Despite the much needed snow storms, 17 Homes have Closed.
(LAKE TAHOE REAL ESTATE BLOG) We have just updated all 2008 South Lake Tahoe, CA residential home sales. To date, there have been 17 single family home sales in South Lake Tahoe, CA this year. To get as true indication of market conditions as possible, we also continue to look at and report all single family home sales in South Lake Tahoe,CA for the last 365, 180, 90 and 30 days as well. (see 365-day sales results here.)The spreadsheet has two links that will lead you to charts containing statistical data on all these 2008 homes sales. These charts have the following information:
- Average Original List Price
- Median Original List Price
- Median Reduced, or Current Price
- $ Difference List v. Reduced Price
- % Difference List v. Reduced Price
- Average Days on Market
- Average Price per Sq Ft
- Average Size
2008 Sales Summary:
Here’s what this information tells us about current market conditions in South Lake Tahoe, CA: (with only 17 sales, please refer here for the last 365 days of sales data.)
- The Median Sold Price for homes sold in 2008 is $439,000 (not including homes in The Tahoe Keys)
- The Average Original List Price is $646,693.
- The Average Sold Price is $568,600.
- The difference between Average Original List Price and Median Sold Price is $78,093, or 12.1%.
- Average Days on Market is 171.
- Average Price Sq. Ft. is $303.
Median Sold Price: Which is the right one?
We look at Median Sold Price at various time intervals. This allows us to better track current market condition, and to identify any emerging changes as quickly as possible. The Median Sold Prices as indicated below suggest that prices have come down this year, and that they are flattening.
We have recently posted a report on current South Lake Tahoe, CA homes in escrow. There are 40 of these with a current Median Price of $409,450. When these homes close, the actual Median Sold Price will certainly be lower. This suggests that the market is still leaning toward decline, though only slightly.
Median Sold Price: (not including The Tahoe Keys)
- For all of 2007: $425,000.
- For 2006: $475,000
- For 2005: $475,000
What is Median Sold Price anyway?
Median Sold Price represents the price at which an equal number of houses were sold for more and for less. Real estate professionals tend to rely on it rather than the Average Price because the average can sometimes be skewed by the sale of a relatively small number of houses at either end of the price scale.
We believe, as do most real estate statisticians, Median Sold Price gives a truer indication of overall market condition. Median Sold Price and Average Sold Price can be quite different for the same sample group. For instance, if one is doing a sold properties report and the homes are very evenly distributed, the Median and Average might be very similar. However, if the homes sold were weighted more to one end or the other of the price spectrum, then the median and average could be quite different.
In South Lake Tahoe, CA, the difference between Median Sold and Average Sold Price is normally quite apparent. Home sales prices in 2007 ranged from $170,000 to $3,750,000. We have a significant concentration of high-end luxury home sales compared to market entry homes:
There were 34 homes sold above $1,000,000 in 2007, 5 of them were $2,000,000 and above and one was above $3,500,000. At the same time, there were only 38 homes sold under $300,000.
There is a $72,063 difference (11.2%) between Median and Average prices for all homes sold in 2007 (see all 2007 sales results here).
The Bottom Line: Good News for Buyers.
The South Lake Tahoe, CA real estate market presents significant Buying opportunities at this time.
Interest rates remain reasonable.
- Prices have come down.
- A Buyer has many homes from which to choose.
- Many Sellers are eager to sell.
- Some Sellers are more reasonable than ever.
We offer this information as a public service. This blog contains the most complete and current information on the South Lake Tahoe, CA and Stateline, NV real estate market available.
If you like what you see here and find it helpful, please call or email us for further help with buying or selling a Lake Tahoe home. We’re also always interested in comments and suggestions too. (Please use comments box below.)
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