Lake Tahoe Experts

How to Improve Your Odds... if You Choose.

(LAKE TAHOE REAL ESTATE BLOG) We did this for our South Lake Tahoe readers, but Active Rain members can use this as a basis of presenting the odds of selling a home in your market. Just change the numbers and "South Lake Tahoe" or your market, and enjoy.)

There were  373 homeowners  who successfully sold their house in South Lake Tahoe, CA  in 2007. There were 756 homeowners who did not. In other words, more people could not sell their home in South Lake Tahoe than those who could. (See how we got these numbers below)

All current national market indicators foresee similar housing market trends in the short term, and likely throughout 2008. We’re seeing no change as of yet in South Lake Tahoe.  All market indicators point to an advantage for Buyers. Yes, your housing market is slower than it was two years ago. But we all already knew that.

One Year Odds and Six Months Odds:
There were 1,485 homes to hit the market in South Lake Tahoe, CA in the last 365 days. With only 367 sales in that time frame, the odds of a successful sale were 24.7%.

In the last six months, 1,097 homes have come on the market. With only 194 sales during that time, the odds of a successful sale were 17.7%.

Another Way of Looking at It:
What, you say, I’ve only got about a 18% to 25% chance of selling my house... in six months to a year? Well, we’re talking “averages” here. And sales averages are that place where good performance and poor performance meets. For every strike-out, there’s a hit so to speak. The idea is of course how to improve one’s individual odds.

Good Performance Odds: (here in South Lake Tahoe)
So, there are anomalies to every average. Here, lets call an anomaly a successful house sale, one that beats the odds. And also here, the anomaly gives us hope, and it also gives us data... that you can use to make sure you get more hits than swats:

• There were 72 houses that sold in 60 days or less (about the time it takes for escrow)
• There were 129 houses that sold in 90 days or less.
• In other words, about 35% of South Lake Tahoe home sales in 2007 were within 90 days.

The Glass is Half Full :
Now a home seller has two different odds to look at, either one has a 25% chance of selling their house in South Lake Tahoe in a year, or a 35% chance of selling it in 90 days or less. And it’s a rather simple choice really, which odds look better to you? Do you want to Sell? Or just keep your house on the market?

If one prefers to have their house sell in 90 days or less, one can look at the recent home sales that did occur in less than 90 days and study that success. Said success is always based on finding that perfect balance between location, condition and price. One has no control over location, of course, but one does have control over condition and price. And one can absolutely find glass-half-full odds of selling one’s home in 90 days or less, if one is willing.
 

How Do I Find that Perfect Balance?
Good question, and it is never an exact science, but it’s not rocket science either. Each home is unique, and each successful sale uses information and strategies from other successful sales, which are then altered somewhat to account for what is different about a particular house. The end result is basically a variation on a central theme, one that is consistent with market reality, and customized for your home.

Finding that perfect balance can only come through teamwork... between you and a real estate agent you trust. A very good real estate agent. We are that, and we’d like to be on a winning team with you, plain and simple. But that’s not our sole intent here. For us, our goal is to earn your trust through market knowledge and good old fashioned hard work.

Here’s what you need to have and know : (to either Sell or Buy)

• You must have all of the numbers, not just what is called a CMA (comparative market analysis).
• You must study the numbers and sales of relevant homes to yours (privately, and with your agent).
• You must understand your real estate market absorption rates (get them here, understand how to use them here).
• If there are any questions about other relevant homes, you must see them, then compare them to yours (Ok, you’ve got to be unemotional and objective about that comparison too).
• You must discuss the market and your assumptions with your agent.
• You must set your price based on what the numbers show you (not what anyone says, nor wishful thinking).
• You must be flexible to make changes when and if necessary.

What All of the Numbers Are :
Here’s what we provide in an excel workbook for every client. Each page has a statistics chart that comes with the data. (see actual example we did for a client in 2007 here).

• All Sales in the last 365 Days.
• All Sales in the last 180 Days.
• All Sales in the last 90 Days.
• All Sales in the last 30 Days.
• Statistical charts with averages and medians from the above (see one here).
• All Sales in Your Neighborhood in 2003.
• All Sales in Your Neighborhood in 2004.
• All Sales in Your Neighborhood in 2005.
• All Sales in Your Neighborhood in 2006.
• All Sales in Your Neighborhood in 2007.
• All Sales in Your Neighborhood this year.
• Statistical charts with averages and medians from the above (see one here).
• All Sales of Similar Size (market wide).
• All Sales of Similar Size in Your Neighborhood.
• All Sales of Similar Age (market wide).
• All Sales of Similar Age and Size (market wide).
• All Sales of Similar Size and Age in Your Neighborhood.
• All Current Escrow (market wide).
• All Current Escrow of Similar Size (market wide).
• All Current Escrow of Similar Size in Your Neighborhood.
• All Active Listings (market wide)
• All Active Listings of Similar Size (market wide)
• All Active Listings in Your Neighborhood.
• All Active Listings in Your Neighborhood of Similar Size.
• Statistical charts with averages and medians for the above.
• Comparison stat charts with averages and medians for all of the above (see one here).
• Value Graph Charts of all relevant recent Sales and currently Active Listings. (see one here)
• South Lake Tahoe Absorption Rates (see one  here)

How We Got the Number: (of homeowners that did not successfully sell.)

• There were 565 expired, withdrawn and terminated listings in 2007 (many more than once).
• There are 191 homes that have been on the market an excess of 157 days (the avg. number of days it took to sell a home here in 2007).

