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Final Thoughts on the Effect of Foreclosed Home Sales on the 2008 South Lake Tahoe Real Estate Market.

January 13th, 2009 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, Sales Reports, South Lake Tahoe Statistics, South Lake Tahoe, CA

A Downward Pull, for sure, but Foreclosures Can Give a False Read of South Lake Tahoe Home Values.

This will finish our series of articles on South Lake Tahoe 2008 foreclosed home sales. First lets look at the bottom line on the effect of home foreclosures, then we’ll detail the difference foreclosures makes on market value, followed by a summary effect of foreclosures, and we’ll finish with the actual statistics charts for all data involved.

The Bottom Line:

Foreclosure sales are a separate market within the South Lake Tahoe, CA real estate market.
One must remove foreclosure sales to understand current South Lake Tahoe, CA home values.
Of the total 15% that South Lake Tahoe home values have declined since the market high in 2005, a third of that is attributable to the downward effect of 2008 foreclosure sales alone.

Please be sure to review the Summary Effect of Foreclosures below.

Statistics chart of all 2008 South Lake Tahoe Home Sales below.

Statistics chart of all 2008 South Lake Tahoe Foreclosed Home Sales below.

Statistics chart of all 2008 South Lake Tahoe with Foreclosed Home Sales removed below.

Why South Lake Tahoe Home Values decline less than one might think, here.

The Unique Characteristics of a Foreclosure, here.

2008 home foreclosurs sales are responsible for a third of South Lake Tahoe decline since 2005 A detailed look at the difference that foreclosed sales had on 2008 South Lake Tahoe, CA real estate home value.

Median Sold Price: South Lake Tahoe, CA 2008 (including Tahoe Keys)

All 2008 Sales (Foreclosures included): $405,000
All 2008 Foreclosures: $320,000
All 2008 Sales (Foreclosures removed): $430,000
$ Difference by foreclosures: $25,000
% Difference: 5.8%

Median Sold Price: South Lake Tahoe, CA 2008 (NOT including Tahoe Keys)

All 2008 Sales (Foreclosures included): $390,000
All 2008 Foreclosures: $320,000
All 2008 Sales (Foreclosures removed): $410,000
$ Difference by foreclosures: $20,000
% Difference: 4.8%

The Summary Effect of Foreclosures:

A bank owned home will more likely be a market-entry home in poorer condition than those that were not (here).
On average, a foreclosed home will be listed 38% lower than homes that are not.
A foreclosed home will sell an average of 23% less than homes that are not.
A foreclosed home will sell an average of 45% quicker than homes that are not.
A foreclosed home will sell twice as close to its original list price than a home that is not.
A foreclosed home will be valued at an average of 17% less per sq ft than homes that are not.
A foreclosed home will be older than a home that is not, an average of 6 years older.
A foreclosed home will also be smaller, an average of 12% less in size.

Chart below is all South Lake Tahoe 2008 Home Sales (Tahoe Keys included):

All South Lake Tahoe 2008 home sales statistics