Lake Tahoe Home Sale Weekly Report for the Nevada East Shore 4/16/15

April 16, 2015

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 stalled this past week! 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 2.6% to show that 14.8% of the available homes for sale are now pending sales in escrow. This is due to the number of Lake Tahoe homes for sale increasing by 2 as the pending sales decreased by 5. There is now 1 bank owned foreclosure and 4 short sales currently on the market. The distress sales now represent 3.5% of the available inventory and 28% of the pending sales.

There 6 completed sales this past week for a Year-To-Date total of 35 sales. The lowest sale was a townhome on Quaking Aspen for $315,000. The top three sales were on Winding Way for $1,652,000, Pheasant Ln for $2,100,000 and a lake front on Skyland Dr for $5,800,000. This had dramatically increased the 6 month average days on market by 7.2% to $1,098,502. The average days on market are 210 days. For more information, contact your local Lake Tahoe real estate agent, Jim Wire, at 530-314-9008 or email jim@hotwiretotahoe.com.

South Lake Tahoe Home Sale Weekly Report for 4/16/15

April 16, 2015

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 home sales are back on the rise and outpaced the rising inventory! 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 1.5% to show that 21.7% of the available homes for sale are now pending sales in escrow. This is due to the number of South Lake Tahoe homes for sale increasing by 7 as the pending sales increased by 8. There are now 5 bank owned foreclosures and 2 short sales on the market. The distress sales now represent 2.7% of the available sales and 12.3% of the pending sales.

There were 8 completed sales this past week for a Year-To-Date total of 149 sales. The lowest sale was on Tata Ln for $198,800. The top three sales were on Delaware for $485,000, Cougar Tr for $605,000 and Marconi Way for $1,200,000. This had significantly increased the 6 month average sales price by 1.3% to $429,926. The average days on market are 128 sales. For more information, contact your local South Lake Tahoe real estate agent, Jim Wire, 530-314-9008 or email jim@hotwiretotahoe.com.

Listings per Status

Area Market Survey
Summary

Listings as of 04/16/15 at 8:31pm
Active
Listing Price Range Quantity Average DOM
$40,000 thru $49,999 1 162
$100,000 thru $119,999 1 160
$120,000 thru $139,999 1 8
$140,000 thru $159,999 2 31
$160,000 thru $179,999 8 134
$180,000 thru $199,999 12 137
$200,000 thru $249,999 14 164
$250,000 thru $299,999 25 87
$300,000 thru $349,999 27 78
$350,000 thru $399,999 28 130
$400,000 thru $449,999 19 59
$450,000 thru $499,999 19 121
$500,000 thru $549,999 13 107
$550,000 thru $599,999 18 89
$600,000 thru $649,999 6 66
$650,000 thru $699,999 12 155
$700,000 thru $749,999 1 13
$750,000 thru $799,999 4 241
$800,000 thru $849,999 7 32
$850,000 thru $899,999 4 186
$900,000 thru $949,999 3 21
$950,000 thru $999,999 9 69
$1,000,000 thru $1,249,999 6 76
$1,250,000 thru $1,499,999 11 114
$1,500,000 thru $1,749,999 3 244
$1,750,000 thru $1,999,999 3 206
$2,000,000 thru $2,249,999 1 328
$2,250,000 thru $2,499,999 2 152
$2,750,000 thru $2,999,999 1 293
$3,500,000 thru $3,749,999 1 215
$8,000,000 thru $8,999,999 1 222
263 110
Summary Price Information
Minimum $47,000 Maximum $8,995,000
Average $608,632 Median $437,000
Pending
Listing Price Range Quantity Average DOM
$120,000 thru $139,999 1 79
$160,000 thru $179,999 1 91
$180,000 thru $199,999 1 207
$200,000 thru $249,999 5 100
$250,000 thru $299,999 13 99
$300,000 thru $349,999 12 54
$350,000 thru $399,999 8 109
$400,000 thru $449,999 6 38
$450,000 thru $499,999 8 105
$500,000 thru $549,999 2 42
$550,000 thru $599,999 1 71
$600,000 thru $649,999 4 99
$650,000 thru $699,999 1 30
$700,000 thru $749,999 2 273
$750,000 thru $799,999 3 147
$850,000 thru $899,999 1 147
$900,000 thru $949,999 1 98
$1,000,000 thru $1,249,999 1 22
$1,500,000 thru $1,749,999 2 213
73 96
Summary Price Information
Minimum $130,000 Maximum $1,650,000
Average $459,877 Median $375,000
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 ©2015 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

