2011 South Lake Tahoe, CA Year-End Real Estate Report

Demand Up, Prices Down, Distressed Property Sales about the Same.

(Lake Tahoe Real Estate Blog / January 4, 2012 / Richard Bolen)

This is the 2011 bottom line for our South Lake Tahoe, CA housing market: demand was up by 6.7%; home values were down by 19.7%; the percentage of distressed properties sold was about the same, and the percentage of properties sold under $300,000 increased by 17.7%.

The charts below are the source materials for this report. Now for the details:

  Number Homes Sold :
More homes sold in South Lake Tahoe in 2011 than in 2010.

• Total 2011 sales: 541
• 2010 sales: 507

The difference: 34 homes sold, or an increase of 6.7% in 2011 South Lake Tahoe, CA housing demand.

  Median Sold Price :
South Lake Tahoe, CA median home values declined in 2011 by 19.7% compared to 2010.

• 2011 Median Sold Price (w Tahoe Keys): $265,000
• 2011 Median Sold Price (Tahoe Keys not included): $240,000

• 2010 Median Sold Price (w Tahoe Keys): $319,000
• 2010 Median Sold Price (Tahoe Keys not included): $299,000

The difference:
From 2010 to 2011 (w Tahoe Keys): median sold price decline of $54,000, or 16.9%.
With the Tahoe Keys not included: a decline of $59,000, or 19.7%.

The difference in the effect of Tahoe Keys homes on the South Lake Tahoe, CA median home values was 9.4% in 2011 compared to 6.3% in 2010.

  Distressed Sales :
The percentage of South Lake Tahoe, CA distressed properties sold (bank owned and short sales) was similar in 2011 to that of 2010.

• 2011 Bank Owned Sales (REO's): 171
• 2010 Bank Owned Sales: 156

• 2011 Short Sales (REO's): 95
• 2010 Short Sales: 79

• Total 2011 distressed sales: 266, or 49.1% of all 541 total South Lake Tahoe, CA homes sold.
• Total 2010 distressed sales: 235, or 46.4% of all 507 total homes sold.

The difference: an increase of 2.7% in the percentage of distressed homes sold in South Lake Tahoe, CA in 2011 compared to 2010.

  Homes Sold Under $300,000 :
Both the number and percentage of South Lake Tahoe, CA homes sold under $300,000 increased in 2011 compared to 2010.

• 2011 homes sold under $300,000: 311, or 57.5%.
• 2010 homes sold under $300,000: 202, or 39.8%.

The difference: 109 more homes sold under $300, 000 in South Lake Tahoe, CA in 2011 compared to 2010 (an increase of 17.7%).

  Average Size :
The average size of the South Lake Tahoe, CA house sold in 2011 (not including the Tahoe Keys) decreased slightly compared to 2010.

• Average size all 2011 homes sold (Tahoe Keys not included): 1,674
• Average 2010 size: 1,793

The difference: a decline in size of only 119 sq ft, or 6.6%.

  Average Age :
Because of South Lake Tahoe, CA environmental growth restrictions, which are a benefit to all area homeowners and future buyers, the average age of a house is rather constant. Most homes here were built in the 1970's, many of which have been remodeled, and of course some not.

• Average age of all 2011 homes sold: 1977
• Average age of all 2010 homes sold: 1979

The difference: 2011 homes sold were on average 2 years older than those of 2010. This less-than-1% difference is likely due to the slight increase in distressed property sales and the larger increase in the number of homes sold below $300,000. This such incidence usually produces sales in smaller and older homes, but here again these changes are minimal in terms of either significance or value.

  Luxury Home Sales :
A luxury home in this report about South Lake Tahoe, CA is defined as any home with a value of $1M or more. (Usually there are many more luxury homes sold on the Nevada side of the South Lake Tahoe market.)

• Number 2011 South Lake Tahoe, CA luxury homes sold: 9
• Number sold in 2010: 12

The difference: 3 fewer luxury homes sold in 2011 than in 2010 (25% decline).

The chart below is the source for all 2011 South Lake Tahoe, CA home sales in this report. (Full size here)

The chart below is the source for all 2010 South Lake Tahoe, CA home sales in this report. (Full size here)

Previous Lake Tahoe Real Estate Blog posts of interest:

Oct 2, 2011: Q3 2011 South Lake Tahoe, CA Real Estate Report
Jul 6, 2011: Q2 2011 South Lake Tahoe, CA Real Estate Report
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
Nov 15, 2010: South Lake Tahoe 2010 Home Sales: Where We Are Now
Oct 9, 2010: Analysis of 2010 South Lake Tahoe, CA homes for sale
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?
November 15, 2009: Foreclosure Filings Down in October, what does it mean?