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 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
Posted on July 9, 2008 at 9:19 pm
Drew Kondo | Category: Statistics | Tagged , , , , , , ,

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