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Current South Lake Tahoe, CA Median Sold Prices

December 15th, 2009 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, Median Sold Price Report, South Lake Tahoe Statistics, South Lake Tahoe, CA

South Lake Tahoe, CA Median Sold PriceContinuing South Lake Tahoe Home Value Decline in 2009.

The chart below indicates the South Lake Tahoe, CA median sold price since April 2007.

In reviewing this most telltale indicator of South Lake Tahoe real estate market performance, we always look at the median sold price from four points of view: over 365, 180, 90 and 30 days.

180 Days is Best:
Throughout most of 2009, the average time it has taken to sell a South Lake Tahoe, CA house has been six months. At present that average is 150 days.

As such, when looking at the current median sold price, we normally look at that over 180 days, which is closely consistent with that time it normally takes to sell a house.

We have seen that 365-day market performance are often past where the market is today. Conversely, 90-day and 30-day performances may be, but not necessarily indicators of changes to come. Both however are included in the 180-day market performance number.

Tahoe Keys Excluded:
We also look at the median sold price by excluding the Tahoe Keys, a particularly unique, high end neighborhood which is the only one of our South Lake Tahoe communities to have private boat docks with direct access to the Lake.

If we included the Tahoe Keys, the median sold price in South Lake Tahoe, CA would be $15,000, or 5% higher.

(current median sold price and chart below)

Median Sold Price: Right Now!
As of a few minutes ago, the current South Lake Tahoe median sold price is $300,000 (see chart below).

  • It was$315,000 in August.
  • It was $361,000 in April.
  • It was $390,000 on January 1st.

How Much Decline, and Why
The current median sold price represents a 23% decline in South Lake Tahoe, CA home values in 2009.

The general reason for this decline is the U.S. economy. More specifically, we have seen a two-fold increase in sales of distressed properties (foreclosures) in 2009.

  • 20% of all 2008 home sales were either bank owned homes or short sales.
  • 39.3% of all 2009 home sales have been distressed properties.

Distressed properties are most often undervalued homes, and at last count they are alone responsible for a 15.4% negative pull on the median sold price of a South Lake Tahoe home. (Yesterday’s foreclosure study here)

  • 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.

Median Sold Prices by Year: (Not including Tahoe Keys)
As indicated above, the current South Lake Tahoe, CA median sold price is $300,000. (Yes, that’s right, we are now below 2003 home values.)

  • For 2008: $390,000.
  • For 2007: $425,000.
  • For 2006: $460,000.
  • For 2005: $455,000.
  • For 2004: $363,750.
  • For 2003: $308,110
  • For 2002: $263,040

Current Escrow: (not including Tahoe Keys)
The median price of all 91 South Lake Tahoe, CA homes in escrow is $319,000.

  • The actual sales price will be lower (we don’t know the actual sales price until a home closes.)
  • 60 of the 91 homes in escrow are distressed properties (65.9%)

The chart below represents South Lake Tahoe, CA median sold prices since April, 2007. (Tahoe Keys not included)

South Lake Tahoe, CA median sold prices since April 2007

 
 

 

 

 

 

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This entry was posted on Tuesday, December 15th, 2009 at 10:17 am and is filed under For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, Median Sold Price Report, South Lake Tahoe Statistics, South Lake Tahoe, CA. 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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