We have just updated all 2007 Stateline, NV residential home sales. To date, there have been 42 single family home sales on the Stateline, NV side of our South Lake Tahoe real estate market this year. To get as true indication of market conditions as possible, we also continue to look at and report all single family home sales in Stateline, NV for the last 365, 180, 90 and 30 days as well.
You will find a new link “All 2007 Stateline, NV Sales”, in our left sidebar. This will lead you to a spreadsheet containing all homes in Stateline, NV that have been been sold to date in 2007.
The spreadsheet has two links that will lead you to charts containing statistical data on all these 2007 homes sales. These charts have the following information:
- Average Original List Price
- Median Original List Price
- Median Reduced, or Current Price
- $ Difference List v. Reduced Price
- % Difference List v. Reduced Price
- Average Days on Market
- Average Price per Sq Ft
- Average Size
2007 Sales Summary: (Lake Front Properties and Glenbrook not included)
Here’s what this information tells us about current market conditions in Stateline, NV:
- There have been 42 sales in 2007 to date.
- The Median Sold Price for homes sold in 2007 is $919,500.
- The Average Original List Price is $1,414,792.
- The Average Sold Price is $1,211,201.
- The difference between Average Original List Price and Median Sold Price is $203,591, or 14.4%.
- Average Days on Market is 225.
- Average Price Sq. Ft. is $406.
Median Sold Price: Which is the right one?
We look at Median Sold Price at various time intervals. This allows us to better track current market condition, and to identify any emerging changes as quickly as possible. The Median Sold Prices as indicated below suggest that most of the 42 sales in Stateline, NV in 2007 have been high-end homes.
We have recently posted a report on current Stateline, NV homes in escrow. There are 11 of these with a current Median Price of $729,000. When these homes close, the actual Median Sold Price will certainly be lower. This suggests that the market is still leaning toward decline, though slightly.
Median Sold Price: (Lake Front Properties and Glenbrook not included)
Please note that there have been only 36 sales in Stateline, NV in 2007 to date, excluding these two high-end communities. This is not a large data sample, and as such concentrations at one end or the other of the value range influences results more than with a larger data sample. Most of the sales in 2007, or the last 7 months have concentrated at the high-end of our value range.
The Median Sold Prices in Stateline, NV are: (Lake Front Properties and Glenbrook not included)
- For all of 2007: $919,500. (36 sales)
- For 2006: $835,000
- For 2005: $775,000
What is Median Sold Price anyway?
Median Sold Price represents the price at which an equal number of houses were sold for more and for less. Real estate professionals tend to rely on it rather than the Average Price because the average can sometimes be skewed by the sale of a relatively small number of houses at either end of the price scale.
We believe, as do most real estate statisticians, Median Sold Price gives a truer indication of overall market condition. Median Sold Price and Average Sold Price can be quite different for the same sample group. For instance, if one is doing a sold properties report and the homes are very evenly distributed, the Median and Average might be very similar. However, if the homes sold were weighted more to one end or the other of the price spectrum, then the median and average could be quite different.
In Stateline, NV the difference between Median Sold and Average Sold Price is normally quite apparent. Home sales prices here in 2007 range from $410,000 to $12,500,000. We have a significant concentration of high-end luxury home sales compared to market entry homes:
There have been 20 homes sold above $1,000,000 in 2007, 4 of these were above $5,000,000 and one was above $10,000,000.
- At the same time, there have been only 5 homes sold under $500,000.
- There is a $276,892 difference between Median and Average prices for all homes sold in 2007 (see above).
The Bottom Line: Good News for Buyers.
The Stateline, NV real estate market presents significant Buying opportunities at this time.
Interest rates remain reasonable.
Prices have come down.
A Buyer has many homes from which to choose.
Many Sellers are eager to sell.
Some Sellers are more reasonable than ever.
We offer this information as a public service. This blog contains the most complete and current information on the South Lake Tahoe, CA and Stateline, NV real estate market available.
If you like what you see here and find it helpful, please call or email us for further help with buying or selling a Lake Tahoe home. We’re also always interested in comments and suggestions too. (Please use the comments box below.)
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