Lake Tahoe Home Sale Report for Nevada East Shore 9/12/14

September 12, 2014

What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes and Condos for the East Shore. I just started tracking condos with homes as of October 28th, 2009 which will be give different results from previous market reports. The reason that I use this segment of the market is that it has the most influence on the general value trends.

The Lake Tahoe homes sales on the Nevada east shore are maintaining the summer pace!  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of homes on the market and the pending sales.  This past week the Market Activity Ratio had decreased by .3% to show that 15.2% of the available homes are pending sales in escrow.  This is due to the number of Lake Tahoe homes for sale decreasing by 2 as the pending sales decreased by 1.  There is 1 bank owned foreclosure and 4 short sales on the market.  The distress sales now represent 2.9% of the available inventory and 12.9% of the pending sales.

There were 4 completed sales for a YTD total of 140 sales.  The lowest sale was a townhome on Gold Hill for $287,000.  The other sales were on North Bowl for $425,000, Kent Ct for $498,000 and Cedar Ridge for $1,402,555.  This was enough to increase the 6 month average sales price by 1.6% to $1,080,840.  The average days on market are $157 days.  For more information about the market, contact your Lake Tahoe real estate agent, Jim Wire, cell 530-314-9008.

South Lake Tahoe Home Sale Weekly Report for 9/12/14

September 12, 2014

Asof July 29th, 2009, I began adding Condos to the market statistics. What you are looking at below are charts and numbers derived from the South Tahoe Association Of Realtors Multiple Listing Service for Single Family Homes and Condos. The reason that I use this segment of the market is that it has the most influence on the general value trend.

The South Lake Tahoe home sales have been on a steady course and the inventory is remaining steady as well!  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of homes for sale and the pending sales.  This past week the Market Activity Ratio had increased by .9% to show that 23.8% of the available homes for sale are pending sales in escrow.  This is due to the number of homes for sale in South Lake Tahoe increasing by 12 as the pending sales decreased by 4.  There are currently 3 bank owned foreclosures and 3 short sales available for sale.  The distress sales represent 1.8% of the available inventory and 7.7% of the pending sales.

There were 12 completed sales this past week for a YTD total of 434 sales.  The lowest sale was on 12th St for $189,000.  Most of the sales were in the $500,000 bracket.  The top three sales were on Cold Creek Tr for $565,000, Lucerne Way for $745,000 and another home on Lucerne Way for $890,000.  This had increased the 6 month average sales price by 1.3% to $435,942.  The average days on market are 107 days.  For more information, contact your South Lake Tahoe real estate agent, Jim Wire cell 530-314-9008.

 Listings per Status
%Jim Wire %Real Estate Lake Tahoe

Area Market Survey
Summary

Listings as of 09/12/14 at 9:03am
Active
Listing Price Range Quantity Average DOM
$40,000 thru $49,999 1 30
$120,000 thru $139,999 3 51
$140,000 thru $159,999 3 121
$160,000 thru $179,999 7 153
$180,000 thru $199,999 9 98
$200,000 thru $249,999 17 115
$250,000 thru $299,999 39 91
$300,000 thru $349,999 37 101
$350,000 thru $399,999 41 101
$400,000 thru $449,999 26 144
$450,000 thru $499,999 24 99
$500,000 thru $549,999 17 103
$550,000 thru $599,999 18 82
$600,000 thru $649,999 11 72
$650,000 thru $699,999 18 95
$700,000 thru $749,999 2 106
$750,000 thru $799,999 9 220
$800,000 thru $849,999 4 84
$850,000 thru $899,999 5 236
$900,000 thru $949,999 2 39
$950,000 thru $999,999 7 66
$1,000,000 thru $1,249,999 6 140
$1,250,000 thru $1,499,999 12 111
$1,500,000 thru $1,749,999 4 329
$1,750,000 thru $1,999,999 3 325
$2,000,000 thru $2,249,999 1 112
$2,250,000 thru $2,499,999 1 71
$2,500,000 thru $2,749,999 2 140
$3,000,000 thru $3,249,999 1 77
$3,250,000 thru $3,499,999 2 65
$10,000,000 or More 1 2
333 112
Summary Price Information
Minimum $47,000 Maximum $11,500,000
Average $600,966 Median $438,800
Pending
Listing Price Range Quantity Average DOM
$100,000 thru $119,999 1 98
$140,000 thru $159,999 1 98
$160,000 thru $179,999 1 147
$180,000 thru $199,999 1 177
$200,000 thru $249,999 10 82
$250,000 thru $299,999 17 76
$300,000 thru $349,999 19 96
$350,000 thru $399,999 14 78
$400,000 thru $449,999 6 108
$450,000 thru $499,999 7 115
$500,000 thru $549,999 8 115
$550,000 thru $599,999 3 71
$600,000 thru $649,999 5 62
$650,000 thru $699,999 4 123
$700,000 thru $749,999 2 153
$750,000 thru $799,999 1 141
$900,000 thru $949,999 1 93
$950,000 thru $999,999 1 110
$1,000,000 thru $1,249,999 1 86
$4,500,000 thru $4,749,999 1 497
104 98
Summary Price Information
Minimum $119,000 Maximum $4,700,000
Average $452,285 Median $364,000
Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2014 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

