October 16, 2013
The South Lake Tahoe home values have improved since last year. The statistics are provided by the South Tahoe Association of Realtors and Chase International. Since last year the Median sales price has increased by 36% and the Average sales price has increased by 24%. The average sales price last year was $314,163 and now that is $388,255. Homeowners may have realized an increase in home values by as much as 25%. The percentage of increase varies depending on key factors such as location, condition and price bracket.
The sales volume has increased by 18% while the number of units sold decreased by 5%. This is an indication that less homes are selling but for higher prices. This is also supports the scarcity of lower priced homes especially below $200,000. The buyers at the low end of the market are finding it increasingly difficult to find a property that is affordable. Buyers in the mid range level between $500,000 and a million have been activated due to the higher values. As the values increased, inventory still sitting at the mid level range appeared to be the better buys. All of this was created by lower inventories due to the lack of foreclosures and short sales on the market. Additionally, it explains the decrease of units sold for this year. With the decrease in supply of homes for sale in the South Lake Tahoe area and the consistent demand, together it caused prices to spike up.
What the stats don’t show are the increase of price reductions toward the end of the 3rd quarter of 2013. With several price reductions being posted everyday, it might lead buyers to believe that prices are falling. In reality, all of the price reductions are a reflection of sellers being overpriced to begin with. It is more accurate to say that the remaining sellers that have had their homes sitting on the market during the summer months have had high expectations. To create a sale the sellers are bringing their prices closer to what actual market values are.
Overall it’s been a another great year for sellers and the real estate market in South Lake Tahoe. Homeowners that have been underwater for the last few years now see a glimmer of hope in the near future. Even though values have risen this past year, South Lake Tahoe values are still perceived to be better buys in comparison with most other markets in California. I don’t think that buyers can count on the supply of homes on the market to improve anytime soon. This makes it a good time to buy in South Lake Tahoe!
April 23, 2013
We did see a sharp rise in prices this past quarter as the supply decreased and the demand remained high. The foreclosures and short sales that supplied the market had abruptly slowed down to a trickle thus creating a supply shortage. The statistics for Lake Tahoe home sales show that the number of units sold is down. However the sales volume is up which reflects higher home prices and homes sold in higher price brackets. To view the stats click on the link, Lakewide 1st Quarter.
November 4, 2012
If you are wondering if the market is turning, this may give you the information that you are looking for. Please click the link for the statistics 2012 3rd Quarter Stats LT TOTALS. What it shows is that the sales volume and sales units are up. It also shows that the Median and Average sales prices are down which is a comparison to the same quarter of the previous year. If you compare this with the 2nd quarter statistics, 2012 Mid-Year Stats LT TOTALS you’ll notice that the Median and Average sales price are much lower for the 2nd quarter than the 3 rd quarter.
What it doesn’t show is the rise in prices from the bottom of the market nor the scarcity of inventory and declining months supply of homes on the market. If you take the difference of the two quarters, that will give you the difference of the Median and Average sales prices which shows a positive trend up. This is a tell tale for the 4th quarter or year end statistics. At the end of the 4th quarter, it should reveal a higher Median and Average sales price whicch we are currently experiencing. There has been a bounce up in prices. To believe it, you’ll have to try and buy a house now or wait for the year end statistics. To buy at the bottom of the market, you have to be prepared to compete against other bidders. Finding a desirable property is very competitive.
For fast facts in the real estate market place of South Lake Tahoe, go to my home page and find the media player www.HotWireToTahoe.com. Listen to my interview with two of Chase International’s top brokers, Larry Finkel and Sue Lowe. The interview was done on KTHO radio on November 2nd. They describe the real estate market conditions as they are now for both the South and East shore of Lake Tahoe.
April 8, 2011
Click on the link for charts, 2011 1stQ Stats LT TOTALS
October 12, 2010
Please click on the link for information 2010-third-quarter-stats-lt