A Comparison of South Lake Tahoe 2008 Foreclosed Sales v. Houses that are Not.

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A Comparison of South Lake Tahoe 2008 Foreclosed Sales v. Houses that are Not.

January 12th, 2009 categories: About Us, For Buyers, For Sellers, Foreclosures, Lake Tahoe NV Statistics, Lake Tahoe Real Estate, Market Performance Updates, Sales Reports, South Lake Tahoe Statistics, South Lake Tahoe, CA

Comparing a South Lake Tahoe foreclosed sale to one that is not… is like comparing an apple to an orange.

Truth is, the comparison is so vast it’s more like comparing a vine-ripe plum to a canned prune. Lets take a look at the differences between South Lake Tahoe home foreclosure sales and home sales that are not foreclosures.

For review, the unique characteristics of South Lake Tahoe foreclosed home sales here.

2008 South Lake Tahoe, CA foreclosed sales by price range here.

Why South Lake Tahoe Home Values do not decline as much as one might think here.

See statistics of all 2008 South Lake Tahoe foreclosed home sales below.

See statistics of all 2008 South Lake Tahoe home sales that were not foreclosures below.

The Bottom Line on 2008 South Lake Tahoe Foreclosed Home Sales:

Foreclosed homes were more likely market-entry homes in poorer condition than those that were not (here).
Foreclosed homes on average were listed 38% lower than homes that were not.
Foreclosed homes sold for 23% less than homes that were not.
Foreclosed homes sold 45% quicker than homes that were not.
Foreclosed homes sold twice as close to their original list price than those than were not.
Foreclosed homes were valued at 17% less per sq ft than homes that were not.
Foreclosed homes on average were 6 years older than homes that were not.
Foreclosed homes on average are 12% smaller in size.

The Statistical Differences between South Lake Tahoe, CA Foreclosed Home Sales and all others. (Including Tahoe Keys)

To best understand the unique characteristics of foreclosed sales that attribute to the differences below, here. (It primarily has to do with a bank wanting the quickest sale possible, rather than the most money possible for a sale.)

Median Sold Price:
2008 South Lake Tahoe Foreclosed Sales: $310,000
All other 2008 South Lake Tahoe home sales: $430,000
This is a difference of 23% ($100,000 less).

Average Original List Price:
2008 South Lake Tahoe Foreclosed Sales: $383,168
All other 2008 South Lake Tahoe home sales: $624,718
This is a difference of 38% ($241,010 less).

Percent Difference between Average Original List Price v. Median Sold Price:
2008 South Lake Tahoe Foreclosed Sales: 7%
All other 2008 South Lake Tahoe home sales: 14.7%
This is a difference of 7.7%.

The Average Age of the House:
2008 South Lake Tahoe Foreclosed Sales: 1974
All other 2008 South Lake Tahoe home sales: 1980
This is a difference of 6 years.

Average Time on Market:
2008 South Lake Tahoe Foreclosed Sales: 86 Days
All other 2008 South Lake Tahoe home sales: 157 Days
This is a difference of 71 days, or 45% quicker.

Average Square Foot Value:
2008 South Lake Tahoe Foreclosed Sales: $233 per square foot
All other 2008 South Lake Tahoe home sales: $282 per square foot.
This is a difference of $49 per square foot, or 17% in value per square foot.

Average Size:
2008 South Lake Tahoe Foreclosed Sales: 1,593 sq. ft.
All other 2008 South Lake Tahoe home sales: 1,813 sq. ft
This is a difference of 220 sq. ft., or 12% smaller.

The statistics chart for all South Lake Tahoe 2008 Foreclosed Sales (70 total sales):

The Statistics chart for all 2008 South Lake Tahoe Sales that were not foreclosures (266 total sales):
South Lake Tahoe 2008 Home Sales that were not foreclosures