Area Market Survey
Summary

Listings as of 09/12/14 at 9:03am
Sold
Selling Price Range Quantity Average DOM
$80,000 thru $89,999 1 60
$100,000 thru $119,999 3 316
$120,000 thru $139,999 3 115
$140,000 thru $159,999 2 74
$160,000 thru $179,999 8 122
$180,000 thru $199,999 11 116
$200,000 thru $249,999 47 83
$250,000 thru $299,999 50 75
$300,000 thru $349,999 45 90
$350,000 thru $399,999 32 78
$400,000 thru $449,999 23 164
$450,000 thru $499,999 25 107
$500,000 thru $549,999 20 154
$550,000 thru $599,999 18 128
$600,000 thru $649,999 7 143
$650,000 thru $699,999 9 142
$700,000 thru $749,999 8 113
$750,000 thru $799,999 6 80
$800,000 thru $849,999 1 350
$850,000 thru $899,999 3 135
$900,000 thru $949,999 1 98
$1,000,000 thru $1,249,999 3 114
$1,250,000 thru $1,499,999 4 145
$1,750,000 thru $1,999,999 1 454
$2,000,000 thru $2,249,999 1 0
$4,000,000 thru $4,249,999 1 45
$5,000,000 thru $5,999,999 1 48
334 107
Summary Price Information
Minimum $87,500 Maximum $5,750,000
Average $435,942 Median $349,000
Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2014 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

Lake Tahoe Home Sale Weekly Report for Nevada East Shore 9/4/14

September 4, 2014

What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes and Condos for the East Shore. I just started tracking condos with homes as of October 28th, 2009 which will be give different results from previous market reports. The reason that I use this segment of the market is that it has the most influence on the general value trends.

Consistency is the key word for home sales in Lake Tahoe on the Nevada east shore!  Is this the result of a stable market! To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of homes available on the market and the pending sales.  This past week the Market Activity Ratio had increased by .1% to show that 15.5% of the available homes are pending sales in escrow.  This is the result of the number of homes available on the market increasing by 5 as the pending sales increased by 1.  There are now 1 bank owned foreclosure and 4 short sales currently on the market. The distress sales now represent 2.9% of the available inventory and 12.5% of the pending sales.

There were 4 completed sales this past week for a YTD total of 136 sales.  The lowest sale was a town home on Tramway for $182,500.  The top three sales was a town home on Cave Rock Dr for $448,000 and two single family homes on Kent Ct for $498,000 and lakefront home on Skyland Dr for $5,150,000.  This had increased the 6 month average sales price by 2.2% to $1,064,284.  The average days on market are 154 days.  For more information, contact your local, Lake Tahoe real estate agent, Jim Wire, cell 530-314-9008 or email jim@hotwiretotahoe.com

South Lake Tahoe Home Sale Weekly Report 9/4/14

September 4, 2014

Asof July 29th, 2009, I began adding Condos to the market statistics. What you are looking at below are charts and numbers derived from the South Tahoe Association Of Realtors Multiple Listing Service for Single Family Homes and Condos. The reason that I use this segment of the market is that it has the most influence on the general value trend.

