Lake Tahoe Home Sale Weekly Report for the Nevada East Shore 7/24/14

July 24, 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 home sales on the Nevada east shore has spiked this past week as well!  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 increased by 2.6% to show that 22.1% of the available homes for sale are now pending sales in escrow.  This is due to the number of homes for sale decreasing by 2 as the pending sales increased by 6.  There is 1 bank owned foreclosure and 3 short sales currently on the market.  The distress sales now represent 2.5% of the available inventory and 20% of the pending sales.

There were 2 completed sales this past week for a YTD total of 100 sales.  The sales were on Paiute for $650,000 and Glenbrook Road for 2,100,000.  This had increased the 6 month average sales by .8% to $1,008,948.  The average days on market are 155 days.

South Lake Tahoe Home Sale Weekly Report 7/24/14

July 24, 2014

As of 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.

This past week their was a spike in the South Lake Tahoe home sales.  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 2.2% to show that 24.1% of the available homes for sale are now pending sales in escrow.  This is due to the number of available homes decreasing by 4 as the pending sales increased by 11.  There are only 2 bank owned foreclosures and 2 short sales on the market.  The distress sales now only represent 1.2 of the available inventor and 11.7% of the pending sales.

There were 11 completed sales this past week for a YTD total of 328 sales.  Most of the sales were below $380,000 with the lowest sale at $122,000.  The top two sales were on Delta St for $495,000 and Cathedral Ct for $653,250.  This had decreased the 6 month average sales price by .3% to $402,989.  The average days on market are 116 days.

Listings per Status
%Jim Wire %Real Estate Lake Tahoe

Area Market Survey
Summary

Listings as of 07/24/14 at 9:49pm
Active
Listing Price Range Quantity Average DOM
$100,000 thru $119,999 1 48
$120,000 thru $139,999 1 86
$140,000 thru $159,999 3 63
$160,000 thru $179,999 9 142
$180,000 thru $199,999 8 88
$200,000 thru $249,999 15 86
$250,000 thru $299,999 35 68
$300,000 thru $349,999 41 96
$350,000 thru $399,999 42 81
$400,000 thru $449,999 25 139
$450,000 thru $499,999 21 84
$500,000 thru $549,999 29 87
$550,000 thru $599,999 9 67
$600,000 thru $649,999 12 87
$650,000 thru $699,999 14 100
$700,000 thru $749,999 7 68
$750,000 thru $799,999 8 164
$800,000 thru $849,999 7 124
$850,000 thru $899,999 3 277
$900,000 thru $949,999 3 60
$950,000 thru $999,999 3 39
$1,000,000 thru $1,249,999 6 120
$1,250,000 thru $1,499,999 14 134
$1,500,000 thru $1,749,999 3 345
$1,750,000 thru $1,999,999 4 264
$2,000,000 thru $2,249,999 1 62
$2,250,000 thru $2,499,999 1 21
$2,500,000 thru $2,749,999 1 183
$3,000,000 thru $3,249,999 2 83
$3,250,000 thru $3,499,999 1 30
$4,250,000 thru $4,499,999 1 616
$4,500,000 thru $4,749,999 1 447
331 103
Summary Price Information
Minimum $119,000 Maximum $4,700,000
Average $588,141 Median $429,000
Pending
Listing Price Range Quantity Average DOM
$140,000 thru $159,999 1 48
$160,000 thru $179,999 4 57
$180,000 thru $199,999 1 66
$200,000 thru $249,999 10 58
$250,000 thru $299,999 17 55
$300,000 thru $349,999 13 80
$350,000 thru $399,999 15 60
$400,000 thru $449,999 10 87
$450,000 thru $499,999 10 94
$500,000 thru $549,999 3 142
$550,000 thru $599,999 7 95
$600,000 thru $649,999 1 61
$650,000 thru $699,999 2 136
$700,000 thru $749,999 3 141
$750,000 thru $799,999 1 21
$850,000 thru $899,999 1 328
$900,000 thru $949,999 2 144
$950,000 thru $999,999 1 60
$1,000,000 thru $1,249,999 2 65
$6,000,000 thru $6,999,999 1 42
105 79
Summary Price Information
Minimum $152,000 Maximum $6,900,000
Average $480,964 Median $369,000
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 07/24/14 at 9:49pm
Sold
Selling Price Range Quantity Average DOM
$80,000 thru $89,999 1 60
$100,000 thru $119,999 4 252
$120,000 thru $139,999 3 115
$140,000 thru $159,999 1 348
$160,000 thru $179,999 12 116
$180,000 thru $199,999 11 185
$200,000 thru $249,999 47 98
$250,000 thru $299,999 39 85
$300,000 thru $349,999 39 86
$350,000 thru $399,999 32 86
$400,000 thru $449,999 18 202
$450,000 thru $499,999 19 111
$500,000 thru $549,999 16 174
$550,000 thru $599,999 17 115
$600,000 thru $649,999 10 143
$650,000 thru $699,999 7 137
$700,000 thru $749,999 6 120
$750,000 thru $799,999 3 104
$850,000 thru $899,999 1 63
$900,000 thru $949,999 1 98
$1,000,000 thru $1,249,999 2 159
$1,250,000 thru $1,499,999 4 145
$2,000,000 thru $2,249,999 1 0
$4,000,000 thru $4,249,999 1 45
295 116
Summary Price Information
Minimum $87,500 Maximum $4,095,000
Average $402,989 Median $337,000
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

