South Lake Tahoe Home Sales in the 1st Quarter of 2014

April 18, 2014

The question that I get asked the most by friends, acquaintances and clients is “How is the real estate market?”  My immediate response is that it’s great!  But when I say that, I mean it with absolute genuineness !  It doesn’t matter if the market is up or down, there is always opportunity and I always have plenty of buyers or sellers to work with.  Whether it’s bad or good is a matter of perspective.  How the market benefits you is a better question?  So this is when I start talking about statistics and trends that I observe in the market. If you follow my radio show the “Tahoe Real Estate Home Front on KTHO or my weekly market reports that I post on my blog, www.HotWireToTahoe.com, you may already have a good feel for the current market trend.

Sometimes trends are more recognizable if you look at it in larger chunks.  This is a good time to take a look at the 1st quarter statistics for 2014 in comparison to 2013. You may have heard that home values in South Lake Tahoe have risen this past year but how much did it go up?  Most real estate agents get very exuberant and they will start spouting numbers right away without any reference or meaning.  The number that they will most likely reference is the median sales price which is supplied by our local Multiple Listing Service (MLS).  When you compare the 1st quarter of 2013 and 2014, it shows that South Lake Tahoe median sales prices have increased by 17%.  However, the median sales price does not measure an increase in values.  Rather its an algorithm that calculates the center of all of the homes sale prices of a particular time period.  If home sales are extremely lopsided either on the high or the low end of the spectrum, it may reflect skewed value trends.  Using it as an accurate measure of overall home values may not be a realistic representation.

To better quantify a trend in home sale values, we may also consider the average sales price.  This shows that the increase from the 1st quarter of 2013 and this year is 20%.  Both the average sales price and the median sales price suggest an upward trend in South Lake Tahoe home values.  In order to narrow it down more accurately, you will need to take a closer look of the value changes based on other variables such as neighborhoods, price brackets, sizes, rooms, condition, etc.  However, one may assume that the general home values have increased somewhere close to the median sales price of 17% and the average sales price of 20%.   Please keep in mind that this is a generalization and it could be less or more for any specific home.

So how has this affected the housing market in South Lake Tahoe?  To get a better understanding the South Lake Tahoe Association of Realtors maintains a large database with more numbers.  Some of the other statistics show that the units sold for 2014 is down by 2%.  Sales prices under a million dollars is down by as much as 4% and above a million is up by 100%  Overall the dollar volume is up by 18%.

In conclusion, sales prices are higher than a year ago.  This has contributed to less sales this year but it hasn’t made a huge impact.  It has priced buyers out of the market in the price bracket below $200,000.  The few homes that you’ll find in this price bracket are usually in poor condition.  The competition for homes under $300,000 has become more intense and we are seeing many multiple offer situations.  Sales above a million dollars has seen improvement.  Lake front homes have sold well in the last couple of years and there are currently only two available.  New construction homes are still very popular despite the increase in values which are fueled by controlled growth.

Many primary home markets in California have already reached peak levels and beyond from the boom years.  South Lake Tahoe is still about 30% from the peak levels of that period yet it is a worldwide destination resort.  This year will prove to be another good year for South Lake Tahoe home sales as buyers realize that waiting longer will only make it more difficult to get a slice of paradise later!  So what are you waiting for?  Contact Jim Wire at 530-314-9008 or email james@hotwiretotahoe.com.

Lake Tahoe Home Sales Weekly Report for Nevada East Shore 4/17/14

April 17, 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.

As more homes come on the market, the buyers are showing more interest!  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of home for sale and the pending sales.  This past week the Market Activity Ratio had decreased by 1.1% to show that 17.1% of the available home sales are now pending sales in escrow.  This is due to the home sale inventory increasing by 9 as the pending sales remained the same.  There are 2 bank owned foreclosures and 6 short sales on the market.  The distress sales now represent 5.7% of the home sale inventory and 24.1% of the pending sales.

There were 3 completed sales this past week for a YTD total of 39 sales.  There was a townhome sale in Lake Village for $224,000, a home on Chukkar Dr for $1,575,000 and Glenbrook House Rd for $2,400,000.  The higher end sales had increased the 6 month average sales price by 3.2% to $889,485.  The average days on market are 220 days.

South Lake Tahoe Home Sales for the Week of 4/17/14

April 17, 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.

The South Lake Tahoe homes sales are getting set to potentially take off again as the inventory begins to grow!  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 decreased by 1.1% to show that 26.7% of the home sale inventory are now pending sales in escrow.  This is due to the number of homes for sale increasing by 5 as the pending sales increased by 2.  There are 4 bank owned foreclosures and 3 short sales on the market.  The distress sales now only represent 3.4% of the available home sale inventory and 16.7% of the pending sales.