Homes sales in South Lake Tahoe have been consistent as values show stabilization!  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of homes on the market and pending sales.  This past week the Market Activity Ratio had slightly decreased by .3% to show that 22.9% of the available homes for sale are pending sales in escrow.  This is the result of the number of homes available on the market decreasing by 1 as the pending sales decreased by 2.  There are 3 bank owned foreclosures and 2 short sales currently on the market.  The distress sales represent 1.5% of the available inventory and 10% of the pending sales.

This past week there were 10 completed sales for a YTD total of 422 sales.  The lowest priced sale was on Ponderosa St for $142,000.  Most of the sales were under $385,000.  The top three sales were on Aztec Way for $530,000, Lassen Dr for $780,000 and Saddle Rd. for $1,127,500.  This did increase the 6 month average sales price by 1.3% to $430,547.  The average days on market are 107 days.  For more information, contact your local South Lake Tahoe real estate agent, Jim Wire, cell 530-314-9008 or email jim@hotwiretotahoe.com.

Listings per Status
%Jim Wire %Real Estate Lake Tahoe

Area Market Survey
Summary

Listings as of 09/04/14 at 7:56pm
Active
Listing Price Range Quantity Average DOM
$40,000 thru $49,999 1 22
$120,000 thru $139,999 2 67
$140,000 thru $159,999 3 113
$160,000 thru $179,999 6 160
$180,000 thru $199,999 9 90
$200,000 thru $249,999 17 110
$250,000 thru $299,999 43 83
$300,000 thru $349,999 37 104
$350,000 thru $399,999 38 105
$400,000 thru $449,999 29 129
$450,000 thru $499,999 23 106
$500,000 thru $549,999 17 97
$550,000 thru $599,999 19 75
$600,000 thru $649,999 11 82
$650,000 thru $699,999 17 96
$700,000 thru $749,999 2 98
$750,000 thru $799,999 9 212
$800,000 thru $849,999 4 79
$850,000 thru $899,999 5 228
$900,000 thru $949,999 2 31
$950,000 thru $999,999 7 58
$1,000,000 thru $1,249,999 5 151
$1,250,000 thru $1,499,999 14 121
$1,500,000 thru $1,749,999 3 387
$1,750,000 thru $1,999,999 5 251
$2,000,000 thru $2,249,999 1 104
$2,250,000 thru $2,499,999 1 63
$2,500,000 thru $2,749,999 2 132
$3,000,000 thru $3,249,999 2 125
$3,250,000 thru $3,499,999 2 57
336 110
Summary Price Information
Minimum $47,000 Maximum $3,495,000
Average $582,190 Median $438,900
Pending
Listing Price Range Quantity Average DOM
$100,000 thru $119,999 1 90
$140,000 thru $159,999 1 90
$160,000 thru $179,999 2 99
$180,000 thru $199,999 2 119
$200,000 thru $249,999 10 91
$250,000 thru $299,999 14 80
$300,000 thru $349,999 15 82
$350,000 thru $399,999 14 75
$400,000 thru $449,999 4 143
$450,000 thru $499,999 8 115
$500,000 thru $549,999 10 123
$550,000 thru $599,999 3 113
$600,000 thru $649,999 3 70
$650,000 thru $699,999 4 115
$700,000 thru $749,999 2 145
$750,000 thru $799,999 2 87
$900,000 thru $949,999 2 116
$950,000 thru $999,999 1 102
$1,000,000 thru $1,249,999 1 78
$4,500,000 thru $4,749,999 1 489
100 100
Summary Price Information
Minimum $119,000 Maximum $4,700,000
Average $465,265 Median $379,450
Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2014 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

