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The Effect of Distressed Property Sales on South Lake Tahoe Home Values

February 4th, 2010 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA

A meaningful difference 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.

Tthere is a significant difference between a distressed property in South Lake Tahoe, CA and one that is not.

Lets look at the effect of distressed properties on all South Lake Tahoe, CA single family home sales in the last 180 days.

Note the statistics and charts below used to produce his report.

The Bottom Line: South Lake Tahoe, CA Home Sales in the last 180 days. (see comparison chart below)

Distressed home sales have a 14.2% negative pull on the median sold price of a South Lake Tahoe home.
The distressed property costs 24.3% less.
It is listed 35% lower.
It sells 49 days quicker.
It is 8% smaller than a house that is not distressed.
It is 4 years older.

The Distressed Home Sale Difference: (all sales in the last 180 days, Tahoe Keys neighborhood included)

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:
- All single family home sales: $317,500
- All Distressed home sales: $280,000
- All Not Distressed home sales: $370,000
- Difference between them: $90,000 (24.3%)
- Overall foreclosure effect on median sold price: negative 14.2%

Average Sold Price:
- All single family home sales: $418,037
- All Distressed home sales: $328,506
- All Not Distressed home sales: $485,631
- Difference between them: $157,125 (32.4%)
- Overall foreclosure effect on average sold price: negative 13.9%

Average List Price:
- All single family home sales: $490,238
- All Distressed home sales: $375,085
- All Not Distressed home sales: $577,174
- Difference between them: $202,090 (35%)
- Overall effect on average list price: negative 15.1%

$ Difference Avg. List Price v. Avg. Sold Price:
- All single family home sales: $72,200
- All Distressed home sales: $46,579
- All Not Distressed home sales: $91,544
- Difference between them: $44,965 (49.1%)
- Overall effect on sales in the last 180 days: the non distressed property has 21.1% more reduction off its average list price than that of a distressed sale.

Average Price Sq Ft:
- All single family home sales: $228
- All Distressed home sales: $196
- All Not Distressed home sales: $253
- Difference between them: $58 sq ft (22.8%)
- Overall effect on price per square foot: negative 9.8%.

Average Size:
- All single family home sales: 1,812 sq ft
- All Distressed home sales: 1,726 sq ft
- All Not Distressed home sales: 1,877 sq ft
- Difference between them: 151 sq ft (8%)
- Overall foreclosure effect on sq ft size: negative 3.5%.

The chart below indicates 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.