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South Lake Tahoe Real Estate News: We’re Only Talking about 7 Home Sales!

August 25th, 2010 categories: For Buyers, For Sellers, Lake Tahoe Real Estate, National real estate news, South Lake Tahoe Statistics, South Lake Tahoe, CA

Amid all the national news hoopla, 2010 South Lake Tahoe, CA Home Sales are up 48.3%

As soon as we heard yesterday's news about the US decline in July existing home sales, we knew what was coming. That's why we immediately crunched numbers, looked at the data, and compared the national report to what's what here in South Lake Tahoe right now (here).

Regardless of the differences in a national report and current South Lake Tahoe reality, we knew a media barrage was coming, and that it would impact people's perceptions.

The truth is a funky national housing report does not necessarily apply to South Lake Tahoe. Sometimes national trends appear here, usually months after the fact, and then again, sometimes they do not. Usually what happens here is a difference in degree (in this case that degree is 9%).

We are a second home resort market. Most real estate markets are not that, many many more than a simple majority, and national real estate reports include the country… and all of those many, many real estate markets that are not resorts.

That we are a resort, with real environmental growth restrictions that limit supply, is something to remember; it makes sense that trends here can be different.

In the case of yesterday's report, the sizzle… what people will remember from it is that existing US home sales in July are down 27%. That's the headline, the attention getter, the around-the-water-cooler buzz; folks will remember that more than anything else in the report.

So here's the comparative bottom line when considering yesterday's 27% decline media blitz as it relates to South Lake Tahoe, CA: we are only talking about 7 home sales!

That's right, and we need to remember it, put perception into perspective. The national report compares July sales of this year to last year; that's where the 27% decline comes from. Here, there were 38 homes sold in July of 2009. This year 31 homes sold. True, this is a decline, an 18% percent one, though 9% better than the national average, and as big as an 18% decline sounds, we're only talking about 7 home sales. That's it, 7-sales, amid all the hoopla.

Not included in the hoopla is that we've sold more than 100 more homes this year than at the same time last year. This is a 48.3% increase in South Lake Tahoe, CA home sales, while exactly considering and including yesterday's media-claimed startling news.

To drive the point home perhaps even more, lets look at South Lake Tahoe, CA June sales. Last year 40 homes sold, this year 48. So this means there was a 20% increase in year over year June sales, and if both June and July are added together, right smack-dab in the middle of all of this double-dip talk, one more home has sold in the first two months of this summer compared to last. And 100+ more homes have still sold this year too.