South Lake Tahoe, CA Market Statistics
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Stateline, NV Market Statistics
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Archive for May, 2009
The Effect of Distressed Properties on the South Lake Tahoe, CA real estate market.
May 30th, 2009 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA
In effect, we have two different real estate markets in South Lake Tahoe; one of distressed properties and one of properties that are not.
There is a significant difference between a distressed property in South Lake Tahoe, CA and one that is not. A distressed property is either a bank owned (REO) home, or one that is a short sale.
First, lets take a look at the effect of distressed properties on all 2009 South Lake Tahoe, CA single family home sales, and after that in a following post we’ll look at the effect that distressed properties have on currently active listings. Each will be followed by statistics and charts used for this exercise.
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April U.S. Existing Home Sales Rise by 2.9 percent: What about South Lake Tahoe?
May 28th, 2009 categories: For Buyers, For Sellers, Lake Tahoe Real Estate, Market Performance Updates, National real estate news, South Lake Tahoe Statistics, South Lake Tahoe, CA
A comparison of national housing sales v. that of South Lake Tahoe.
Lets take a look at yesterday’s Associated Press article by Alan Zibel: “April existing home sales rise by 2.9 percent.” We thought it would be helpful to compare the national housing news as found in this article with current market reality in South Lake Tahoe.
Below are the main points in the article (AP), followed by current market conditions in South Lake Tahoe (SLT):
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All South Lake Tahoe, CA Home Sales in the last 365 Days
May 28th, 2009 categories: For Buyers, For Sellers, Lake Tahoe Real Estate, Market Performance Updates, South Lake Tahoe Statistics, South Lake Tahoe, CA
Home Sales Summaries for South Lake Tahoe, CA.
We’ve updated home sales summaries and Market Performance for South Lake Tahoe, CA.
The median sold price has declined in the last month to $325,000. (It was $330,000 a month ago.) This is based on all single family sales in South Lake Tahoe, CA in the last 180 calendar days (Tahoe Keys homes not included).
The median sold price for the last 365 days is now $340,000. (That same number was $365,000 a month ago))
The key contributing factor to the decline we are seeing now is the effect of foreclosed home sales on the South Lake Tahoe real estate market.
Since the first of this year, we have seen an increase in the percentage of both foreclosed homes sold and those in escrow. Of all homes sold in South Lake Tahoe in 2008, about 20% of them were in foreclosure.
In general the foreclosed home sold in 2008 was $70,000 less in value than a home that was not bank owned. It was also older by an average of 6 yrs, smaller by a range between 12% to 20% depending on price range, and in less desirable condition (review of study, here)
At present 43.7% of South Lake Tahoe 2009 home sales are distressed properties (compared to 20% of all 2008 home sales). This same number was 50% 3-weeks ago.
Of the 99 homes currently in escrow, 52 (52.5%) of these are also distressed sales (either foreclosures or short sales).
All South Lake Tahoe home sales in the last 365 days, here.
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South Lake Tahoe, CA Home Sales Absorption Rates
May 28th, 2009 categories: Absorption Rates, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA
Housing Demand: South Lake Tahoe, CA Single Family Homes Sales Per Month.
We’ve updated the Absorption Rates for your South Lake Tahoe, CA real estate market. This the best method possible for tracking South Lake Tahoe housing demand over time.
Find market-wide absorption rates for South Lake Tahoe, CA here.
Below is a bullet-point summary of the current housing demand in South Lake Tahoe.
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All South Lake Tahoe, CA 2009 Real Estate Home Sales
May 27th, 2009 categories: For Buyers, For Sellers, Lake Tahoe Real Estate, Sales Reports, South Lake Tahoe Statistics, South Lake Tahoe, CA
South Lake Tahoe 2009 Single Family Home Sales to date.
We have just updated all 2009 South Lake Tahoe, CA residential home sales. As of today, there have been 119 home sales in South Lake Tahoe, CA this year.
Note that we have recently added a new category below that addresses the number of bank owned properties (REOs) and short sales v. those that are not. This can also be viewed on our spreadsheets and stat charts as well (links directly below).
All South Lake Tahoe 2009 home sales here.
Statistics for all 2009 home sales here.
