A slight decline in demand, a slight decline in price creates further excellent Buying opportunities.
(LAKE TAHOE REAL ESTATE BLOG) For the second time this month, we’ve updated all South Lake Tahoe, CA sales information, with charts and statistics indicating real estate market forces and conditions for the last 365 days, the last 180 days, the last 90 days and the last 30 days.
What it all means is we're still Lake Tahoe, stunning past description, with a lifestyle ruled by tranquil beauty, and it's easier for Home Buyers to find great opportunity than in a very long time. Lets see what the numbers tell us below. (See complete maket sales update)
Summary: Median Sold Price (see actual data below)
For the last 365 days of market sales activity, Median Sold Price has remained stable. In the last 90 days, we have seen evidence of an additional value decrease of about $25,000. This decrease is supported by sales in the last 30 days, but both the 90-day and the 30-day results are included in the 180-day results, which is essentially identical to the annual (365 days) totals.
While the last 90 days represents only 78 sales, and therefore does not present enough data to necessarily establish a new trend, the decrease we are noticing here could very well suggest that our real estate market, while essentially stable since the last quarter of 2006, is seeing additional, though slight, price reductions. If these same 90-day results were to continue for another quarter, which would produce a sufficient amount of data to establish a trend, it would indicate that an additional $25,000 has come off our median sold price in South Lake Tahoe, CA. Coupled with the $25,000 decline we saw earlier this year, this would establish that our current market is off $50,000 from the identical median sold prices of 2006 and 2005, which was $475,000.
In other words, if the current 90-day performance continues for another 90 days, the median sold price in South Lake Tahoe, CA would be $425,000.
Summary: Total Number Homes Sold (see actual data below)
There has been a decrease of 33 homes sold in the South Lake Tahoe, CA sales results covering the last 365 days. Looking at market performance for total number of sales within the last 180 days, we have see a decrease of 63 homes sold compared to what we saw in March. Both the 90-day results and the 30-day results also indicate less demand than our March totals.
What this Means to Buyers:
There is evidence suggesting both stability and that our South Lake Tahoe, CA real estate market is seeing further price reductions in the last 90 days. Though slight, the 90-day performance is not sufficient to decrease either the 180-day or 365-day market indicators, which have remained virtually identical since the last quarter of 2006.
Coupled with our 90-day performance, there is a slight decrease in demand. With more inventory hitting the market daily, all indicators suggest a continuing Buyer’s market, with excellent opportunities in terms of choice and price negotiation.
The Data:
Lets compare what we post today to what we’ve posted on this blog before:
Median Sold Price: All South Lake Tahoe, CA Sales - Last 365 Days
May 25, 2007 $449,900
May 5, 2007 $449,900
April 17, 2007 $453,000
March 11, 2007 $449,000
Median Sold Price: All South Lake Tahoe, CA Sales - Last 180 Days
May 25, 2007 $451,500
May 5, 2007 $450,000
April 17, 2007 $465,150
March 11, 2007 $415,000
Median Sold Price: All South Lake Tahoe, CA Sales - Last 90 Days
May 25, 2007 $425,000
May 5, 2007 $449,950
April 17, 2007 $482,500
March 11, 2007 $467,000
Median Sold Price: All South Lake Tahoe, CA Sales - Last 30 Days
May 25, 2007 $420,000
May 5, 2007 $382,000
April 17, 2007 $420,000
March 11, 2007 $482,500
Number Homes Sold: All South Lake Tahoe - Last 365 Days
May 25, 2007 420
May 5, 2007 413
April 17, 2007 434
March 11, 2007 443
Number Homes Sold: All South Lake Tahoe - Last 180 Days
May 25, 2007 167
May 5, 2007 187
April 17, 2007 201
March 11, 2007 230
Number Homes Sold: All South Lake Tahoe - Last 90 Days
May 25, 2007 78
May 5, 2007 82
April 17, 2007 78
March 11, 2007 93
Number Homes Sold: All South Lake Tahoe - Last 30 Days
May 25, 2007 23
May 5, 2007 30
April 17, 2007 19
March 11, 2007 30
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