Gardner Mountain, Lake Tahoe Market Update, July 2010
Our most recent neighborhood market update focuses on the Gardner Mountain area. The following information is based upon comparing the year-to-date activity for 2010 against that of 2009. These statistics are based upon single family residences only. While deemed accurate, this information is not guaranteed. That being said, let’s take a look at the Gardner Mountain area.
As always, we want to point out that when comparing notes, it is important to distinguish between the average and median home prices. The median is probably the most reflective as one can look at that number as a “middle of the road” indicator. In other words, just as many homes sold above that price as below. On the other hand, it is important to look at an average as well because, while an unusually high or low sale can skew the results somewhat, they also can show that there have been some strong (or weak) sales that are not the norm for an area.
Between January 1 and July 31, 2010, the Gardner Mountain neighborhood experienced 10 closed escrows which was significantly lower than the 31 sold in 2009. The median home list and sold prices respectively were $311,500 and $305,000 reflecting a sale to list ratio of 98%. Although the number of sales were down within this area, the median home price was actually higher. During the same period for 2009, the median list and sales prices in Gardner Mountain were $295,000 and $292,000 with a sale to list ratio of 98.9%. The median time on the market (from list to close) was 87 days in 2010, which was considerably quicker than the 122 reported in 2009.
The average list and sold prices in 2010 were $$307,687 and $297,667 (96.7% sale to list) with an average time on the market of 118 days and a dollar per square foot value of $201. During the same period in 2009, the average list and sale prices were $324,053 and $315,813. The sale to list ratio was 97.4%.
As of this posting date, there are only 19 homes currently listed within the Gardner Mountain. The median list price of the homes currently for sale within the area is $390,642 and a dollar per square foot of $248. The lowest priced listing is $209,000 for a 2 bedroom cabin built in the 1950’s and the highest priced listing is $749,900 for a 2010 construction with 4 bedrooms.
South Lake Tahoe Real Estate market Update, July 22- July 28
According to the South Lake Tahoe Association of Realtors’ MLS there were 15 NEW (or back on the market) listings this past week. The lowest priced new listing was $210,000 for 1137 Keller, a 2 bedroom, 1 bath with 816 square feet. The highest priced new listing was $2,888,000 for 739 Lakeview, a 3 bedroom, 3 bath lake front home with a private dock and 3839 square feet. The overall median asking price last week was $325,000.
There were almost as many NEW ESCROWS this past week as there were new listings with a total of 13 pending sales. The lowest pending sale price was $199,900 for 2171 Royal, a 2 bedroom, 2 bath with 1420 square feet. The highest pending sale price was $849,000 for 2030 Garmish, a Tahoe Keys home with 4 bedrooms, 2 baths and 2338 square feet. The overall median home price among last week’s pending sales was $479,000 with an average time on the market of 58 days.
There were also 8 CLOSED sales this past week. The lowest sale price was $135,000 for 681 Eloise #4, a 2 bedroom, 1 bath with 980 square feet. The highest sale price for the week was $465,900 for 1903 Talbot, a 3 bedroom, 2.5 bath located in Montgomery Estates with 2464 square feet. The overall median sale price was $213,500 with an average time on the market (including the escrow period) of 116 days.
Bijou, Lake Tahoe Market Update, July 30, 2010
Throughout the upcoming weeks, we will be updating our neighborhood sales statistics. Today’s focus is on Bijou. The following information is taken from the South Lake Tahoe Association of Realtors’ Multiple Listing Services, reflects comparative data for the period between January 1 and July 30th for both 2009 and 2010 and is in regards to single family residences only (does not include condominiums.) While deemed accurate, this information is not guaranteed. So, how is the Bijou area holding up in regards to the volume and over all values at this time.
As always, we want to point out that when comparing notes, it is important to distinguish between the average and median home prices. The median is probably the most reflective as one can look at that number as a “middle of the road” indicator. In other words, just as many homes sold above that price as below. On the other hand, it is important to look at an average as well because, while an unusually high or low sale can skew the results somewhat, they also can show that there have been some strong (or weak) sales that are not the norm for an area.
