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
Posted on September 10, 2008 at 9:40 pm
Drew Kondo | Category: Statistics | Tagged , , , , , ,

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