June 2008 Statistics for South Lake Tahoe Real Estate
Wednesday, July 9th, 2008As predicted, the median sale price for single-family residences in South Lake Tahoe dropped dramatically in June, down to $365,000. The market is certainly suffering. However, I’m becoming skeptical of the statistical barometers we continue to rely upon. Perhaps the steep decline in median sale price doesn’t quite reflect what’s happened to home values here in South Lake Tahoe. Perhaps the decline in median sale price is due in large part to increased activity in the lower price bands. Given how tight the lending market has been with jumbo loans, this is a valid hypothesis. I’ll dig through some data in the next few days to see if I can find numbers to support.
The foreclosure market was active in June with 6 foreclosure escrows of the 37 homes that went into escrow for the month. There were also 3 short sale properties that went into escrow. As of today, there are 9 foreclosure single-family residences on the market.
Lot sales and condo sales were few and far between in June. Five condos sold and 4 went into escrow. Six lots sold and 5 went into escrow in June.
Activity has increased in the 1 to 2 million dollar price band. This price band has averaged 1.75 sales per month over the last year. However, 4 sold in June, and right now there are 5 homes in escrow that were listed between 1 and 2 million dollars.
| Month & Year | Listings at Month’s End | Escrows at Month’s End | Homes Sold | Median $ Over Last 12 Mths. | Median Sale $ |
|---|---|---|---|---|---|
| June 2008 |
465
|
57
|
30
|
$415,000
|
$365,000
|
| May 2008 |
414
|
47
|
31
|
$425,000
|
$415,000
|
| Apr 2008 |
372
|
44
|
21
|
$428,000
|
$379,000
|
| Mar 2008 |
361
|
40
|
34
|
$425,000
|
$387,500
|
| Feb 2008 |
374
|
52
|
16
|
$435,750
|
$412,500
|
| Jan 2008 |
366
|
33
|
16
|
$449,900
|
$428,000
|
| Dec 2007 |
382
|
28
|
34
|
$449,900
|
$502,000
|
| Nov 2007 |
403
|
42
|
27
|
$445,000
|
$460,000
|
| Oct 2007 |
353
|
15
|
39
|
$450,000
|
$425,000
|
| Sept 2007 |
442
|
30
|
30
|
$450,000
|
$398,250
|
| Aug 2007 |
538
|
45
|
38
|
$464,000
|
$421,500
|
| July 2007 |
557
|
40
|
25
|
$463,000
|
$435,000
|
| June 2007 |
552
|
33
|
35
|
$465,000
|
$440,000
|
| May 2007 |
522
|
47
|
32
|
$465,300
|
$460,000
|
| Apr 2007 |
423
|
32
|
28
|
$465,150
|
$392,500
|
| Mar 2007 |
359
|
37
|
30
|
$475,000
|
$507,000
|
| Feb 2007 |
327
|
25
|
25
|
$474,250
|
$492,500
|
| Jan 2007 |
331
|
37
|
21
|
$474,500
|
$395,750
|
| Dec 2006 |
339
|
29
|
40
|
$476,000
|
$497,500
|
| Nov 2006 |
362
|
50
|
44
|
$474,500
|
$483,500
|
| Oct 2006 |
411
|
55
|
53
|
$465,000
|
$450,000
|
| Sept 2006 |
463
|
63
|
31
|
$474,500
|
$442,000
|
| Aug 2006 |
548
|
46
|
36
|
$475,000
|
$427,500
|
| July 2006 |
571
|
49
|
37
|
$485,000
|
$475,000
|
| June 2006 |
532
|
51
|
37
|
$485,000
|
$480,000
|
| May 2006 |
424
|
50
|
35
|
$485,000
|
$465,000
|
| Apr 2006 |
302
|
50
|
32
|
$489,000
|
$504,000
|
| Mar 2006 |
264
|
39
|
38
|
$489,000
|
$485,140
|
| Feb 2006 |
262
|
51
|
21
|
$485,000
|
$489,000
|
| Jan 2006 |
256
|
32
|
20
|
$482,000
|
$508,750
|
| Dec 2005 |
198
|
n/a
|
31
|
$475,000
|
$450,000
|
| Nov 2005 |
282
|
42
|
53
|
$475,000
|
$455,000
|
| Oct 2005 |
300
|
69
|
55
|
$465,000
|
$485,000
|
| Sept 2005 |
313
|
93
|
63
|
$455,000
|
$495,000
|
| Aug 2005 |
270
|
96
|
79
|
$446,000
|
$510,000
|
| July 2005 |
209
|
110
|
74
|
$430,000
|
$484,500
|
| June 2005 |
188
|
113
|
65
|
$425,000
|
$456,000
|
| May 2005 |
172
|
96
|
57
|
$410,000
|
$495,000
|
| Apr 2005 |
116
|
91
|
72
|
$399,000
|
$488,500
|
| Mar 2005 |
88
|
83
|
50
|
$390,000
|
$440,000
|
| Feb 2005 |
72
|
86
|
34
|
$390,000
|
$449,500
|
| Jan 2005 |
85
|
63
|
47
|
$383,250
|
$405,000
|
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