South Lake Tahoe Sales Up 45% From Last Year

The Tahoe real estate market does not follow the national market. While discussing the state of the Tahoe real estate market last month, I was presented the argument that the number of home sales are down over the last several years. Surprisingly, this is a statistic I did not track, so I went to work in the MLS and started mining data. When finished, even I was shocked at the results. Time Period Home Sales 1/1/2010 - 6/30/2010 239 1/1/2009 - 6/30/2009 165 1/1/2008 - 6/30/2008 148 1/1/2007... Read more »

South Lake Tahoe Market Update

As the holder of a bachelor's in mathematics, I mine for a lot of real estate statistics. The following numbers present a good reflection of what's happening in the South Lake Tahoe real estate market. Since January 2009, median sale price has leveled. The bottom of the market is near. The market as a whole has 9.1 months supply of inventory. A balanced market is traditionally defined by 5 to 7 months supply of inventory. Because we have a greater suppy than this, we are still in a buyer's... Read more »

June 2009 South Lake Tahoe Real Estate Market Update

It’s almost summer here in South Lake Tahoe, and while the temps aren’t too hot with this recent cold front, the real estate market is scorching. We haven’t seen buyer activity like this in years. I’ve seen several properties receive multiple, competing offers. They are oftentimes selling for more than list price. Things are getting crazy here and many of us real estate professionals are putting in long hours in order to keep up. At the moment, there are 94 homes in escrow... Read more »

September 2008 Statistics for South Lake Tahoe Real Estate

There’s been a bit of a buzz in the South Lake Tahoe real estate community. Have we hit the bottom of the market? Possibly. Check out the median sale prices over the last seven months. It looks like we hit bottom in June and have been heading up in the following months. Additionally, the median list price of homes in escrow right now is $437,000. I’d expect that number to drop to about $412,000 because our sale-price-to-list-price ratio on the year is 94.23%. These numbers fall in line... Read more »

Real Estate Stats Aren’t Skewed in South Lake Tahoe

As I’ve mentioned in previous articles, there’s been a theory proposed by a few South Lake Tahoe real estate agents, myself included, that home prices haven’t dropped as much as the statistics show. Perhaps there’s been more activity in the lower price bands. After all, it’s been much tougher to get a jumbo loan this last year. Additionally, the majority of foreclosure and other distressed sales have occurred in the lower price bands. If there actually was more activity in the lower... Read more »

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... Read more »

July 2008 Statistics for South Lake Tahoe Real Estate

Always trying to improve the real estate statistics I present to you, I’ve decided to mine for a new stat – median sale price for the last 90 days. I will present this statistic along with the median sale price for the last month. See the table below for the actual numbers. What are the benefits of looking at the median sale price for the last 90 days? First, it helps minimize some of the incredible variance that occurs in a small market like South Lake Tahoe. A few high priced sales can... Read more »

June 2008 Statistics for South Lake Tahoe Real Estate

As 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... Read more »

Months Supply of Inventory (MSI) and Absorption Rates in Real Estate

I love real estate statistics. I got a math degree from the University of Texas, so I could make a career of real estate stats. In this blog, I’ll keep things relatively simple. In efforts to improve the statistics I present you, I am beginning to mine for and calculate absorption rates and months supplies of inventory for you. These stats are important because they reflect how a market is doing. They also help savvy buyers and sellers establish and meet their goals. Absorption rate –... Read more »

May 2008 Statistics for South Lake Tahoe Real Estate

After some of the statistical revelation I experienced over the last week, it’s become much easier to make conclusions on this market that can be validated with empirical evidence. The median sale price for single family residences increased 9.5%, from $379,000 in April to $415,000 in May. Unfortunately, this is not evidence of a market turnaround. Most of the buyers who acquired property in May were simply higher priced buyers. Of the homes sold so far in June, nothing has closed above $350,000. Prices... Read more »