Area Market Survey
Summary

Listings as of 04/16/15 at 8:31pm
Sold
Selling Price Range Quantity Average DOM
$100,000 thru $119,999 1 62
$120,000 thru $139,999 1 213
$140,000 thru $159,999 6 156
$160,000 thru $179,999 7 119
$180,000 thru $199,999 5 88
$200,000 thru $249,999 15 155
$250,000 thru $299,999 61 133
$300,000 thru $349,999 39 108
$350,000 thru $399,999 36 126
$400,000 thru $449,999 25 130
$450,000 thru $499,999 19 112
$500,000 thru $549,999 11 175
$550,000 thru $599,999 16 120
$600,000 thru $649,999 10 158
$650,000 thru $699,999 12 81
$700,000 thru $749,999 6 148
$750,000 thru $799,999 5 145
$800,000 thru $849,999 1 56
$900,000 thru $949,999 1 221
$1,000,000 thru $1,249,999 5 205
$1,250,000 thru $1,499,999 2 63
$1,500,000 thru $1,749,999 1 41
$2,500,000 thru $2,749,999 1 173
$2,750,000 thru $2,999,999 1 118
287 128
Summary Price Information
Minimum $114,000 Maximum $2,800,000
Average $429,926 Median $359,000
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 ©2015 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

South Lake Tahoe Home Sale Weekly Report for 4/9/2015

April 9, 2015

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 number of South Lake Tahoe homes for sale is on a sharp rise but not the 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 decreased by 2.6% to show that 20.2% of the available homes for sale are now pending sales in escrow. This is due to the number of homes for sale increasing by 19 as the pending sales decreased by 5. There are now 4 bank owned foreclosures and 2 short sales on the market. The distress sales now represent 2.3% of the available inventory and 15.4% of the pending sales.

This past week there were 12 completed sales for a Year-To-Date total of 141 sales. The lowest sale was a townhome on Keller Rd for 250,000. Half of the sales were either above or below $400,000. The top three sales were on Deveron Way for $474,500, Cree St for $650,000 and Dover Dr for $785,000. The higher sales did push up the 6 month average sales price by .5% to $424,245. The average days on market are 126 days. For more information, contact your local South Lake Tahoe real estate agent, Jim Wire, 530-314-9008 or email to jim@hotwiretotahoe.com.

Listings per Status

Area Market Survey
Summary

Listings as of 04/09/15 at 8:48pm
Active
Listing Price Range Quantity Average DOM
$40,000 thru $49,999 1 155
$100,000 thru $119,999 1 153
$120,000 thru $139,999 1 1
$140,000 thru $159,999 2 24
$160,000 thru $179,999 7 146
$180,000 thru $199,999 10 139
$200,000 thru $249,999 16 154
$250,000 thru $299,999 22 94
$300,000 thru $349,999 28 81
$350,000 thru $399,999 28 126
$400,000 thru $449,999 20 64
$450,000 thru $499,999 22 101
$500,000 thru $549,999 12 113
$550,000 thru $599,999 16 93
$600,000 thru $649,999 6 58
$650,000 thru $699,999 12 149
$700,000 thru $749,999 1 6
$750,000 thru $799,999 5 204
$800,000 thru $849,999 6 30
$850,000 thru $899,999 4 179
$900,000 thru $949,999 2 24
$950,000 thru $999,999 7 81
$1,000,000 thru $1,249,999 6 69
$1,250,000 thru $1,499,999 9 130
$1,500,000 thru $1,749,999 3 237
$1,750,000 thru $1,999,999 3 199
$2,000,000 thru $2,249,999 1 321
$2,250,000 thru $2,499,999 2 145
$2,750,000 thru $2,999,999 1 286
$3,500,000 thru $3,749,999 1 208
$8,000,000 thru $8,999,999 1 215
256 111
Summary Price Information
Minimum $47,000 Maximum $8,995,000
Average $600,471 Median $433,450
Pending
Listing Price Range Quantity Average DOM
$120,000 thru $139,999 1 72
$160,000 thru $179,999 1 84
$180,000 thru $199,999 1 200
$200,000 thru $249,999 4 111
$250,000 thru $299,999 13 83
$300,000 thru $349,999 9 56
$350,000 thru $399,999 6 140
$400,000 thru $449,999 6 85
$450,000 thru $499,999 7 111
$500,000 thru $549,999 1 14
$550,000 thru $599,999 2 104
$600,000 thru $649,999 3 118
$650,000 thru $699,999 1 23
$700,000 thru $749,999 2 266
$750,000 thru $799,999 2 169
$850,000 thru $899,999 1 140
$900,000 thru $949,999 1 91
$1,000,000 thru $1,249,999 1 15
$1,250,000 thru $1,499,999 1 330
$1,500,000 thru $1,749,999 2 206
65 107
Summary Price Information
Minimum $130,000 Maximum $1,650,000
Average $478,008 Median $379,000
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 ©2015 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