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Consumer Confidence Rebounds! Is this another sign of South Lake Tahoe housing recovery?
May 26th, 2009 categories: For Buyers, For Sellers, Lake Tahoe NV Statistics, Lake Tahoe Real Estate, National real estate news, South Lake Tahoe, CA, Stateline, NV
Increases two months in a row is good for South Lake Tahoe.
We thought you would appreciate today’s article by the Associated Press about continued gains in the US Consumer Confidence. Though it is difficult, if not impossible to precisely correlate a rise in the consumer confidence index to a specific housing market, one thing we do know is we are seeing increases in South Lake Tahoe housing activity.
Where the US consumer confidence index is not where one would like it to be to signify a booming economy, it is certainly better than it has been lately.
Some points in the Consumer Confidence Index :
- A healthy economy has a consumer confidence rating of “100” points or more.
- Today’s index has a rating of 54.9.
- It was 25.3 in February, which was a historic low for the index.
- It was 61.4 eight-months ago.
Some bullet points in the article :
- Consumers are considerably less pessimistic than they were earlier this year.
- Expectations are that business conditions, the labor market and incomes will improve in the coming months.
- The latest evidence that spending has begun to stabilize, though overall business is still weak.
- It looks like "we’ve turned the corner" on confidence.
- The pace of month-to-month housing declines continues to slow.
Read the entire article here.
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South Lake Tahoe, CA Real Estate: Escrow Update
May 22nd, 2009 categories: Escrow Report, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA
More Homes in Escrow in South Lake Tahoe than at any time in the last 2 years… Half of them are Distressed Sales!
We have just updated the South Lake Tahoe Real Estate Market Escrow Report. There are 98 homes in escrow at present. (This same number was 72 two weeks ago.)
This is 24.6% of the current 398 homes on the market in South Lake Tahoe, CA. Throughout the last calendar year the percentage of homes in escrow has ranged from 9.5% to 15.1%. In other words, we have a greater percentage of homes in escrow now than at any other time in the last 2 years. There were 12.8% of available homes in escrow at this same time last year.
Note that we had recently added a new category below that addresses the number of bank owned properties (REOs) and short sales in escrow v. those that are not. You’ll also find this on our spreadsheets and statistics charts as well. (here)
All homes in escrow, here.
Statistics on all homes in escrow here.
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South Lake Tahoe Real Estate Update: The Effect of Foreclosure on 2009 Stateline, NV Home Values
May 18th, 2009 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe NV Statistics, Lake Tahoe Real Estate, South Lake Tahoe Statistics, Stateline, NV
A 36.5% difference in value, and a 19% pull on the Stateline, NV Median Sold Price.
There are significant differences between the physical characteristics of a current home sold on the Stateline, NV side of South Lake Tahoe that is in foreclosure and one that is not. The post directly below details these differences (here).
There are also differences in the value of a home in foreclosure vs. one that is not. The chart below details these differences.
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South Lake Tahoe Real Estate Update: Stateline, NV Foreclosure Report
May 18th, 2009 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe NV Statistics, Lake Tahoe Real Estate, South Lake Tahoe Statistics, Stateline, NV
There is a Big Difference between a home in foreclosure in the Stateline, NV area of South Lake Tahoe… and one that is not!
Sales of distressed properties have had a meaningful effect on both South Lake Tahoe home sales and home values.
This is true on both sides of our state line, and as such we’re adding this new report to isolate the effect of foreclosures on the Stateline, NV side of our South Lake Tahoe real estate market.
This report will focus on the difference between a home that has sold that is in foreclosure, and one that has sold that is not in foreclosure. There are significantly different market trends and forces between them, and we think it’s important for you to know what they are.
In fact we have a market within a market here in South Lake Tahoe. If and when one is interested in taking advantage of increasingly good opportunities to buy a home here, one can not apply foreclosure forces on a house that is not in forclosure (study on this here).
For this report we’ll be looking at three charts below. It is in comparing these charts that the important differences between foreclosed home sales and those that are not become evident.
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The State of the Stateline, NV Real Estate Market Right Now!
May 12th, 2009 categories: Lake Tahoe Real Estate
Five key Stateline, NV 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.
(click "read the rest of this entry" below)
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