The Current State of the South Lake Tahoe Real Estate Market (a/o Feb. 5, 2008)

Five key market indicators: Demand, Supply, Escrow, Prices, Absorption.

(LAKE TAHOE REAL ESTATE BLOG) The following is a summary of all key real estate market indicators for South Lake Tahoe,  CA at this time. Details for each of the five key indicators follows.

 Demand :

• There were 373 homes sold in South Lake Tahoe, CA in 2007.
• Compared to 2006, this is a decline in demand of  65  home sales (15%).

 Supply :

• There are 373 homes available on the market at present.
• Current inventory is  10  listings more than this approximate date in 2006.
• At current market performance rates, it will take 12.4 months to sell all of the homes that are on the market now.

 Escrow :

• There are  40  homes in escrow at present.
• There are   5  fewer homes in escrow at present than at this time last year.
• The median price of  current homes in escrow is $409,450. This suggests a continued, though slight decline in price.

 Prices :

• The Median Sold price for all home sales in the last 180 days is  $403,635 .
• Median Sold Price has declined throughout all of 2007, and into 2008, though only slightly.
• This figure has ranged from a high of $455,000 to $402,250 within the last 365 days. (90-day and 30-day results are included within 180-day results)
• This represents a 12.3% reduction in the Median Sold Price as compared to 2006.

 Absorption :

• The current average monthly absorption rate is 30.2 home sales per month.
• The South Lake Tahoe, CA real estate market averaged 31 home sales per month in 2007.
• This is a decline of  6  sales per month compared to 2006 (27%)

Here are the details:

Demand:

• The total number of home sales for 2007 was 373.
• The total number of home sales in the last 365 days is 363.
• The total number of home sales in 2006 was 438.
• The total number of home sales in 2005 was 682.
• The total number of home sales in 2004 was 843.

Supply (Inventory)

• The current number of homes available for sale in South Lake Tahoe, CA is 373.
• The total number of homes available for sale about this date a year ago was 362.

Escrow:

• The number of homes in escrow at present is 40.
• The number of homes in escrow at noted at various dates throughout 2007 has ranged from 38 to 54.
• The number of homes in escrow a year ago about this date was 45.

Median Sold Price: (not including The Tahoe Keys)

• The Median Sold Price for all South Lake Lake Tahoe homes in 2007 was $425,000.
• The Median Sold Price for all South Lake Lake Tahoe homes in the last 180 days is $403,625.
• The Median Sold Price for all South Lake Lake Tahoe homes in the last 365 days is $425,000.
• The Median Sold Price for a South Lake Lake Tahoe home in 2006 was $460,000.
• The Median Sold Price for a South Lake Lake Tahoe home in 2005 was $455,000.

Monthly Absorption Rate (average number home sales per month)

• The South Lake Tahoe real estate market is averaged 31 home sales per month in 2007.
• For the last 365 days, the South Lake Tahoe real estate market has averaged 30.2 home sales per month.
• For the last 180 days, the South Lake Tahoe real estate market has averaged 30.5 home sales per month.
• For the last 90 days, the South Lake Tahoe real estate market has averaged 25 home sales per month.
• The South Lake Tahoe real estate market averaged 37 home sales per month in 2006.
• The South Lake Tahoe real estate market averaged 57 home sales per month in 2005.
• The South Lake Tahoe real estate market averaged 68 home sales per month in 2004.

What it all Means:

• Sold Prices have come down by 12% .
• Demand is down by 15%.
• There are  many excellent opportunities to Buy .

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