South Lake Tahoe Median Home Prices Improve
The South Lake Tahoe real estate market activity appears to have received some good news recently. Despite all of the negative news coming at us everyday in regards to the country’s current real estate values, South Lake Tahoe home owners could soon be seen with the slightest upward curves in their smiles. As of September 31, 2010, the South Tahoe Association of Realtors multiple listing services reported that the overall median home price for single family residences was $328,000. Although August posted a slight drop at $320,000, this newest number continues a trend of small, incremental increases during the past five to six months. $328,000 is the highest value we have seen since this time last year and is fairly comparable to those values found during March and April of 2004. Another positive note is that we are only down approximately 3.5% as compared to the end of September 2009 when the median home price for a single family residence was $340,000. A few of the neighborhoods throughout the area, such as North Upper Truckee 1 and Montgomery Estates have actually seen increases in their median home values as compared to those reported a year ago. The inventory of active listings was posted at 437 with 81 of these properties pending escrows. This represents approximately 18.5% of the currently market has having received accepted offers which is the highest ratio we have seen since this past March.
The market for condominiums appears to be continuing along the same steadily improving trend. As of the September 31st posting, there were 52 reported closed condo sales with a median value of $200,454. At the same time last year, there were only 31 reported condo sales with a median value of $210,000. This represents an approximate decrease of 4.5%. There are currently 76 units available with 7 of those in escrow. The majority of these condos are listed under $300,000.
History has shown the South Tahoe real estate market to follow the Bay area’ real estate activity by approximately 6 months to one year. If you have been paying attention to the current improving conditions found within California’s market and especially the Bay area, we suggest you start watching Tahoe has well. While there are no crystal balls working here, the indicators are definitely show a hesitant “thumbs up.” Is now the time to invest?
Tahoe Pinnacle Market Reports
South Lake Tahoe’s Real Estate Market Looking Upward in 2010
Depending on newspaper you are reading, news channel your are tuned in to or online news source is popping up every time you sit at your computer, to say the least, the real estate news can be a bit confusing. Up or Down? Forward or Back? Are we moving at all?
It is for this very reason, we thought we would simply post the statistics straight out of the South Tahoe Association or Realtors’ multiple listing service. Interpret them how you will, but all in all, the news is certainly encouraging. During the first four months of 2010, there was an improvement in regards to the median home prices, number of residential homes sold and the time those listings were on the market. This first trimester revealed 167 single family residences sold as compared to the 112 in 2009. The median home price of those homes sold was $315,000 up from last year’s $306,250 and the time on the market declined from 2009″s 148 days to 122 in 2010.
When looking at the median home prices posted within the South Tahoe Association of Realtors’ statistical report, it is important to know that the data is based upon an average of the preceding twelve months. When one looks at the median home price posted at the end of April, 2010, they will see that the median home price is $318,000 which is down 19.4% from the $395,000 posted during the same period in 2009. Why does the latter report show an overall decline and the above show quite the opposite? It’s simple – the positive news of the past four months is being pulled down by the preceding twelve. If the current trends continue/strong> it is likely that by the end of 2010, the median home prices will show welcomed improvement. It is hard to tell at this point, but we like what we are seeing and we are going to keep an optimistic outlook going for as long as we can.
So. Lake Tahoe Negotiating Room is Slimming Down
Everyone knows by now that most sellers are willing to negotiate their asking price in today’s market. However, the most recent statistics released by the South Tahoe Association of Realtors Multiple Listing Services shows that the sales to list ratio is slowly closing it’s gap for single family residences throughout the South Lake Tahoe real estate market. Between January 1 and March 8th of 2010, there were 69 reported sales, up from 52 in 2009 and 36 in 2008.
The homes that closed escrow within 60 days of listing averaged a sale to list ratio of 101.78%. There were 14 sales within this group and one can assume that the majority of these homes were bank-owned sales. The homes that closed escrow within 61 – 90 days of listing in 2010 averaged a sale to list ratio of 96.94% up from the 94.04% reported in 2009. Similarly, the homes that closed escrow within 91 – 120 days in 2010 averaged 92.16% as compared to 90.69% in 2009. Small steps but we’ll take them.
