South Lake Tahoe Summary
The median sales price for homes in South Lake Tahoe CA for Jul 09 to Sep 09 was $304,500. This represents a decline of 3.3%, or $10,500, compared to the prior quarter and a decrease of 21.2% compared to the prior year. Sales prices have depreciated 16.5% over the last 5 years in South Lake Tahoe.
National Real Estate Figures and comparisons compared with South Lake Tahoe figures
National Real Estate Figures and Comparisons 2009
It is important to follow National Real Estate Sales Figures and Comparisons, because it gives an idea of the current state of the national recovery. The NAR figures are more reflective of single home owners through out America than the property investors we more typically find buying property in Lake Tahoe. A significant portion of Tahoe’s Real Estate investment is from wealthy Americans and foreigners that are parking there money in investments for long term appreciation. Tahoe is a niche market. To understand Real Estate sales in South Lake Tahoe it is important to look at actual neighborhood data. Please go to www.tahoehomelink.com/neighborhoods . Here we describe the areas in detail and break down the sales in these areas to give buyers and sellers an accurate idea of current market trends.
National Home Price Trends
The national median price for existing home sales declined for the second straight month. The new median price is down 12.5 percent from August 2008. The median home price dropped in all regions except the West. The West is still down 12.2 percent from last year. The other zones are down less than the West from last year, but are showing more price weakness currently.
National Home Sales Trends
According to the National Association of Realtors, home sales in August 2009 lagged behind July home sales, but were stronger than earlier in the year and the same period a year ago. August home sales in 2009 were 3.4 percent above August home sales in 2008. The first-time buyer tax credit is bringing buyers into the market.
Home sales in the West continue to be strong while other areas around the country are starting to experience weakness. In the West sales picked up by 2.7 percent from July and on a yearly basis sales there were up 7.4 percent. The Northeast saw sales drop by 2.2 percent in August, but sales were still up 5.8 percent over the previous year.
The South and Midwest are showing minimal growth in home sales from 2008 and experienced the largest drop in monthly sales. Home sales fell 3.3 percent and 6.6 percent respectively.
National Inventory Trends
Total housing inventory fell 10.8 percent in August to 3.62 million units available, down from a revised 4.06 million units in July. At the current sales pace, the homes on the market now represent an 8.5-month supply, down 8.6 percent from the 9.3-month supply of the previous month.
We love to get your opinions or questions. Join in the conversations on our blog page www.tahoehomelink.com/jillsblog . If you want more private advice please email us direct. info@tahoehomelink.com . Jill and I have been active investors in land, vacation rental properties and primary residential properties in South Lake Tahoe since 1993. We have been active property investors in california since 1985. If you are thinking about South Lake Tahoe we can help you.
