So. Lake Tahoe Median Home Price Update, July 2010
The median home price in South Lake Tahoe appears to be holding steady following four months of slight yet steady increases. According to the South Lake Tahoe Association of Realtors’ multiple listing services, when focusing on single family residences sold over the past twelve months, as of July 31, 2010, the median home price is posted at $326,500 for the second month in a row. This is down approximately 10.5% from the median home price of $365,000 posted during the same period in 2009. The good news is that this 10.5% reduction is the lowest reduction posted since July of 2009.
Among further positive notes, the number of sales that closed escrow during the August 1 of 2009 through July 31, 2010 was 507 which was a dramatic improvement over the 374 reported for the same period during the previous year. At the same time, the time on the market (which includes the escrow period) shortened from a median time of 175 days in 2009 to 116 days in 2010. The good news continues as the median sales to list ratio during this period in 2010 was 98.9% as compared to 91.5% in 2010. It is our opinion that all three of the above categories were the result of short sales and foreclosures as well as the streamlining of the process within many of the lending institutions.
The statistic that did not show positive signs of improvement had to do with the dollar per square foot. In 2009, the median $/SF was $227 while in 2010, it was reported at $192. Again, distressed sales appears to have been the biggest influence in lowering these numbers. In a nutshell, buyers don’t mind spending a bit more but they are looking for a “bigger bang for their buck.”
Download and print the most recent market update covering the past four years.
That square footage average is of concern to me.
Glad to see that things are looking up in the market!