A Study of the South Lake Tahoe, CA median sold house (1,500 sq ft).
(Lake Tahoe Real Estate Blog / August 15, 2011 / Richard Bolen)
Think average, but with greater detail and certainty, that's what the median sold price is, and for this study, which will come in three posts, we're going to look at the median sold South Lake Tahoe house from the POV of a seller, that of a buyer and we'll look at the effect of listing a that house at too high a price.
So this is part 1 in a 3-part series. The source chart is below, and for this particular study from a seller's POV we looked at house sizes within 15% of either side of 1,500 sq ft, which is consistent with licensed appraisal standards.
In other words data herein is derived from all South Lake Tahoe, CA single family homes sold between 1,275 and 1725 sq ft since 2003, and the 1,500 sq ft house is pin-pointed right in the middle. The Tahoe Keys is not included.
The characteristics that most interest a seller about the 1,500 sq ft South Lake Tahoe, CA house are:
The chart above indicates the median sold price of the 1,500 sq ft South Lake Tahoe, CA house since 2003.
- It is $21,000 less than it was at the beginning of 2011.
- It is $31,000 less that it was at the end of 2009.
- It is $216,000 less that it was at the market high of 2005.
The chart above indicates the average price per sq ft of the 1,500 sq ft South Lake Tahoe, CA house since 2003.
- It is $17 per sq ft less than it was at the beginning of 2011.
- It is $34 per sq ft less than it was at the end of 2009.
- It is $163 per sq ft less than it was at our market high in 2005.
The chart above indicates the average age of the 1,500 sq ft South Lake Tahoe, CA house since 2003.
- The average year built of all sales in this size range since 2003 is 1973.
- Because of environmentally friend growth restrictions, the average house age varies little.
- Houses that were 28 years old in 2003, for example, are the same age now as the average age of houses sold this year.
- Newer houses obviously sell higher in all size ranges than houses that are older.
The chart above indicates demand for the 1,500 sq ft South Lake Tahoe, CA house since 2003.
- It is 35 home sales less today than it was for all of 2010.
- There were 14 more homes sold in this range in 2010 compared to 2009.
- The average pace of homes sold in this range this year, about 9 sales per month, is essentially the same as last year.
- At this rate, demand for the 1,500 South Lake Tahoe, CA house will still be 60% below that of our market high of 294 homes sold in this size range in 2004.
The chart above indicates percent distressed sales of 1,500 sq ft South Lake Tahoe, CA houses since 2009.
- Only data for the last three years is used because prior distressed data is incomplete.
- There is a 15.3% increase in distressed sales in this size range this year over last.
- If a sellers home is not distressed, distressed properties are still within the seller's competition mix.
The chart below is the source of this study: (see it in full size here)
Some previous Lake Tahoe Real Estate Blog posts of you may find helpful:
July 5, 2011: Characteristics of the Median Sold South Lake Tahoe House
Apr 2, 2011: Q1 2011 South Lake Tahoe, CA Real Estate Report
Jan 2, 2011: 2010 South Lake Tahoe Housing Demand Report
Nov 16, 2010: What People are Buying: South Lake Tahoe 2010 Home Sales per Month
Oct 2, 2010: On Target with South Lake Tahoe, CA Homes for sale
August 31, 2010: US Home Prices Up… what about South Lake Tahoe?
August 27, 2010: I Woke Up this Morning… to the South Lake Tahoe Blues.
July 1, 2010: South Lake Tahoe Foreclosures: No Change Yet.
May 15, 2010: Where is the New Foreclosures Deluge?