August 2008 Statistics for South Lake Tahoe Real Estate
South Lake Tahoe real estate saw a lot of activity in the higher price bands during August. This pushed the median sales price for single family residences to $443,750 for the month and $399,000 for the last 90 days. We are still seeing a market decline, however. In the last two weeks there have been 71 price reductions amongst the market’s ~500 single-family residences. Our month’s supply of inventory in all price bands also reflects a buyer’s market (greater than 7 months).
Speaking of activity in higher price bands, I mentioned in a previous post that many question if the decline in median sale price has truly represented the decline in home values. Perhaps the median has moved so much because there has been more activity in the lower price bands. I’ve almost finished looking at numbers that will provide some enlightening answers. Look for a post about this in the next week.
As for now, I’ll finish this up with some foreclosure, condo, and lot numbers. There were 4 foreclosure sales in August, 3 homes and one condo. Thus, foreclosures only made up 10.5% of home and condo sales. They are not dominating the market as they are in other parts of the country. There were 4 condo sales in South Lake Tahoe for August, and 4 condo sales.
| Month & Year | Listings at Month’s End | Escrows at Month’s End | Homes Sold | Median $ Over Last 90 Days | Median Sale $ |
|---|---|---|---|---|---|
| August 2008 |
499
|
61
|
34
|
$399,000
|
$443,750
|
| July 2008 |
494
|
64
|
36
|
$396,000
|
$391,500
|
| June 2008 |
465
|
57
|
30
|
$392,000
|
$365,000
|
| May 2008 |
414
|
47
|
31
|
$396,000
|
$415,000
|
| Apr 2008 |
372
|
44
|
21
|
$387,000
|
$379,000
|
| Mar 2008 |
361
|
40
|
34
|
$402,500
|
$387,500
|
| Feb 2008 |
374
|
52
|
16
|
$445,750
|
$412,500
|
| Jan 2008 |
366
|
33
|
16
|
$466,500
|
$428,000
|
| Dec 2007 |
382
|
28
|
34
|
$460,000
|
$502,000
|
| Nov 2007 |
403
|
42
|
27
|
$415,000
|
$460,000
|
| Oct 2007 |
353
|
15
|
39
|
$415,000
|
$425,000
|
| Sept 2007 |
442
|
30
|
30
|
$415,000
|
$398,250
|
| Aug 2007 |
538
|
45
|
38
|
$437,500
|
$421,500
|
| July 2007 |
557
|
40
|
25
|
$440,000
|
$435,000
|
| June 2007 |
552
|
33
|
35
|
$435,000
|
$440,000
|
| May 2007 |
522
|
47
|
32
|
$465,500
|
$460,000
|
| Apr 2007 |
423
|
32
|
28
|
$474,000
|
$392,500
|
| Mar 2007 |
359
|
37
|
30
|
$482,500
|
$507,000
|
| Feb 2007 |
327
|
25
|
25
|
$485,000
|
$492,500
|
| Jan 2007 |
331
|
37
|
21
|
$475,750
|
$395,750
|
| Dec 2006 |
339
|
29
|
40
|
$497,500
|
|
| Nov 2006 |
362
|
50
|
44
|
$483,500
|
|
| Oct 2006 |
411
|
55
|
53
|
$450,000
|
|
| Sept 2006 |
463
|
63
|
31
|
$442,000
|
|
| Aug 2006 |
548
|
46
|
36
|
$427,500
|
|
| July 2006 |
571
|
49
|
37
|
$475,000
|
|
| June 2006 |
532
|
51
|
37
|
$480,000
|
|
| May 2006 |
424
|
50
|
35
|
$465,000
|
|
| Apr 2006 |
302
|
50
|
32
|
$504,000
|
|
| Mar 2006 |
264
|
39
|
38
|
$485,140
|
|
| Feb 2006 |
262
|
51
|
21
|
$489,000
|
|
| Jan 2006 |
256
|
32
|
20
|
$508,750
|
|
| Dec 2005 |
198
|
n/a
|
31
|
$450,000
|
|
| Nov 2005 |
282
|
42
|
53
|
$455,000
|
|
| Oct 2005 |
300
|
69
|
55
|
$485,000
|
|
| Sept 2005 |
313
|
93
|
63
|
$495,000
|
|
| Aug 2005 |
270
|
96
|
79
|
$510,000
|
|
| July 2005 |
209
|
110
|
74
|
$484,500
|
|
| June 2005 |
188
|
113
|
65
|
$456,000
|
|
| May 2005 |
172
|
96
|
57
|
$495,000
|
|
| Apr 2005 |
116
|
91
|
72
|
$488,500
|
|
| Mar 2005 |
88
|
83
|
50
|
$440,000
|
|
| Feb 2005 |
72
|
86
|
34
|
$449,500
|
|
| Jan 2005 |
85
|
63
|
47
|
$405,000
|
|
Price Range
|
Active Listings
|
Absorption Rate in sales/mo. (% of inventory) | Months Supply of Inventory |
|---|---|---|---|
| $0 - $300,000 |
50
|
4.83 (9.66%)
|
10.4
|
| $300,001-$500,000 |
230
|
14.00 (6.09%)
|
16.4
|
| $500,001-$750,000 |
138
|
6.33 (4.59%)
|
21.8
|
| $750,001-$1,000,000 |
68
|
2.33 (3.43%)
|
29.2
|
| $1,000,001-$2,000,000 |
60
|
1.58 (2.63%)
|
38.0
|
| $2,000,001 and up |
19
|
0.08 (0.42%)
|
228.0
|
Tags: tahoe foreclosures, tahoe home prices, tahoe home sales, tahoe median home price, tahoe median price, tahoe median sale price, tahoe real estate statistics
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