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The Effect of Foreclosure on 2009 South Lake Tahoe, CA Home Values

December 14th, 2009 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA

A 24.8% difference in value between a forclosed South Lake Tahoe, CA house...and one that is not.

A distressed property is either a bank owned (REO) home, or one that is a short sale, and there is a significant difference between the value of a distressed property in South Lake Tahoe, CA and one that is not.

Lets look at the effect of distressed properties on all 2009 South Lake Tahoe, CA single family home sales. Note the statistics and charts below used to produce his report.

The Bottom Line: South Lake Tahoe, CA 2009 Home Sales (see comparison chart below)

Distressed home sales have a 15.4% negative pull on the median sold price of a South Lake Tahoe home.
The distressed property costs 24.8% less.
It is listed 31.3% lower.
It sells 74 days quicker.
It is 6.5% smaller than a house that is not distressed.
It is 5 years older.

The Distressed Home Sale Difference:
In effect, we have two different real estate markets in South Lake Tahoe; one of distressed properties and one of properties that are not. The forces of one have little to do with the forces of the other. (See study here about the unique characteristics of our second home resort market.)

Median Sold Price: (Tahoe Keys Included)

All 2009 single family home sales: $315,000
All 2009 Distressed home sales: $280,000
All 2009 Not Distressed home sales: $372,500
Difference between them: $92,500 (24.8%)
Overall foreclosure effect on 2009 median sold price: negative 15.4%

Average Sold Price:

All 2009 single family home sales: $394,792
All 2009 Distressed home sales: $317,565
All 2009 Not Distressed home sales: $446,598
Difference between them: $129,033 (28.9%)
Overall foreclosure effect on 2009 average sold price: negative 11.6%

Average List Price:

All 2009 single family home sales: $466.060
All 2009 Distressed home sales: $366,287
All 2009 Not Distressed home sales: $532,991
Difference between them: $166,705 (31.3%)
Overall effect on 2009 average list price: negative 12.6%

$ Difference Avg. List Price v. Avg. Sold Price:

All 2009 single family home sales: $71,268
All 2009 Distressed home sales: $48,721
All 2009 Not Distressed home sales: $86,393
Difference between them: $37,672 (43.6%)
Overall effect on 2009 sales: The non distressed property has 12.9% more reduction off its average list price than that of a distressed sale.

Average Days on Market:

All 2009 single family home sales: 158
All 2009 Distressed home sales: 114
All 2009 Not Distressed home sales: 188
Difference between them: 74 days (39.2%)

Average Price Sq Ft:

All 2009 single family home sales: $231
All 2009 Distressed home sales: $197
All 2009 Not Distressed home sales: $253
Difference between them: $56 sq ft (22.2%)
Overall effect on 2009 price per square foot: negative 8.9%.

Average Size:

All 2009 single family home sales: 1,725 sq ft
All 2009 Distressed home sales: 1,663 sq ft
All 2009 Not Distressed home sales: 1,787 sq ft
Difference between them: 154 sq ft (8.6%)
Overall foreclosure effect on 2009 sq ft size: negative 3.5%.

Average Age (Year Built):

All 2009 single family home sales: 1975
All 2009 Distressed home sales: 1973
All 2009 Not Distressed home sales: 1979
Difference between them: negative 5 years

The chart below indicates all 2009 South Lake Tahoe, CA single family home sales, including both distressed and non distressed properties. (Tahoe Keys included on all charts herein)

Sll 2009 South Lake Tahoe, CA single family home sales.