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.