Home For Sale in South Lake Tahoe!

July 21, 2014

Upcoming on the market soon is a South Lake Tahoe home for sale! This is a Lake Tahoe home which backs to a meadow at an affordable price. It has some nice upgrades to make it move-in ready. All you have to do is enjoy the meadow view from your backyard. This has 2 bedrooms, 1.5 baths and a garage and the asking price is $245,000. Call Jim Wire for viewing, 530-314-9008.

South Lake Tahoe Home Sales Are Showing Stablization!

July 21, 2014

If you have a home for sale in South Lake Tahoe, you may have found yourself reducing the price to procure and offer.  Additionally, this may have been the third price reduction that you have done.  You are not alone and many sellers are experience the same trend.  It’s not just limited to South Lake Tahoe but it’s something that has been happening on a national level as well.

So what is going on?  To start with, there are a lot more sellers on the market with their homes which is creating more competition.  Additionally, most of the sellers that have listed their homes for sale in South Lake Tahoe within the last 90 days had been very optimistic about pricing.  Now that the supply of homes on the market has met the demand, only the better priced homes are selling quickly.  This is an indication that the real estate values in South Lake Tahoe are leveling.  Again, this is in sync with the rest of the country.  It could be that the housing market got ahead of itself and it is now adjusting to the overall economy.

If you are looking for homes for sale in South Lake Tahoe, then you are probably finding more homes to choose from.  It was only about 3 months ago that there was a shortage of homes on the market and values were on the rise.  If you did make an offer on a home, you were probably one of several.  Like most buyers, your offer was rejected and there were no other homes to look at.  However, things have changed and you are now in the driver’s seat.  Like most buyers, you are recognizing the slower market and waiting for the right thing to come along.

Whether you are a buyer or a seller, keep in mind that the market may not be as stable as it seems.  The tide could change as summer ends and we approach the winter months.  The supply of homes on the market usually peak in July and August.  This could dramatically reduce the number of homes for sale in South Lake Tahoe and reverse the tide for the sellers.

With interest rates still low and the home prices leveling off, this could be the right time to buy.  Adding to that, the selection is better than it has been for the past year.  It’s always been my belief that if you wait for all of the stars to align perfectly, you’ll miss your opportunity!  When you see something you like, don’t hesitate because you may regret it!  I’ve seen too many people who have done just that!  For more assistance, call a Lake Tahoe real estate agent, Jim Wire, 530-314-9008.

Lake Tahoe Home Sale Weekly Report for East Shore of Nevada 7/18/14

July 18, 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.

Lake Tahoe home sales on the east shore of Nevada are cooking!  The rate at which homes are selling is above the average.  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 increased by .3% to show that 19.5% of the available homes on the market are now pending sales in escrow.  This is due to the number of homes on the market increasing by 1 as the pending sales decreased by 1.  There are 3 bank owned foreclosures and 4 short sales currently on the market.  The distress sales represent 4.3% of the available inventory and 15.4% of the pending sales.

This past week there were 6 completed sales for a YTD total of 98 sales.  There were 3 town home sales ranging from $157,000 to $296,000.  The top 3 sales were on Beverly for $425,000, Hopi Ct for $625,000 and a lakefront on Tamarack for $7,250,000.  This had significantly increased the 6 month average sales price by 4.3% to $1,001,160.  The average days on market are 156 days.

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