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 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

Posted on June 13, 2008 at 4:02 pm
Drew Kondo | Category: Foreclosures, Statistics | Tagged , , ,