Characteristics Of South Lake Tahoe, CA 2012 Distressed Home Sales

By
Real Estate Agent with McCall Realty

South Lake Tahoe, CA distressed salesGreater Percentage of South Lake Tahoe, CA distressed sales this year than last… while housing demand continues up… and home values decline.

(Lake Tahoe Real Estate Blog / May 13, 2012 / Richard Bolen)

ere at the middle of the second quarter in 2012, lets take a look at current South Lake Tahoe, CA real estate home sales trends. The goal is to see if anything new has emerged since we last looked closely at the end of Q1.

We'll look at demand and median sold prices first, then look closely at the incidence and characteristics of South Lake Tahoe, CA distressed sales, which as you know are those that are either bank owned (REOs) or short sales.

 Demand is Up :
Over the last 365-days, we're seen an increase in South Lake Tahoe, CA home sales, over last year and the year prior. Here's the numbers:

  • Total home sales last 365-days: 565
  • Total 2011 home sales: 545
  • Total 2010 home sales: 507

The difference: At current 365-day pace, we're seeing an increase of 20 home sales over last year. This is an average of 1.5 more home sales per month.


 Prices are more of a buyers advantage
:
Over the last 365-days, South Lake Tahoe, CA median sold prices are still declining.

  • Median sold price last 365-days (Tahoe Keys not included): $227,250
  • Median sold price last 365-days (Tahoe Keys included): $239,000
  • Median sold price 2011 (Tahoe Keys not included): $240,000
  • Median sold price 2011 (Tahoe Keys included): $265,000

The difference: At current 365-day pace, we're seeing a decline in median sold home values of $12,750 (5.3%) when the Tahoe Keys is not included, and a decline of $26,000 (9.8%) when the Tahoe Keys is included.


 Incidence and Characteristics of South Lake Tahoe, CA distressed sales
:
One of the reasons for the continuing decline of South Lake Tahoe, CA home values is an increase in the number of distressed home sales.

  • Number distressed sales in the last 365-days: 295 (52.2% of total sales in the last 365-days)
  • Number 2012 distressed sales: 107 (58.5% of total 2012 sales)
  • Number 2011 distressed sales: 267 (49.4% of total 2011 sales)
  • Number Bank Owned (REO) sales in the last 365-days: 195 (34.5% of total sales in the last 365-days)
  • Number 2012 bank owned sales: 76 (41.5% of total 2012 sales)
  • Number Short sales in the last 365-days: 100 (17.7% of total sales in the last 365-days)
  • Number 2012 short sales: 31 (16.9% of total 2012 sales)

The difference: At current 365-day pace, we're seeing a slight increase in the incidence of South Lake Tahoe, CA distressed sales, 52.2% v 49.4% for 2011.

For 2012, we're seeing more of an increase in distressed sales, 58.5% this year v 49.4% in 2011.

 2012 Value of Distressed Sales v Non Distressed Sales :
The median sold values for 2012 South Lake Tahoe, CA home sales are:

  • 2012 median sold price of non distressed home sales: $290,000
  • 2012 median sold price of bank owned (REO) home sales: $191,900
  • 2012 median sold price of short sales: $226,000

Previous Lake Tahoe Real Estate Blog posts of interest:

Jan 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
November 15, 2009: Foreclosure Filings Down in October, what does it mean?

 

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