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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 in South Lake Tahoe will continue to drop. Look to see around twenty foreclosures hit the market this summer and even more later this year. The foreclosures are being priced very low, and they continue to force sellers to lower their prices to compete. There were sixty price reductions in the MLS over the last two weeks. We’ll see hundreds more over the summer.
A piece of positive news is that buyer activity is increasing. We saw more homes go into escrow last spring than in the spring of 2007. Right now, there are sixty-four homes in escrow. We haven’t seen that many escrows at one time since October 2005! The bottom of this market may be in sight.
| Month & Year | Listings at Month’s End | Escrows at Month’s End | Homes Sold | Median $ Over Last 12 Mths. | Median Sale $ |
|---|---|---|---|---|---|
| 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 |
|
Price Range |
Active Listings |
|---|---|
| $0 – $250,000 |
6 |
| $250,001 – $300,000 |
21 |
| $300,001 – $400,000 |
81 |
| $400,001 – $500,000 |
67 |
| $500,001 – $600,000 |
60 |
| $600,001 – $700,000 |
38 |
| $700,001 – $800,000 |
34 |
| $800,001 – $900,000 |
22 |
| $900,001 – $1,000,000 |
21 |
| $1,000,001 and up |
64 |
