2011 South Lake Tahoe, CA Home Value Decline is 10.7%
(Lake Tahoe Real Estate Blog / October 1, 2011 / Richard Bolen)
In the current South Lake Tahoe, CA real estate market climate, we are seeing essentially the same home buyer concerns today that we've seen for some time. Those concerns are basically two: (1) have I missed anything, and (2) am I paying too much?
What's different, however, is today's home buyer seems to be looking more for a "deal" than a house. Don't get me wrong here; the house is what the buyer is buying, and it is important, but it needs to be perceived as a real deal for most buyers these days. Much more so, we find, than usual.
This will start a series of posts about current prices, Q3 South Lake Tahoe, CA real estate results, the characteristics of houses by price and size, all geared to help buyers better understand the deal they are looking for, which will help sellers better understand sales and listing thoughts and strategies at the same time.
For the post here, lets look at South Lake Tahoe, CA home values at the first of each month throughout 2011. What both buyers and sellers here will see is that South Lake Tahoe, CA home values remain in decline. It's gradual, not precipitous, but nonetheless decline.
From January 1 to September 1, the South Lake Tahoe, CA median sold price declined by $20,000. This number is the same whether the Tahoe Keys is included or not. As of today, which includes September sales reported up to mid-day on the 30th, the median sold price not including the Tahoe Keys is $250,000, a decline of $30,000 since Jan 1, or 10.7%.
Over 2011, on average, the decline in residential home values can be thought of as about $75 a day. This doesn't occur everyday, of course, but we think thinking about losing $75 a day in home value is a context that a home seller might want to understand.
The chart below tracks the South Lake Tahoe, CA median sold price since Jan 1 (Tahoe Keys is included). Seen at the first of each month, these are for all sales for the last 180-days prior.
Looking at this, we notice that the median sold prices goes up in some months, down in others. That's normal. Since the first of the year, the overall decline is 6.4%.
The chart below tracks the South Lake Tahoe, CA median sold price since Jan 1 (Tahoe Keys is NOT included). Seen at the first of each month, these are for all sales for the last 180-days prior.
Again, the median sold price fluctuates from month to month. Sometimes its lower, other months its higher, but the overall decline is 7%.
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:
Jul 19, 2011: Our Q2 South Lake Tahoe, CA report in the Tahoe Daily Tribune
Apr 2, 2011: Q1 2011 South Lake Tahoe, CA Real Estate Report
Jan 2, 2011: 2010 South Lake Tahoe Housing Demand Report
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