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

More Distressed Sales and a few more High End sales above $5M characterize Stateline, NV 2011 real estate market.

(Lake Tahoe Real Estate Blog / January 12, 2012 / Richard Bolen)

This is the 2011 bottom line for the Nevada side of our South Lake Tahoe real estate market: demand was down slightly; median home values were about the same as last year; the percentage of distressed properties was higher, and luxury home sales over $1M were about the same in number, but notably higher above $5M.

The chart below is the source material for this report. Now for the details:

 Number Homes Sold :
Slightly fewer homes sold in Stateline, NV in 2011 than in 2010.

• Total 2011 sales: 86
• 2010 sales: 91

The difference: Five fewer single family homes sold in 2011 than last year.

 Median Sold Price : (home values)
The 2011 Stateline, NV median sold price was little changed in 2011 compared to 2010.

• 2011 Median Sold Price (w Glenbrook and Lakefront Properties): $575,000
• 2011 Median Sold Price (w/out Glenbrook and Lakefront Properties): $530,150

• 2010 Median Sold Price (w Glenbrook and Lakefront Properties): $570,000
• 2010 Median Sold Price (w/out Glenbrook and Lakefront Properties): $519,900

The difference: From 2010 to 2011, with Glenbrook and Lakefront Properties included, the Stateline, NV median sold price increased by $5,000, or only .8% (point-eight).

From 2010 to 2011, with Glenbrook and Lakefront Properties not included, the Stateline, NV median sold price increased by $10,250, or by only 1.9%.

In 2011 luxury homes in Glenbrook and Lakefront Properties added $48,850 (7.8%) to the Stateline, NV median sold price. In 2010 that same contribution was $50,100, or 8.8%.

  Distressed Sales : (bank owned properties and short sales)
The percentage, or incidence of Stateline, NV distressed properties sold was 9.4% higher in 2011 than it was in 2010.

• 2011 Bank Owned Sales (REOs): 16
• 2010 Bank Owned Sales: 8

• 2011 Short Sales: 11
• 2010 Short Sales: 12

• Total 2011 distressed sales: 27 (31.4%)
• Total 2010 distressed sales: 20 (22%)

The difference: There were twice as many bank owned sales (REOs) in Stateline, NV in 2011 than there were in 2010. Overall there were 7 more distressed sales in 2011 than in 2010, which amounted to a difference in 7 more overall.

 Observations on Listing Price :
The average original list price was higher in 2011 than in 2010, which to a degree had to do with more high-end luxury homes to hit the market this year that were priced above $5M than in 2010 (6 v. 2). The percent homes were reduced off of their original list price in order to get sold was essentially the same in 2011 as it was in 2010, however.

• 2011 average original list price: $1,637,924
• 2010 avg original list price: $1,238,767

The difference: The average list price was $362,650 higher in 2011 than it was in 2010. That same numerical difference was $282,986 in 2010.

• 2011 percent reduction off original list price to get a home sold: 22.1%
• 2010 percent reduction: 22.8%

The difference: Well, there really was none (less than 1%).

 Observations on Luxury Home Sales :
There was essentially no difference in the number of Stateline, NV luxury home sales at $1M or more in 2011 compared to 2010. There were three times as many homes that sold at $5M or more this year than last, however.

• 2011 sales between $1M and $2M: 8
• 2010 sales in the same range: 16

• 2011 sales between $2M and $3M: 2
• 2010 sales in the same range: 2

• 2011 sales between $3M and $4M: 2
• 2010 sales in the same range: 0

• 2011 sales between $4M and $5M: 3
• 2010 sales in the same range: 3

• 2011 sales over $5M: 6
• 2010 sales in the same range: 2

The difference: There were 2 more luxury home sales in 2010 than in 2011, but there were 4 more ultra high-end sales in 2011 than in 2010.

The chart below is the source for this report:

Some previous Lake Tahoe Real Estate Blog posts about the NV side of the South Lake Taheo real estate market:

Jan 5, 2011: Final Stateline, NV 2010 home sales report
May 16, 2009: South Lake Tahoe 2009 Home Sales: Stateline, NV
Jul 27, 2010: U.S. Home Prices Increase… so what about South Lake Tahoe?
Feb 11, 2010: South Lake Tahoe, NV Home Sales in the last 365 days
Dec 21, 2009: South Lake Tahoe, NV: Stateline Home Sales in the last 365 Days