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.)
Price Reductions on Some Pretty Great Tahoe Homes – Investment Anyone?
As we enter the mid-summer season (what we in the Tahoe real estate industry call the “shopping phase”) we are noticing that along with Yogi Bear sightings, the number of potential buyers checking out our listings on the internet (and actually making inquiries for further information) are substantially increasing. Over the years, we have noticed a strong trend in buyers using the summer months to explore their options with the thought that “something better might come along.” Eventually, August rolls around and the buyers’ general thought is, “boy, I sure would like to get into a home prior to the snow falling.” Next thing you know, the number of new pending sales go up and everyone is hustling. With just a couple of weeks left in July, some of our sellers have decided to lower their asking prices in order to be at the forefront of the buyers’ top picks in August. These opportunities are so great that we thought we would pass them along to our readers. One never knows where the dominoes might fall so please, feel free to pass the following information along to anyone you feel might be interested. Just in case we lose you, be sure to read this entire piece prior to clicking on any of the links.
Our featured price reduction is 3076 Jacarillo. This home was originally purchased for $687,000. The owners then completed a stunning kitchen remodel, added a workshop out back and fully landscaped the yards. Located in Montgomery Estates and just a few homes down from beautiful forested trails, this beautiful family home is now asking only $519,000 with classy furniture being negotiable. Further information, visual tours, mapping and a photo gallery are all here to be enjoyed. If you are in the neighborhood, stop by our Open House this Saturday, the 24th of July, from 12 – 3.
The next great value to be found is located at 1781 Skyline Drive in Country Club Estates. This property is situated on two combined lots (approximately 30,00 SF of elbow room) with some of the most magnificent views to be found throughout the Tahoe Basin. Street level living features a large living room with vaulted ceilings and skylights, a large dining area and kitchen with hardwood floors and a beautiful stone fireplace. Downstairs are four bedrooms and a bath with a large jetted spa. The owner has decided that now is the time to move on in her life and told us to price it to sell. So we did. All of this now for only $599,900.
Our final pick of the week for great price reductions is 2512 Cattleman’s Trail. Check this out – brand new construction with all the “bells and whistles” is now only $499,000. Where else in Lake Tahoe will you find top of the line construction, three bathrooms all with jetted tubs, hardwood floors, vaulted ceilings, granite counters all in one of the area’s most desirable neighborhoods? Originally built to be the contractor’s own home, no corners were cut when it came to design or quality. Families with small children will especially appreciate the close proximity to the Sierra House School, the fenced yard and steps to the Lake Christopher Meadow with adventures just waiting to be had.
Now, as far as the bear in the above photo – we thought you might get a kick seeing our backyard visitor. Yogi has a preference to wait until Don is done working on the pond prior to jumping in for an afternoon splash. Our biggest chuckle was when he and our cat came face to face the other day. The bear freaked and flew up the closest tree and the cat literally flew across the yard, through the door and up the stairs not to be seen for the next hour. I only wish I had had a video camera handy.
South Lake Tahoe Real Estate Market Update, July 8- July 14
According to the South Lake Tahoe Association of Realtors’ MLS there were 26 NEW (or back on the market) listings, down 3 from the previous week’s 29. The lowest priced new listing was $149,900 for 1071 Reno, a 2 bedroom, 1 bath with 864 square feet. The highest priced new listing was $1,450,000 for 359 Beach St, a 5 bedroom, 5 bath with 4686 square feet located in the Tahoe Keys. The overall median asking price last week was $377,400.
There were 18 NEW ESCROWS this past week, up 10 from the previous week’s 8. The lowest pending sale price was $65,000 for 3798 Aspen, a 1 bedroom, 1 bath with 551 square feet. The highest pending sale price was $775,000 for 2301 Cold Creek (way to go Pinnacle), a 4 bedroom, 3.5 bath with 3330 square feet. The overall median home price among last week’s pending sales was $284,450 with an average time on the market of 48 days.
There were 6 CLOSED sales this past week, up from the previous week’s 3. The lowest sale price was $180,000 for 2640 Bertha, a 2 bedroom, 1 bath with 1176 square feet. Both the buyer and seller were represented by the Pinnacle Real Estate Group . At the same time, the seller of the highest priced sale was also represented by Pinnacle. This Montgomery Estates home was located at 2232 Columbine, feautred 7 bedrooms, 5 baths and 4746 square feet and sold for $1,150,000.The overall median sale price for the past week was $337,500 with an average time on the market (including the escrow period) of 283 days which is slightly higher than the $326,500 median home price posted as an average for the previous 12 months.
So. Tahoe Median Home Prices Showing Slight Improvement
The South Tahoe Association of Realtors’ recently posted the statistics for the median home prices found within single family residences as of June 30th, 2010. These numbers are based upon the averages for the previous twelve months and compared to the previous years. The good news is that as of June 30th, the median home price increased once again, to $326,500. This median home price is fairly close to that of the $325,000 found in February of 2004. If interested, we have a chart that will show the month to month comparison for the past five years.
When comparing the number of homes sold and the dollar per square foot, the news is mixed. Between July 1, 2008 and June 30, 2009 there were 375 sales with a median square footage of 1604, a median list price of $399,000 and a median sales price of $370,00. During the same period from 2009 – 2010, the number of closed escrows increased to 515, the square footage was up to 1707 (slightly more bang for the buck) with the median asking price being $331,650 and a median sales price of $325,000. Another positive bit of news is that the decrease in value over the same period last month is only 12.9%. This is the lowest decrease we have seen since August of 2009 and in fact, the neighborhoods of Montgomery Estates, North Upper Truckee 1 and Christmas Valley 2 saw increases in the median home prices recorded in their areas.