Area Market Survey
Summary

Listings as of 09/04/14 at 7:56pm
Sold
Selling Price Range Quantity Average DOM
$80,000 thru $89,999 1 60
$100,000 thru $119,999 3 316
$120,000 thru $139,999 3 115
$140,000 thru $159,999 2 74
$160,000 thru $179,999 9 118
$180,000 thru $199,999 10 121
$200,000 thru $249,999 47 86
$250,000 thru $299,999 53 74
$300,000 thru $349,999 46 91
$350,000 thru $399,999 36 81
$400,000 thru $449,999 23 164
$450,000 thru $499,999 24 104
$500,000 thru $549,999 18 159
$550,000 thru $599,999 16 129
$600,000 thru $649,999 8 141
$650,000 thru $699,999 10 133
$700,000 thru $749,999 7 123
$750,000 thru $799,999 6 80
$800,000 thru $849,999 1 350
$850,000 thru $899,999 2 129
$900,000 thru $949,999 1 98
$1,000,000 thru $1,249,999 3 114
$1,250,000 thru $1,499,999 4 145
$1,750,000 thru $1,999,999 1 454
$2,000,000 thru $2,249,999 1 0
$4,000,000 thru $4,249,999 1 45
$5,000,000 thru $5,999,999 1 48
337 107
Summary Price Information
Minimum $87,500 Maximum $5,750,000
Average $430,547 Median $347,000
Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2014 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

Selling Tips for Homeowners

September 2, 2014

South Lake Tahoe is a second home market.  A high percentage of our buyers come from out of the area.  What I hear most from the buyers is that they want to buy something in already good condition.  Their concern is that they don’t want to be faced with making any major repairs or upgrades themselves because they know it’s a challenge to work with contractors from long distances.  Because there are no statistics to quantify value for condition, it’s hard to know the exact impact on values.  However, as an experienced Lake Tahoe real estate agent, I can tell you that the homes in better condition will sell quicker and for higher prices.

So what can you do to prepare your home and get it into the best condition as possible?  You have probably already acquainted yourself with all kinds of articles regarding this issue.  So I won’t get into specific details.  The easiest and least expensive tactic is to give your home a fresh and clean look.  This can be achieved by simply decluttering and deep cleaning your home.  A step further would include fresh paint and doing minor repairs.

Homes that are dated back to a decade or longer will most likely need several upgrades.  In most cases, I find that homeowners do not have the time or money to do any major repairs nor upgrades.  Mechanical upgrades such as a furnace or water heater do not do much for the value of your home but they may become issues after a buyer does their home inspections.  A newer roof and windows may not add a lot more value but a buyer does take it into consideration and it will sell the home quicker.  The more visual impact an upgrade has, the more likely it will make a huge difference in value and time that it takes to sell.  These upgrades may be things such as stylish kitchens and bathrooms, wood floors, lighting, layout, fireplaces and exterior landscaping.

Unfortunately, when a homeowner makes a decision to sell, it is a decision that is more spontaneous rather than something that is planned.  The reality is that most homeowners are not prepared and prefer to sell their homes “As Is”.  They are not willing or they may not have the resources and time to make large improvements before putting their home on the market.  If that is the case and it usually is, then pricing your home competitively becomes more critical.

When it comes to pricing your home, your goal should be to price it just below the competition.  This will help it to sell quicker and avoid any negative stigmitation as it lingers on the market. It’s not always obvious what that number is because Lake Tahoe neighborhoods are not homogeneous.  In most cases, you are comparing apples to oranges.  Sometimes a property is very unique or the sales are nonexistent and there are no comparables.  Then you feel like you are plucking numbers from the air.  Lake Tahoe home values can be a challenge and your best valuation will come from an experienced, local real estate agent.  Websites such as Zillow.com and Trulia are hit and miss which doesn’t make them the most reliable source for an accurate home valuation especially in Lake Tahoe.

If you are thinking about selling your home, then set aside some time for preparation.  Start packing away things that clutter the home and leave only the essentials.  Do a deep cleaning that involves steam cleaning carpets, oven, closets, and anything else that is not cleaned on a regular basis.  Additionally, make repairs on mechanical systems that you may have been putting off.  A buyer will notice if a home is clean and maintained well.  A good impression will help to overcome any issues regarding upgrades.  It is also a small investment for a greater return.  For more questions or a home valuation, contact your South Lake Tahoe real estate agent, Jim Wire, cell 530-314-9008 or email jim@hotwiretotahoe.com.

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