Median Sold Prices continue to decline in South Lake Tahoe, CA… and that's great news for home buyers.
(Lake Tahoe Real Estate Blog / April 19, 2012 / Richard Bolen)
We've been tracking median sold prices on this blog since we started this blog in February, 2007. Much more so than looking at average home prices, which can be more skewed by sales at either end of the price range spectrum, median sold prices are the best general indicator of home values available.
Remember, in math the median is the middle number in a list of numbers. That is true when looking at the prices of real estate home sales as well.
The chart below indicates the South Lake Tahoe, CA median price of homes sold since April, 2007. Note that this chart does not include home sales in the Tahoe Keys, a singularly unique neighborhood among all surrounding Lake Tahoe that is characterized by back-yard boat docs with direct access to the Lake. No other neighborhood has this amenity. Last year Tahoe Keys home sales skewed the South Lake Tahoe, CA median sold price by 9.4% ($25,000).
The South Lake Tahoe, CA Median Sold Price : (right now)
Since 2007 we've been using home sales over 180-days to determine the median sold price. We use this time frame because the average time it takes to sell a South Lake Tahoe, CA house is much closer to 6-months than any other customary time frame.
Since 2007, the average number of days it takes to sell a South Lake Tahoe, CA house since 2007 are:
- 2007: 157
- 2008: 161
- 2009: 157
- 2010: 151
- 2011: 161
- 2012: 152
For the last 180-days, the South Lake Tahoe, CA median sold price is:
- including the Tahoe Keys: $228,400
- not including the Tahoe Keys: $220,000
In 2011, the South Lake Tahoe, CA median sold price was:
- including the Tahoe Keys: $265,000
- not including the Tahoe Keys: $240,000
The difference in the South Lake Tahoe, CA median sold price when comparing the last 180-days with all of last year:
- including the Tahoe Keys: decline of $36,600 (13.8%)
- not including the Tahoe Keys: decline of $20,000 (8.3%)
Back Below 2001 Home Values :
Another context to best understand current South Lake Tahoe, CA home values, and the terrific opportunities that gives to today's home buyer, is current home values are below what they were a decade ago.
Home values right now are below what they were in 2001, but higher than what they were in the year 2000. The chart below details South Lake Tahoe, CA median sold home values since then. (Here's a CNNMoney.com article that finds national home values to be at 2002 prices. South Lake Tahoe, of course as found above, is a better buying opportunity than that.)
Some previous Lake Tahoe Real Estate Blog Posts:
Feb 11, 2012: South Lake Tahoe Home Values Then and Now
Jan 12, 2012: Final 2011 South Lake Tahoe Home Sales Report
Jan 5, 2011: Final Stateline, NV 2010 home sales report
May 16, 2009: South Lake Tahoe 2009 Home Sales: Stateline, NV
Jul 27, 2010: U.S. Home Prices Increase… so what about South Lake Tahoe?
Feb 11, 2010: South Lake Tahoe, NV Home Sales in the last 365 days
Dec 21, 2009: South Lake Tahoe, NV: Stateline Home Sales in the last 365 Days