Demand Up, Prices Down, Distressed Property Sales and Sales under $300,000 Increasing.
(Lake Tahoe Real Estate Blog / April 18, 2012 / Richard Bolen)
This is the bottom line for the first quarter 2012 for the South Lake Tahoe, CA housing market: housing demand is up by 9 home sales over this same time period last year; home values are down by 9.5% from what they were at the beginning of the year; the percentage of distressed properties sold has increased by 28% over what they were in Q1 of last year, and the percentage of properties sold under $300,000 increased by 3%.
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 Q1 2012 sales: 125
- Q1 2011 sales: 116
- Number homes sold last 365-days: 557
- Number 2011 home sales: 545
The difference: The first quarter in 2012 has nine more homes sold, and the pace in the last 365-days has twelve more home sales than that of 2011.
Median Sold Price :
In the first quarter, South Lake Tahoe, CA median home values declined by 9.5% from what they were at the beginning of the year.
- 2012 Q1 Median Sold Price (w Tahoe Keys): $223,175
- 2012 Median Sold Price (Tahoe Keys not included): $217,000
- 2011 Median Sold Price (w Tahoe Keys): $265,000
- 2011 Median Sold Price (Tahoe Keys not included): $240,000
Median sold home values declined in Q1 this year by $41,825 when the Tahoe Keys is included. If the Tahoe Keys is not included, the Q1 decline in median sold home values is $23,000 off what it was last year.
The effect of the Tahoe Keys homes on the South Lake Tahoe, CA median home values in Q1 2012 is 2.8% ($6,175 higher). Last year that same number was 3.2% ($9,250 higher).
Distressed Sales :
The percentage of South Lake Tahoe, CA distressed properties sold (bank owned and short sales) is 28% higher in Q1 2012 than it was at the same time in 2011.
- 2012 Q1 Bank Owned Sales (REO's): 52
- 2011 Q1 Bank Owned Sales: 34
- 2012 Q1 Short Sales (REO's): 23
- 2010 Q1 Short Sales: 19
- 2011 Bank Owned Sales (REO's): 171
- 2010 Bank Owned Sales: 156
- 2011 Short Sales (REO's): 95
- 2010 Short Sales: 79
The difference: an increase of 21 more distressed sales in the first quarter of this year compared to last year.
Homes Sold Under $300,000 :
The number of Q1 South Lake Tahoe, CA homes that sold below $300,000 increased by 3% this year compared to the same time last year.
- 2012 Q1 homes sales under $300,000: 53
- 2011 Q1 home sales under $300,000: 46
The difference: 7 more homes sold under $300,000 in Q1 this year compared to Q1 last year.
Average Size :
The average size of Q1 South Lake Tahoe, CA homes sold this year was 131 sq ft smaller than Q1 homes sold last year (Tahoe Keys not included).
- Average size Q1 2012 homes sold (Tahoe Keys not included): 1,606
- Average Q1 2011 size: 1,737
The difference: a decline in size of only 131 sq ft, or .7% (point-seven).
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 Q1 2012 homes sold: 1975
- Average age of Q1 2011 homes sold: 1979
- Average age of all 2011 homes sold: 1977
- Average age of all 2010 homes sold: 1979
The difference: Q1 home sales this year were on average 4 years older than Q1 homes sold last year.
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 Q1 2012 South Lake Tahoe, CA luxury homes sold: 2
- Number Q1 2011 luxury homes sold: 0
- Number 2011 luxury homes sold: 9
- Number sold in 2010: 12
The difference: 2 more luxury homes sold in Q1of this year than last.
The chart below is the source for all Q1 2012 South Lake Tahoe, CA home sales in this report. (Full size here)
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:
Jasn 4, 2012: Final 2011 South Lake Tahoe, CA Real Estate Report
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?
Distressed Sales, Home Values, Lake Tahoe Real Estate Blog, Median Sold Prices, Q1 South Lake Tahoe sales, Real Estate Agents, REOs, short sales, South Lake Tahoe Home Sales, South Lake Tahoe real estate trends and conditions