Between January 1 and July 30, 2010, the Bijou neighborhood experienced 25 closed sales which was slightly higher than the 22 reported in 2009. The median home list and sold prices respectively were $289,900 and $268,000 reflecting a sale to list ratio of 92.4%. During the same period for 2009, the median list and sales prices in Bijou were$298,500 and $272,750 with a sale to list ratio of .91.3%. The median time on the market (from list to close) was 92 days in 2010, which was a big improvement over the 142 days reported in 2009.
The average list and sold prices in 2010 were $347,504 and $331,372 (92.6% sale to list) with an average time on the market of 167 days and a dollar per square foot value of $171. This number is considerably less than that of the entire South Lake Tahoe area and most likely, the result of a few abnormal sales. The good news is that the Bijou area has seen an improvement as compared to the average list/sale prices of $$317,327 and $300,755 (94.7% sale to list) in 2009. The average dollar per square foot value in 2009 was $210 with an average of 150 days on the market.
As of this posting date, there are 49 homes currently listed within the Bijou neighborhood of which 7 are pending escrows. Of the pending sales, 2 are pending short sale approval. The median list price of the homes currently for sale within Bijou is $284,250. The lowest priced listing is $139,900 for a 3 bedroom bank-owned cabin and the highest priced listing is $1,849,000 for a 5 bedroom estate located on 7 acres.
Market Update for the Al Tahoe, South Lake Tahoe Neighborhoods
Where ever one turns these days, the news is conflicting in regards to the real estate market. It is no different here in South Lake Tahoe. All we can do is closely track the actual sales (not predictions) and see if we can recognize trends, one way or the other. Seasons play an important role in our real estate market and therefore, one of the best ways to study our market, is to compare statistics for actual closed escrows with those of the same period the previous year. Following is an update in the Al Tahoe neighborhood for the period of January 1st through July 29th comparing 2010 with that of 2009. This information is in regards to single family residences only and does not include condominiums. All of the following information is taken from the South Lake Tahoe Association of Realtors’ Multiple Listing Services and while deemed to be accurate, are not guaranteed. That being said, let’s see what we found!
When comparing notes, it is important to distinguish between the average and median home prices. The median is probably the most reflective as one can look at that number as a “middle of the road” indicator. In other words, just as many homes sold above that price as below. On the other hand, it is important to look at an average as well because, while an unusually high or low sale can skew the results somewhat, they also can show that there have been some strong (or weak) sales that are not the norm for an area. Let’s first take a look at the median home sales for the Al Tahoe neighborhood in South Lake Tahoe.
Between January 1 and July 29, 2010, the Al Tahoe neighborhood experienced 16 closed sales which was only slightly higher than the 15 reported in 2009. The median home list and sold prices respectively were $319,500 and $307,500 reflecting a sale to list ratio of 96.2%. The good news is that this median home SOLD price is only down about 2.4% from the same period in 2009 when the median list and sale prices were $324,000 and $315,000. The sale to list ratio at that time was approximately 97.2% During both years, the median time on the market was only 65 days, most likely a result of fast closings on foreclosed sales. During 2009 the median $/SF was $257 as compared to $244.
The average list and sold prices in 2010 were $363,706 and $342,375 (94% sale to list) with an average time on the market of 138 days and a dollar per square foot value of $257. This average sold price reflects an approximate 1.7% drop from the average list/sale prices of $371,020 and $348,267 (93.9% sale to list) in 2009. The average dollar per square foot value in 2009 was $263 with an average of 140 days on the market.
As of this posting date, there are 36 homes currently listed within the Al Tahoe neighborhood of which 7 are pending escrows. Of the pending sales, 3 are pending short sale approval. The median list price of the homes currently for sale within Al Tahoe is $344,450. The lowest priced listing is $215,000 for a 2 bedroom cabin on Merced and the highest priced listing is a whopping $12,500,000 for a 15 bedrooms lakefront furnished lodge (currently under construction.)
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