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South Lake Tahoe, NV Final 2010 Homes for Sale Report

January 5th, 2011 categories: Buyers Report, For Buyers, For Sellers, Lake Tahoe NV Statistics, Lake Tahoe Real Estate, Luxury Home Sales, Major Market Reports, Market Performance Updates, Median Sold Price Report, Sales Reports, South Lake Tahoe Statistics, Stateline, NV

Price and demand only marginally up from 2009 on Stateline, NV side of South Lake Tahoe

Here's the final 2010 homes for sale report for the Stateline, Nevada side of the South Lake Tahoe real estate market.

We'll do the same for South Lake Tahoe, CA in our next post, and these two reports combined will constitute all relevant statistics, trends and market conditions for South Lake Tahoe in 2010.

(Please be suspect of any other year-end reports you may read about the "Lake Tahoe" real estate market. There isn't such, and these reports will combine higher data from Incline Village, Truckee and the area around Tahoe City, which have no bearing whatsoever on South Lake Tahoe.)

A Summary :

Demand was up by 6 home sales in 2010 compared to 2009, which was only an increase of 7%. The median sold price was also slightly up in 2010 compared to 2009 as well, 1.4%.

The percentage of distressed properties sold was much lower in 2010 compared to 2009, and luxury home sales were about the same in number, but 2009 generally produced a higher luxury home sale than did 2010.

In general, Statline, NV median sold prices were tracking higher throughout each quarter of 2010. In the last 180-days of the year, the median sold price is also somewhat higher than the overall 2010 annual median sold price as well.

THE DETAILS :

Annual Median Sold Price:

The Stateline, NV median sold price for 2010 was $519,900 (not including Glenbrook and Lakefront Properties).

If Glenbrook and Lakefront Properties are included, wich were 6 sales in total, the median sold price was $570,000.

This is a difference of 8.8%, which is how much the 6 Glenbrook and Lakefront Property sales skewed the median sold price upward for the year.

Quarterly Median Sold Price: (all including Glenbrook and Lakefront Properties)

Q1: $485,000
Q2: $575,000
Q3: $612,500
Q4: $630,000

We thought this interesting, as each quarter produced a higher median sold price than the last.

Number Homes Sold:

2010: 91
2009: 85
2008: 71
2007: 74
2006: 89
2005: 140

Percentage of Distressed Properties Sold:
Amount of bank owned properties and short sales compared to non distressed properties.

2010:

# bank owned sales (REOs): 8
# short sales: 12
total: 20
percent: 22%

2009:

# bank owned sales (REOs): 32
# short sales: 7
total: 39
percent: 45.9%

There were 19 fewer distressed sales in 2010 than there were in 2009, which was a decline of 23%. Additionally there were more short sales, and fewer bank owned sales in 2010 than there were in 2009, primarily because it was in the first quarter of last year than banks finally realized they make more money on a short sale than they do with an REO.

The Average 2010 home sale: (not including Glenbrook and Lakefront Properties)