market is currently averaging 6 home sales per month (last 90 days).
  • The absorption rate in 2007 was  6.1 sales per month.

Here are the details:

Demand:

  • The total number of home sales for 2007 was 74.
  • The total number of home sales in the last 365 days is 73.
  • The total number of home sales in 2006 was 89.
  • The total number of home sales in 2005 was 140.
  • The total number of home sales in 2004 was 177.

Supply (Inventory)

  • The current number of homes available for sale in Stateline, NV is 156.
  • The total number of homes available for sale about this date a year ago was 158.

Escrow:

  • The number of homes in escrow at present is 18.
  • The number of homes in escrow at noted at various dates throughout 2007 has ranged from 7 to 15.
  • The number of homes in escrow a year ago about this date was 10.

Prices: (not including Lake Front Properties and Glenbrook)

  • The Median Sold Price for all Stateline, NV homes in 2007 was $854,500.
  • The Median Sold Price for a Stateline, NV home in 2006 was $835,000.
  • The Median Sold Price for a Stateline, NV home in 2005 was $775,000.

Monthly Absorption Rate (average number home sales per month)

  • The Stateline, NV real estate market averaged 6.1 home sales per month in 2007.
  • The Stateline, NV real estate market averaged 7 home sales per month in 2006.
  • The Stateline, NV real estate market averaged 12 home sales per month in 2005.
  • The Stateline, NV real estate market averaged 15 home sales per month in 2004.

What it all Means:

  • Median Sold Prices are continuing to correct.
  • Demand is down by 14.3% compared to 2006.
  • There are many excellent opportunities to Buy.

This entry was posted on Saturday, August 9th, 2008 at 12:22 pm and is filed under 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.

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