Houses are bigger and big time less costly in South Lake Tahoe, CA these days.
(Lake Tahoe Real Estate Blog / February 10, 2010 / Richard Bolen)
Home buyers these days are looking for two essential things: a great deal, and comfort that they are not paying too much.
Today the median sold price of the South Lake Tahoe, CA home is $225,000. This is based on all single family home sales in the last 180-days with the Tahoe Keys not included. If the Tahoe Keys is included, the median sold price is $235,000.
In the last 365-days 541 single family homes have sold. Of these, 278, or 51.3% were distressed properties (bank owned or short sales).
Characteristics of the Median Sold House :
Think of the characteristics of a house as those essential elements that you find of the most interest. It is these characteristics, when looked at over time, that define whether a house is a good deal or not.
At the same time, these characteristics, when viewed comparatively, indicate whether you are paying too much or not.
Lets look at four key house characteristics, all within the price-range of $200,000 – $249,999, which covers today's median sold South Lake Tahoe house:
Age :
Today's median house is essentially the same age as it was last year, or five years ago. This is due to South Lake Tahoe basin environmental growth control restrictions. There are new houses that are built and sold here for sure, but average year built has not varied by more than 5 years for the last decade.
Size :
Today's median house is 113% bigger than it was in 2005. It is 48 sq ft larger than it was in 2010, and 227 sq ft bigger than it was in 2009.
In other words, today's median South Lake Tahoe house is 714 sq ft bigger than it was at our market high back in 2005.
This is a much better deal for home buyers.
Cost :
Today's median house costs 57% less per square foot than it did in 2005. It costs $14 per sq ft less than it did in 2010, and $45 sq ft less than it did in 2009.
The 57% less per square foot savings today's buyer saves in purchasing a house in this price range is a $225 per square foot better deal.
Demand :
There were only 5 homes sold in this price range in 2006 and 2007; only 6 sold in 2005. This is not because of lack of demand; there were simply that few homes on the market. All were for the most part listed, and sold for much higher.
There were 17 more sales of homes in this price range in 2011 then there were in 2010.
In the last 365-days, 92 homes have sold in this price-range. For a seller this means that 92 homeowners have sold successfully.
For a buyer this means that 92 home buyers have found the deal they are looking for in this price range in the last year. THIS MEANS YOU CAN TOO.
Our last post about South Lake Tahoe median sold house characteristics:
Oct 19, 2011: The South Lake Tahoe House Now and Then
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Jul 5, 2011: Awesome Fireworks Finale: South Lake Tahoe, July 4, 2011
Dec 9, 2010: How to find and use our Bolero Button… and why you should.
Oct 20, 2010: Bijou Neighborhood video
Sep 28, 2010: A South Lake Tahoe Indian Summer
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Sep 16, 2010: Walking on Water… South Lake Tahoe Style
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