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The State of the South Lake Tahoe, CA Real Estate Market Right Now!

December 16th, 2009 categories: For Buyers, For Sellers, Lake Tahoe Real Estate, Major Market Reports, Market Performance Updates, South Lake Tahoe Statistics, South Lake Tahoe, CA

Current State of the South Lake Tahoe Real Estate MarketFive key South Lake Tahoe market indicators: Demand, Supply, Escrow, Prices, Absorption.

Here’s a summary of all key real estate market indicators for South Lake Tahoe, CA.

The Bottom Line:

  • Demand as of today in 2009 is slightly more than that of 2008, 401 sales v. 354 sales respectively.  Supply is about the same as we normally see this time of year..

Prices throughout the year have been affected by a twofold increase in the percentage of foreclosed sales compared to homes that are not.

  • SLT median sold price for last 180 days is $300000 (not including Tahoe Keys)
  • The median sold price in 2008 was $390,000 (not including Tahoe Keys)
  • This represents a 23% decline in home value in 2009.

The Details:

Demand :

  • The 180-day monthly absorption rate is 43.7 single family home sales per month. The 2008 average was 29 homes sold per month.
  • There were 37 homes sold in the last 30 days, and 136 sold in the last 90 days (45.3 monthly absorption rate).

 Supply :

  • There are approximately  312 homes for sale in South Lake Tahoe, CA right now.
  • Today, 18.3% of these are distressed properties.
  • At current market performance rates, it will take 7.1 months to sell all of them. (This is the lowest level of inventory we have seen in yars. 6 months of inventory is considered a "neutral" market.)

 Escrow : (Tahoe Keys not included)

  • There are   91   homes in escrow as of  today.
  • The median price of current homes in escrow is $319,000.
  • 65.9% of these are foreclosed homes, which on average are valued at about $129,000 less than homes that are not (28.9%).

 Prices : (Tahoe Keys not included)

  • The Median Sold price for all home sales in the last 180 days is  $300,000 .
  • Median Sold Price declined throughout all of 2007 and 2008.
  • It continues to decline now.

 Absorption : (demand)

  • The current average monthly absorption rate is 43.7 home sales per month.
  • The monthly absorption rate for 2008 was an average of 29.6 homes sold per month.

What it all Means:

  • Median Sold Prices have come down by about 34.7% from our 2006 high of $460,000
  • There are significantly lower prices (24% on average) to be found in foreclosed homes (bank owned).
  • South Lake Tahoe is a Buyers Market.
  • Current mortgage interest rates are outstanding.
  • There are  many excellent opportunities to Buy .

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This entry was posted on Wednesday, December 16th, 2009 at 9:27 am and is filed under For Buyers, For Sellers, Lake Tahoe Real Estate, Major Market Reports, Market Performance Updates, 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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