Area Market Survey
Summary

Listings as of 04/09/15 at 8:48pm
Sold
Selling Price Range Quantity Average DOM
$100,000 thru $119,999 1 62
$120,000 thru $139,999 2 157
$140,000 thru $159,999 7 137
$160,000 thru $179,999 7 119
$180,000 thru $199,999 4 106
$200,000 thru $249,999 17 140
$250,000 thru $299,999 61 133
$300,000 thru $349,999 41 108
$350,000 thru $399,999 38 126
$400,000 thru $449,999 27 124
$450,000 thru $499,999 17 119
$500,000 thru $549,999 11 175
$550,000 thru $599,999 16 120
$600,000 thru $649,999 10 155
$650,000 thru $699,999 13 81
$700,000 thru $749,999 6 148
$750,000 thru $799,999 5 145
$800,000 thru $849,999 1 56
$900,000 thru $949,999 1 221
$1,000,000 thru $1,249,999 4 172
$1,250,000 thru $1,499,999 2 63
$1,500,000 thru $1,749,999 1 41
$2,500,000 thru $2,749,999 1 173
$2,750,000 thru $2,999,999 1 118
294 126
Summary Price Information
Minimum $114,000 Maximum $2,800,000
Average $424,245 Median $353,000
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 ©2015 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

South Lake Tahoe Vacation Rentals on the Chopping Block!

April 5, 2015

What started out as a group of people complaining about noise issues with vacation rentals in South Lake Tahoe turned into an ugly monster! The South Lake Tahoe City Council is now considering drastic zoning and limitations of the number of vacation rentals allowed in a neighborhood. This seems like a huge jump from a noise complaint to a more far-reaching governmental control. There is a proposal on the city agenda and it will be voted on April 7th 9 am at the city council chambers. There have been a few previous city council meetings to hear the complaints and listen to solutions offered by the local rental management companies. One meeting included a workshop in which citizens vented their anger from both sides and a brawl almost broke out. Despite offers from rental management companies to find immediate solutions, it wasn’t good enough.

There are already noise ordinances on the books that are not currently being enforced. The local police department has said that they don’t have the funds to deal with it. The rental management companies are agreeable to higher license fees and penalty fees to finance enforcement. This will allow a dedicated officer to not only enforce the noise ordinance, also to collect data to determine the success of the enforcement.

This did not seem to be good enough for the folks raising all of the fuss! I have been a resident of Lake Tahoe for over 34 years and the vacation rentals have always been around. There didn’t seem to be a problem during the recession years because the rental business fell off dramatically. People got use to the more quiet neighborhoods which have a high percentage of vacant homes. As many as 70% of the homes are vacant because they are owned by people that live out of the area. Most of the second home owners use the homes on a very infrequent basis. If they use them for vacation rentals, the usage increases. On average homes are rented about 30% of the year. It adds up to more usage but there is still a lot of time that the majority of homes are vacant.

So what is all the fuss about? During the time that a home is rented, it may become extremely noisy. If they are party-goers, then it’s unbearable. You may not get to sleep until well past 2 am. It is required that vacation rentals have signs posted on the exterior of the homes. It is a further requirement that phone numbers for the police department and management/owner are posted. In theory, a neighbor may call one of the numbers to complain about the noise. Either the owner/management or the police must go to the house to manage the noise level. Homes that are properly managed do have people that are on call to handle complaint situations. However, there are the unlicensed owners or management companies that don’t play by the rules. With a few bad apples and no police enforcement, the noise issue has become a major frustration for some neighbors.

The city manager or the city council could have enacted an immediate response to the problem by directing the police to deal with it. If funding was a problem, they should have appropriated temporary funds until a funding source could have been created. For whatever reason this has blown up into more governmental control and regulation which is guaranteed to perpetuate the problem. What are your thoughts?

Priceless Lake Tahoe View

Priceless Lake Tahoe View

Lake Tahoe Home Sale Weekly Report for the Nevada East Shore 4/2/15

April 2, 2015

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 for the Nevada east shore of Lake Tahoe are keeping pace with the rising inventory! Last week the buyers decided to show up! 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 2.5% to show that 17% of the available homes for sale in Lake Tahoe are now pending sales in escrow. This is due to the number of home sales increasing by 6 as the pending sales increased by 6. There is now 1 bank owned foreclosure and 5 short sales on the market. The distress sales now represent 4.2% of the available inventory and 24.1% of the pending sales.

There were 3 completed sales this past week for a Year-To-Date total of 25 sales. Two sales were townhome in Pinewild for $381,000 and $680,000. The third sale was a home on Skyland Dr for $700,000. This had increased the 6 month average sales price by 2% to $984,269. The average days on market are 200 days. For more information, contact your local Lake Tahoe real estate agent, Jim Wire 530-314-9008 or email to jim@hotwiretotahoe.com.

Next Page »