(Lake Tahoe Real Estate Blog / June 21, 2011 / Richard Bolen)
Real Estate Conditions are always different in South Lake Tahoe than they are nationally.
The report today from the National Association of Realtors (NAR) via CNNMoney.com says that sales of existing US homes fell in May. Lets compare the four main point in the NAR report and compare them to current South Lake Tahoe, CA real estate market conditions.
1. The NAR says that the number of US home sales dropped 3.8% compared to a month ago.
Here in South Lake Tahoe, 38 homes sold in April and 35 homes sold in May. This is a difference of 3 home sales, or 8%, which is more than that cited in the NAR report nationally.
2. The NAR also says May US home sales were 15% off what they were last May.
Here in South Lake Tahoe, 42 homes sold in May of 2010. There were 35 South Lake Tahoe homes sold this May, or a decline of 7 sales, or 9.5% off last year's May sales volume. This is 5.5% better than the drop in national May sales this year compared to last year as cited in the NAR report.
3. The NAR also says that the US median sold price dropped 4.6% in May.
Here in South Lake Tahoe, the median sold price for April home sales here was $262,500 (not including Tahoe Keys). It was $255,000 in May, or a decline of $7,500. This is a 2.8% decline in the South Lake Tahoe median sold price, which is 1.8% better than the decline found in the NAR report.
4. The NAR report says that 31% of all May sales were distressed properties (either bank owned homes or short sales).
Here in South Lake Tahoe, 62.9% of all May home sales were distressed properties, or virtually twice the incidence of distressed sales as found in the NAR report.
The Bottom Line: What does it mean? ?
This NAR report once again proves that all real estate is local. Considering this national May home sales report, some local real estate market conditions are better, some not as good as the US housing industry at large. While there are more distressed sales here at present, we are not experiencing as much of a price decline as the rest of the country, nor are we seeing as much of a drop in sales volume over 2010.
The full report here.
Some recent news from us on Real Estate Central on Lake Tahoe Television about national news and trends:
Jun 6, 2011: South Lake Tahoe and another Case Schiller Diller, pt 2.
Jun 4, 2011: South Lake Tahoe and another Case Schiller Diller, pt 1.
May 18, 2011: (part 4 in a 4-part series) Episode 4 in our Lake Tahoe Television Series about South Lake Tahoe neighborhoods.
May 16, 2011: (part 3 in a 4-part series) Episode 3 in our Lake Tahoe Television Series
May 9, 2011: (part 2 in a 4-part series) More News from Us on Lake Tahoe Television
May 3, 2011: (part 1 in a 4-part series) Yep, we're on-air Television Reporters Now.
Other videos of ours on South Lake Tahoe you may enjoy:
Apr 30, 2011: Our New Television Commercial, We Are Where the Buyers Are
Feb 11, 2011: Our Real Estate Seminar Television Commercial
Dec 11, 2010: The Lake Tahoe Weather
Dec 9, 2010: How to find and use our Bolero Button… and why you should.
Oct 20, 2010: Bijou Neighborhood video
Sep 28, 2010: A South Lake Tahoe Indian Summer
Sep 23, 2010: Emerald Bay Treetops… and a Bald Eagle
Sep 16, 2010: Walking on Water… South Lake Tahoe Style
Sep 11, 2010: Al Tahoe Neighborhood video
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