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Analysis of 2010 South Lake Tahoe, CA Homes for Sale

October 9th, 2010 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, Major Market Reports, Market Performance Updates, Median Sold Price Report, Sales Reports, South Lake Tahoe Statistics, South Lake Tahoe, CA

South Lake Tahoe home sales see increasing demand, and a recent median price decline.

The chart below indicates the following details about all South Lake Tahoe home sales in 2010 as of right now.

We think this is an interesting market look, and is likely something to take into consideration when discussing South Lake Tahoe, CA home value decline. Current home values make sense when almost half of all homes sold are under $300,000 to begin with, are in the market-entry segment of the market, and almost half of all sales are distressed.

In summary, the South Lake Tahoe median sold price for the year, not including the Tahoe Keys is $300,000. In the last 180-days, however, a recent, further decline in the median sold price has emerged, chiefly due to August sales results (September sales were a little more than $20,000 higher than those of August).

The South Lake Tahoe median sold price over the last 180-days of market performance is now $287,000, or a difference of $13,000 (4.3%) compared to the overall 2010 sales stats to date (here).

Now for some details:

The overall effect of distressed sales on 2010 South Lake Tahoe home values is $31,000, or 8.6%.
If the Tahoe Keys is included in the South Lake Tahoe median sold price, which many others do, it increases it by $29,000, or 8.8%.

(We believe The Tahoe Keys should not be included in the median sold price, or at least cited specifically, because it is a singularly unique neighborhood, and the only one that has backyard boat docks and direct lake access by boat.)

Number of Home Sales :

All sold: 397 (436 total in 2009)
Bank owned sales (REO): 120 (30%)
Short sales: 61 (15%)
Total distressed sales: 181 (44%)
Non distressed sales: 216 (56%)

Time it takes to Sell :

All sold: 148 days
Bank owned sales (REO): 77
Short sales: 273
Non distressed sales: 152

A short sale takes on average 196 more days to sell than a bank owned property (255%).
A short sale takes 121 more days to sell than a non-distressed property (44%).
A bank owned sale (REO) sells 77 days quicker than a non-distressed property (98%)

The Median Sold Price :
What this indicates is there are actually two different South Lake Tahoe real estate markets. One is all about distressed sales, and the other is for homes that are not distressed. These markets are split somewhat equally in buyer demand; a little less than one out of every two South Lake Tahoe home buyers has purchased a distressed property this year.

All sold: $300,000 (not including Tahoe Keys, $329,000 including the Keys)
Bank owned sales: $239,500 (including Tahoe Keys)
Short sales: $320,000 (including Tahoe Keys)
All distressed sales: $269,000 (including Tahoe Keys)
Non distressed sales: $360,000 (including Tahoe Keys)

The difference in the median sold price of all distressed sales and non distressed sales is $91,000 (25.3%).
The difference between a bank owned sale (REO) and a short sale is $80,500 (25.2%).
The difference between a short sale and a non-distressed sale is $40,000 (11.1%).
The difference between a bank owned sale (REO) and a non-distressed sale is $120,500 (33.5%).

Number Sales < $300,000 : (less than $300,000)
Though there are very few Tahoe Keys ev er sold in our market entry price range, we have not separated out the Keys (the lowest Keys sale this year so far is $385,500, so none are included in the study below).

All sales: 175 (44%)
Bank owned sales: 77 (64.2% of all bank owned sales are under $300,000).
Short sales: 25 (41%)
Distressed sales: 102 (56.4%)
Non distressed sales: 73 (33.8%)

All South Lake Tahoe, CA home sales to date

Other Lake Tahoe Real Estate Blog posts:

Jan 20, 201i: South Lake Tahoe, CA median sold prices by neighborhood since 2005
Oct 2, 2010: Better News for Buyers…
Aug 31, 2010: US Home Prices Up… what about South Lake Tahoe?
Aug 27, 2010: I Woke Up this Morning… to the South Lake Tahoe Blues.
Jul 1, 2010: South Lake Tahoe Foreclosures: No Change Yet.
May 15, 2010: Where is the New Foreclosures Deluge?
Nov 15, 2009: Foreclosure Filings Down in October, what does it mean?
Nov 24, 2008: Sometimes South Lake Tahoe and National Real Estate Trends just don't Jive

Why we publish this blog:
We support our families by helping folks buy and sell real estate. The goal here is twofold: to show you convincingly why you should consider asking us for help, and that you can trust the help you will find.

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