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Reflections on 2010 South Lake Tahoe, CA Home Sales

March 3rd, 2010 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA

National Home Sales averages are different than South Lake Tahoe, Ca

National Existing home sales averages… and South Lake Tahoe, CA real estate reality!

First lets take a look at the most recent report on US existing home sales, then we'll use that as a basis to reflect on what's happening with home sales here in South Lake Tahoe, CA for the first two months of 2010.

The CNNMoney.com article (here) has this headline: "Existing Home Sales Drop." The report comes via The National Association of Realtors (NAR) and it leads with a suggestion that the housing market may be weaker than previously thought.

Here are some key bullet points:

  • Home resales fell 7.2% last month.
  • On a year-over-year basis, sales were up 11.4%.
  • The January sales rate was the lowest since June.

Lets see how this relates to South Lake Tahoe, CA home sales: (see chart below)

  • There were 34 single family home sales in January.
  • This is the most homes that have been sold in the first month of the year since 2005.
  • Instead of the national average of 11.4%, January sales in South Lake Tahoe, CA are up 52% (eighteen 2009 sales v. thirty-four 2010 sales)
  • (2010 South Lake Tahoe, CA sales stats here)

What's different? (Distressed property sales is one thing.)

  • 59% of this January's home sales in South Lake Tahoe are distressed sales (bank owned or short sales)
  • This is 15% more distressed sales compared to January of last year.
  • 39.9% of all 2009 South Lake Tahoe, CA sales were distressed properties.
  • That same number in 2008 was 20%.

So what does it mean?

  • We're continuing to see increases in South Lake Tahoe housing demand.
  • In the first 2 months of the year, 60 homes have sold compared to 47 last year. (27% increase)
  • The total number of homes sold in 2009 was 436 compared to 354 in 2008. (23% increase)
  • Much of this increase is to be found in a greater number of distressed property sales.

Non Distressed Property Sales: (neither a bank owned or short sale)

  • 2009 single family home sales that were not distressed properties: 298
  • 2008 single family home sales that were not distressed properties: 266
  • Percentage difference: 12%

Distressed Property Sales: (both bank owned and short sales)

  • 2009 single family home distressed sales: 89
  • 2008 single family home distressed sales: 175
  • Percentage difference: 96.6%

South Lake Tahoe, CA home sales by month since 2003

 

 

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This entry was posted on Wednesday, March 3rd, 2010 at 1:17 pm and is filed under For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, 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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