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.)