There were 5 completed sales this past week for a YTD total of 155 sales.  The sales were as low as $115,000.  The top three sales were on Bruce Dr for $285,000,  Choctaw for $342,500 and a lake front condo on Balbijou Rd for $388,000.  With the lack of higher priced sales, the 6 month average sales price had decreased by .7% to $404,412.  The average days on market are 279 days.

Listings per Status
%Jim Wire %Real Estate Lake Tahoe

Area Market Survey
Summary

Listings as of 04/17/14 at 8:24am
Active
Listing Price Range Quantity Average DOM
$120,000 thru $139,999 1 101
$140,000 thru $159,999 1 75
$160,000 thru $179,999 3 292
$180,000 thru $199,999 8 108
$200,000 thru $249,999 9 75
$250,000 thru $299,999 11 64
$300,000 thru $349,999 30 95
$350,000 thru $399,999 21 53
$400,000 thru $449,999 23 93
$450,000 thru $499,999 15 112
$500,000 thru $549,999 13 66
$550,000 thru $599,999 9 75
$600,000 thru $649,999 5 158
$650,000 thru $699,999 9 124
$700,000 thru $749,999 5 170
$750,000 thru $799,999 6 168
$800,000 thru $849,999 3 139
$850,000 thru $899,999 2 460
$900,000 thru $949,999 2 46
$950,000 thru $999,999 5 173
$1,000,000 thru $1,249,999 5 83
$1,250,000 thru $1,499,999 8 242
$1,500,000 thru $1,749,999 2 214
$1,750,000 thru $1,999,999 2 482
$2,000,000 thru $2,249,999 1 380
$2,500,000 thru $2,749,999 2 63
$3,000,000 thru $3,249,999 1 41
$4,250,000 thru $4,499,999 1 518
$4,500,000 thru $4,749,999 1 349
204 117
Summary Price Information
Minimum $135,000 Maximum $4,700,000
Average $619,814 Median $449,000
Pending
Listing Price Range Quantity Average DOM
$180,000 thru $199,999 5 136
$200,000 thru $249,999 15 75
$250,000 thru $299,999 7 95
$300,000 thru $349,999 6 83
$350,000 thru $399,999 10 99
$400,000 thru $449,999 7 253
$450,000 thru $499,999 6 83
$500,000 thru $549,999 3 111
$550,000 thru $599,999 5 246
$600,000 thru $649,999 5 97
$650,000 thru $699,999 3 217
$700,000 thru $749,999 2 36
$750,000 thru $799,999 1 184
$1,250,000 thru $1,499,999 3 162
78 124
Summary Price Information
Minimum $185,000 Maximum $1,395,000
Average $439,671 Median $384,750
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 04/17/14 at 8:24am
Sold
Selling Price Range Quantity Average DOM
$70,000 thru $79,999 1 56
$90,000 thru $99,999 2 137
$100,000 thru $119,999 3 328
$120,000 thru $139,999 1 167
$140,000 thru $159,999 5 138
$160,000 thru $179,999 13 121
$180,000 thru $199,999 10 175
$200,000 thru $249,999 39 126
$250,000 thru $299,999 39 111
$300,000 thru $349,999 32 109
$350,000 thru $399,999 35 133
$400,000 thru $449,999 19 175
$450,000 thru $499,999 20 117
$500,000 thru $549,999 14 144
$550,000 thru $599,999 14 138
$600,000 thru $649,999 7 152
$650,000 thru $699,999 5 118
$700,000 thru $749,999 3 37
$750,000 thru $799,999 5 73
$850,000 thru $899,999 1 304
$1,000,000 thru $1,249,999 6 225
$1,250,000 thru $1,499,999 1 71
$1,500,000 thru $1,749,999 1 123
$1,750,000 thru $1,999,999 1 35
$2,000,000 thru $2,249,999 1 235
$4,000,000 thru $4,249,999 1 45
279 132
Summary Price Information
Minimum $70,000 Maximum $4,095,000
Average $404,412 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

Lake Tahoe Home Sale Weekly Report for Nevada East Shore 4/11/14

April 11, 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 in the Stateline are holding steady.  To measure the most current buyer activity level, 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 decreased by .2% to show that 18% of the available homes for sale are now pending sales in escrow.  This is due to the number of homes for sale increasing by 6 as the pending sales increased by 1.  There are now 2 bank owned foreclosures and 7 short sales on the market.  The distress sales now represent 6% of the available homes on the market and 20.7% of the pending sales.

This past week there were 4 completed sales for a YTD total of 36 sales.  The sales were a townhome on  Tramway for $272,000, and three single family homes on Cottonwood for $335,000, Cheyenne Cr for $425,000 and Elks Point Rd for $810,000.  The past week sales had decreased the 6 month average sales price by 1.8% to $862,116.  The average days on market are 223 days.

