A Study of the South Lake Tahoe, CA House between $250,000 – $299,999 (the 1,500 sq ft house)
(Lake Tahoe Real Estate Blog / August 18, 2011 / Richard Bolen)
This study is in three posts, and in it we're looking at the median sold South Lake Tahoe house from the POV of a seller, that of a buyer and at the effect of listing that house at too high a price.
This is part 2 in this 3-part series. The source chart is below, and for this particular study from a buyer's POV, we looked at home sales between $250,000 and $299,999, which is the price range of the median sold South Lake Tahoe house.
What this study is designed to do is help the South Lake Tahoe home buyer with two key issues: (1) it helps a buyer better recognize the deal they are looking for, and (2) it helps a buyer become comfortable that they are not paying too much. The basis for this comfort is detailing to what extent today's house is newer, bigger and more affordable than at any time in the last 8 years.
As of this moment the South Lake Tahoe, Ca median sold price is $265,500. This is based on all home sales in the last 180-days. The Tahoe Keys is not included. At the first of this year, the median sold price based on the same criteria was $285,000.
The data herein is derived from all South Lake Tahoe, CA single family homes sold since 2003 (again the Tahoe Keys is not included, and here that is of little consequence because there are no Tahoe Keys sales in this price range).
The characteristics that most interest a buyer about the $250,000 – $299,999 South Lake Tahoe, CA house are:
The chart above indicates the average age of the $250,000 – $299,999 South Lake Tahoe, CA house since 2003.
- It is about the same average age as last year.
- It is 17 years newer than the house that sold for the same price in 2006.
- In other words, it's a 30% better deal in terms of age than houses in this price range at the market high 6 years ago.
The chart above indicates the average price per sq ft of the $250,000 – $299,999 South Lake Tahoe, CA house since 2003.
- It is an average of $16 per sq ft less than it was at the end of 2010.
- It is an average of $224 per sq ft less than it was at the market high of 2006.
- In other words. it's a 54% better deal for buyers that it was 5 years ago.
The chart above indicates the average size of the $250,000 – $299,999 South Lake Tahoe, CA house since 2003.
- It is 112 sq ft bigger than it was last year.
- It is 444 sq ft bigger than it was in 2008.
- It is 759 sq ft bigger than it was at our market high in 2006.
- It is a 99% better deal for home buyers in terms of size than it was 6 years ago.
The chart above indicates demand for the $250,000 – $299,000 South Lake Tahoe, CA house since 2003.
- Current demand is on a somewhat slower pace than last year, about one sale per month less.
- As of today, there are still twice as many sales in this price range as there were in 2006, and almost twice as many as 2005 as well.
- What this means is there were few homes available in this price range during our market high five and six years ago: most were priced higher.
- Today's buyer, therefore, has much more choice at a lower price point than at any time in the last 8 years.
The chart below is the source of this study: (see it in full size here)
Part 1 in this 3-part series: South Lake Tahoe house characteristics from a Sellers POV
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?
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