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South Lake Tahoe, CA Real Estate Update: Q1 Housing Results

By
Real Estate Agent with McCall Realty

South Lake Tahoe, CA Q1 2011 housing reportSouth Lake Tahoe, CA Housing: Up in demand, 5% down in value.

(Lake Tahoe Real Estate Blog / April 2, 2011 / Richard Bolen)

Well, it continues to be good news for South Lake Tahoe, CA home buyers. Home values are a $15,000 better deal for home buyers than they were six months ago.

Housing demand continues at the same pace as that of 2010, where South Lake Tahoe saw more homes sold than in any year since 2005.

The details follow, and source charts are below.

 South Lake Tahoe, CA Home Values :
Changes in South Lake Tahoe, CA home values are expressed by tracking the median sold price.

Q1 – 2011:
The median sold price for the first quarter of 2011 is: $281,250. (Tahoe Keys not included)

The Median sold price for Q1 2011 including the Tahoe Keys is $290,500.

Last 180-days:
The median sold price for the last 180-days is: $283,750. (Tahoe Keys not included)

The Median sold price for Q1 2011 including the Tahoe Keys is $299,500.

All 2010:
The median sold price for all 2010 home sales was: $299,000. (Tahoe Keys not included)

The Median sold price for Q1 2011 including the Tahoe Keys is $319,000.

The Tahoe Keys difference:
We always report two different South Lake Tahoe, CA median sold prices, with the Tahoe Keys and excluding the Tahoe Keys. There are four reasons why we do this:

  • 1. The Tahoe Keys is a singularly unique Lake Tahoe neighborhood with canals and boat docks behind most of the homes there with direct water access to the Lake. No other Lake Tahoe neighborhood has these amenities.
  • 2. When working on the value of a Tahoe Keys property, appraisers do not use comparative properties from any other neighborhood, nor do they ever include a Tahoe Keys property when appraising a home in any other neighborhood.
  • 3. Usual and customary practice of real estate agents when serving a client is the same as that of appraisers: they do not include properties from any other neighborhood when doing home value estimates for the Tahoe Keys, nor do they use a Tahoe Keys property when evaluating properties in any other neighborhood.
  • 4. The Tahoe Keys normally skews the South Lake Tahoe, CA median sold price between 4-6%. At certain times over the past year, we have seen such as high as almost 10%.

The difference the Tahoe Keys makes in the Q1 2011 median sold price: 3.2%

The difference in the median sold price over the last 180-days: 4.8%

The difference in the median sold price for all 2010 home sales: 6.3%

What this means:
South Lake Tahoe, CA home prices are still trending downward. Over the last 180-days the median sold price has edged lower from $299,000 to $283,750, or $15,250 (5.1%)

 Housing Demand :
With a focus on where we are today, here's a look at South Lake Tahoe, CA housing demand since 2005.

Number single family homes sold in the last 365-days: 515

Number homes sold in 2010: 507

Number homes sold in Q1 2011: 114

Number homes sold in Q1 2010: 104

2009 homes sold: 436
2008 homes sold: 354
2007 homes sold: 373
2006 homes sold: 438
2005 homes sold: 682

What this means:
In Q1, we have an increase of 10 homes sold over Q1 of 2010, or an increase of a little more than 3 sales per month. Over the last calendar year, there is an increase of 9 sales compared to all of 2010. Housing demand at present is the most South Lake Tahoe, CA has seen in the last 5 years, and compared to our low in 2008, we have seen an increase in today's market appetite of 142 more homes sold.

 Distressed property sales :
Distressed properties are either a bank owned home (REO) or a short sale. We've been tracking such in South Lake Tahoe since 2008.

Incidence of Q1 – 2011distressed sales: 47.4%

Incidence of Q1 – 2010 distressed sales: 58.3%

2010 distressed sales: 46.4%
2009 distressed sales: 39.9%.2
2008 distressed sales: 20%

What it means:
A little less than half of all 2011 South Lake Tahoe, CA home sales is a distressed property. The same held true for all 2010 home sales as well. While 2010 home sales showed an increase of 6.5% more distressed sales than that of 2009, we have not seen any meaningful change in the incidence of distressed property sales in the last 365 days. Q1 distressed sales this year were 10.9% less however.

 Percent $300,000 or lower sales : (What buyers are buying)
In an effort to better understand what most South Lake Tahoe, CA home buyers are buying, we've also been tracking the number of homes sold that are priced at $300,000 or below.

Incidence of Q1 – 2011 sales at this threshold: 53.5%

Incidence of Q1 – 2010 sales at $300,000 or below: 42.9%

Incidence of all 2010 homes sold at $300,000 or below: 39.8%

What it means:
About half of all South Lake Tahoe, CA homes sold today are priced at $300,000 or below. Compared to all 2010 homes sold, there is an increase in sales in this price range in Q1 of this year of 13.7%.

The chart below indicates Q1 – 2011 South Lake Tahoe, CA real estate sales activity (full size chart here).

South Lake Tahoe, CA Q1 - 2011 home sales activity

The chart below indicates all 2010 South Lake Tahoe, CA home sales activity. (full size chart here)

South Lake Tahoe, CA 2010 home sales activity.


Previous Lake Tahoe Real Estate Blog posts of interest:

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?

Comments (1)

Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

I found your stats report to be of interest...reflected, I think, in my discretionary region.

Apr 04, 2011 06:27 AM