South Lake Tahoe Home Sale Weekly Report for 4/11/14

April 11, 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.

There has been a spike in the number of home sales in South Lake Tahoe this past week! The selection may be improving but so are the prices!  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 sale.  This past week the Market Activity Ratio had decreased by 3.8% to show that 27.6% of the available homes for sale are now pending sales in escrow.  This is due to the number of homes for sale increasing by 20 as the pending sales decreased by 6.  There are now 4 bank owned foreclosures and 2 short sales on the market.  The distress sales now represent 3% of the available homes and 18.4% of the pending sales.

This past week there were 12 sales for a YTD total of 150 sales.  The sales ranged from a low of $171,000 to a high of $750,000.  Most of the sales were below $365,000.  The top three sales were on Weir Way for $610,000, Venice Dr for $715,000 and Garmish Ct for $750,000.  The recent sales had pushed the 6 month average price down by .4% to $407,324.  The average days on market are 131 days.

Listings per Status
%Jim Wire %Real Estate Lake Tahoe

Area Market Survey
Summary

Listings as of 04/11/14 at 8:30am
Active
Listing Price Range Quantity Average DOM
$120,000 thru $139,999 1 95
$140,000 thru $159,999 1 69
$160,000 thru $179,999 3 286
$180,000 thru $199,999 9 96
$200,000 thru $249,999 12 69
$250,000 thru $299,999 10 64
$300,000 thru $349,999 26 96
$350,000 thru $399,999 18 61
$400,000 thru $449,999 21 90
$450,000 thru $499,999 13 103
$500,000 thru $549,999 15 72
$550,000 thru $599,999 9 95
$600,000 thru $649,999 5 209
$650,000 thru $699,999 8 122
$700,000 thru $749,999 6 151
$750,000 thru $799,999 7 144
$800,000 thru $849,999 3 133
$850,000 thru $899,999 2 454
$900,000 thru $949,999 2 40
$950,000 thru $999,999 5 167
$1,000,000 thru $1,249,999 5 77
$1,250,000 thru $1,499,999 8 236
$1,500,000 thru $1,749,999 2 208
$1,750,000 thru $1,999,999 2 476
$2,000,000 thru $2,249,999 1 374
$2,500,000 thru $2,749,999 2 57
$3,000,000 thru $3,249,999 1 35
$4,250,000 thru $4,499,999 1 512
$4,500,000 thru $4,749,999 1 343
199 117
Summary Price Information
Minimum $135,000 Maximum $4,700,000
Average $627,089 Median $449,900
Pending
Listing Price Range Quantity Average DOM
$100,000 thru $119,999 1 315
$180,000 thru $199,999 4 150
$200,000 thru $249,999 11 76
$250,000 thru $299,999 8 82
$300,000 thru $349,999 10 91
$350,000 thru $399,999 10 88
$400,000 thru $449,999 8 230
$450,000 thru $499,999 5 82
$500,000 thru $549,999 2 157
$550,000 thru $599,999 4 243
$600,000 thru $649,999 4 44
$650,000 thru $699,999 3 211
$700,000 thru $749,999 2 30
$750,000 thru $799,999 1 178
$1,250,000 thru $1,499,999 3 156
76 122
Summary Price Information
Minimum $100,000 Maximum $1,395,000
Average $434,729 Median $381,750
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 04/11/14 at 8:30am
Sold
Selling Price Range Quantity Average DOM
$70,000 thru $79,999 1 56
$90,000 thru $99,999 2 137
$100,000 thru $119,999 2 335
$120,000 thru $139,999 1 167
$140,000 thru $159,999 5 138
$160,000 thru $179,999 13 121
$180,000 thru $199,999 11 174
$200,000 thru $249,999 40 128
$250,000 thru $299,999 39 107
$300,000 thru $349,999 33 109
$350,000 thru $399,999 34 136
$400,000 thru $449,999 21 164
$450,000 thru $499,999 20 117
$500,000 thru $549,999 14 144
$550,000 thru $599,999 14 138
$600,000 thru $649,999 7 152
$650,000 thru $699,999 6 108
$700,000 thru $749,999 4 61
$750,000 thru $799,999 6 93
$850,000 thru $899,999 1 304
$1,000,000 thru $1,249,999 6 225
$1,250,000 thru $1,499,999 1 71
$1,500,000 thru $1,749,999 1 123
$1,750,000 thru $1,999,999 1 35
$2,000,000 thru $2,249,999 1 235
$4,000,000 thru $4,249,999 1 45
285 131
Summary Price Information
Minimum $70,000 Maximum $4,095,000
Average $407,324 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

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