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A Look at South Lake Tahoe, CA Housing Inventory

March 15th, 2010 categories: For Buyers, For Sellers, National real estate news, South Lake Tahoe Statistics, South Lake Tahoe, CA

http://www.laketahoerealestateblog.com/lake_tahoe_images/house_appetite.jpgThe South Lake Tahoe Demand Trend is Better, so is Inventory, but with a qualifier!

Although the article before this one includes a comment in the Washington Post via the National Association of Realtors (NAR) about the national housing inventory, we thought we would take a separate look at it here.

The article says the inventory of US homes on the market is now at a 7.8-month supply, and that this is down more than 11 months since July 2008. The term "inventory" as it relates to housing means the number of months it will take to sell all active listings at current market demand.

We usually look at South Lake Tahoe, CA market demand by the monthly absorption rate (here). The monthly absorption rate is the average number of homes sold per month, and we normally look at such over home sales in the last  365-days and 180-days.

We look at the 180-day sales performance with a little more preference because it is more consistent with the average time it takes to sell a house, which is presently about 154 days.

Here's some things to note in the chart below:

  • The current South Lake Tahoe, CA home inventory is 7.3 months.
  • The national home inventory is 7.8 months, or .06% higher (as just reported by the NAR)
  • The South Lake Tahoe home inventory in July 2008 was 18.1 months.
  • This is 11 months lower than what it is now, and is consistent with that of the nation as reported by the NAR.
  • The current number of active homes listed, however, (not counting homes in escrow) is 180 homes lower at present than it was in July 2008.
  • This qualifies the current South Lake Tahoe, CA trend because less inventory naturally takes less time to sell.
  • The average number of homes sold per month in South Lake Tahoe, CA has increased steadily since October of last year. (This is better!)
  • Since last December, the average number of homes sold in South Lake Tahoe, CA per month has exceeded 40. (Better too!)
  • Other than February first of this year, we have not seen the monthly absorption rate this high since we have been reporting on this blog.

 

The chart below indicates South Lake Tahoe, CA home inventory and monthly absorption rates since January, 2008. (note annual absorption rates below this chart as well)

South Lake Tahoe, CA home inventory and absorption rates since 2008

 

South Lake Tahoe, CA annual absorption ratesMonthly Absorption Rates

  • 36 single family homes sold per month in South Lake Tahoe in 2009.
  • 29 sales per month in 2008.
  • 31 sales per month in 2007.
  • 37 sales per month in 2006.
  • 57 sales per month in 2005.
  • 68 sales per month in 2004.
  • 50 sales per month in 2003.

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This entry was posted on Monday, March 15th, 2010 at 1:24 pm and is filed under For Buyers, For Sellers, National real estate news, 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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