Market Update for Highland Woods, Lake Tahoe, 2010

The Highland Woods neighborhood, including the PUD area, appear to be continuing along a steady path when comparing activity for the first seven months of 2010 as to the same period in 2009.  According to the South Tahoe Association of Realtors’ multiple listing data, when comparing the year to date sales for single family residences, (Jan. 1 through July 31) for 2010 and 2009, the Highland Woods neighborhood has seen similar numbers.  Although the median home price appears to have dropped, the dollar per square foot for these sales is holding.  In other words, the few homes that sold (it is a small neighborhood) were smaller in size.

It is important that when comparing notes, one distinguishes the difference between the median and average home prices.   The median is probably the strongest indicator of market trends as it represents the middle of the road in that just as many homes sold above as below that price.  The average, which is often quoted can be skewed by an unusually high or low sale.  However, it can also 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 Highland Woods neighborhood experienced 4 closed escrows which was similar to the 5 sold in 2009.  The median home list and sold prices respectively were $299,000 and $283,250 reflecting a sale to list ratio of 94.7%.  The good news is that this sale to list ratio was strongly improved over the median 88.8% in 2009.  During 2009, the median home list and sale prices were $399,900 and $355,000. The median time on the market (from list to close) was  71 days in 2010and 86 days in 2009.

The average list and sold prices in 2010 were$298,000 and $277,125 (92.9% sale to list) with an average time on the market of 73 days and a dollar per square foot value of $202.  During the same period in 2009, the average list and sale prices were $$398,560 and $379,800.  The sale to list ratio was 95.3% and a dollar per square foot of $217.

As of this posting date, there are 9 homes currently listed within the Hihgland Woods neighborhood with 1 of those homes in escrow.   The median list price of the homes currently for sale within the area is $389,000 and a dollar per square foot of $204.  The lowest priced listing is $285,000 for a 3 bedroom PUD cabin  and the highest priced listing is $575,000 for a 2.5 bedroom, 5 bath home with 2,021 SF built in 2006.