 

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A 26% Decline in National New Homes Sales has little to no effect here in South Lake Tahoe.

(LAKE TAHOE REAL ESTATE BLOG) Well, we’ve got more disappointing national news about the housing industry. This time it’s the new home sales report by the National Association of Realtors (NAR).

All real estate is local, though, which means that real estate market trends and conditions vary from one  market to another, and that national news may, or may not indicate local real estate market conditions.

The Sky Did Not Fall: (unless one is in the new home construction business)
Like most national real estate news these days, rather than becoming overly alarmed and swept up in negative headline driven hype, lets take a look at this new home sales report, and then compare it to your local real estate market here in South Lake Tahoe.

Here are the three main points in the article, followed by current South Lake Tahoe real estate market specifics: (read the whole article here)

• 1. Sales of new homes fell last year by 26 percent, the steepest drop since records began in 1963, the Commerce Department said on Monday.
  
  • Because of strict environmental and growth controls, South Lake Tahoe is not now, now will it ever be a a new home market in the foreseeable future.
  • Since 2003, the most new home sales in South Lake Tahoe, CA in any one year was 57 sales in 2004, or 6.8% of the market.
  • The most new home sales in that same time frame in Stateline, NV was 5 sales in 2004, or 2.9% of the market.

• 2. Last week, the National Association of Realtors reported that sales of previously owned single-family homes, a large portion of the overall housing market, suffered their biggest annual drop in 25 years.
  
  • 697 single family homes sold in South Lake Tahoe in 2003.
  • 820 in 2004. (an increase of 17.6%)
  • 682 in 2005. (16.8% decrease)
  • 438 in 2006. (35.7% decrease)
  • 373 in 2007. (14.8% decrease)

• 3. Prices have also fallen sharply. In December, the median price of a new home fell to $219,200, down 10 percent from December 2006.
  
  • The Median Sold Price in South Lake Tahoe, CA in 2001 was $256,000.
  • In 2002 it was $274,000.
  • In 2003 it was $308,110. (12.4% increase)
  • In 2004 it was $363,500. (17.9% increase)
  • In 2005 it was $455,000. (25.1% increase)
  • In 2006 it was $453,000. (.04% decrease)
  • In 2007 it was $425,000. (6.1% decrease, not including Tahoe Keys)
    

The Bottom Line:

We have seen declines in both demand and price here in South Lake Tahoe since the last quarter of 2005. Proving once again that all real estate is local, our market conditions, while being generally consistent with national trends, are often better, or not as dire as the particulars in recent national real estate reports. That makes sense, however, when one considers that we are a small, resort market characterized by a lifestyle and the scenic beauty of the largest and highest Alpine lake in the world.

Like the rest of the country, our real estate market is slower than it has been in some time, but price declines are better than the national averages, and demand is essentially the same as current national declines. There are excellent deals for Buyers right now. Sellers who have owned their home prior to 2004, or who purchased wisely thereafter, can sell their home quickly (90 days or less) if it is priced properly, and most all will make money in doing so.

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Five key market indicators: Demand, Supply, Escrow, Prices, Absorption.

(LAKE TAHOE REAL ESTATE BLOG) The following is a summary of all key South Lake Tahoe real estate market indicators for Stateline,  NV at this time. Details for each of the five key indicators follows.

 Demand :

• There were 74 homes sold in Stateline, NV in 2007.
• Compared to 2006, this is a decline in demand of 15 home sales (16.8%).

 Supply :

• Current inventory is 20 homes more than at this date in 2006.
• At current market performance rates, it will take 23 months to sell all of the homes that are on the market in Stateline, NV now.

 Escrow :

• There are 8 homes in escrow at present.
• This is 3  fewer homes in escrow than at this time last year.

 Prices :

• Median Sold Price fluxuated throughout 2007.
• The median sold price for the last 365 days, not including Lake Front properties and Glenbrook is $854,500.
• In the last 90 days, the median sold price is $718,500.

 Absorption :

• The Stateline, NV real estate market is currently averaging 5.9 home sales per month (last 365 days).
• The Stateline, NV real estate market is currently averaging 4.3 home sales per month (last 90 days).
• This is less than the 7 sales per month average in 2006.

Here are the details:

Demand:

• The total number of home sales for 2007 was 74.
• The total number of home sales in the last 365 days is 74.
• The total number of home sales in 2006 was 89.
• The total number of home sales in 2005 was 140.
• The total number of home sales in 2004 was 177.

Supply (Inventory)

• The current number of homes available for sale in Stateline, NV is 136.
• The total number of homes available for sale about this date a year ago was 124.

Escrow:

• The number of homes in escrow at present is 8.
• The number of homes in escrow at noted at various dates throughout 2007 has ranged from 7 to 15.
• The number of homes in escrow a year ago about this date was 11.

Prices: (not including Lake Front Properties and Glenbrook)

• The Median Sold Price for all Stateline, NV homes in 2007 was $854,500.
• The Median Sold Price for all Stateline, NV homes in the last 90 days is $718,500.
• The Median Sold Price for all Stateline, NV homes in the last 180 days is $706,250.
• The Median Sold Price for all Stateline, NV homes in the last 365 days is $855,000.
• The Median Sold Price for a Stateline, NV home in 2006 was $835,000.
• The Median Sold Price for a Stateline, NV home in 2005 was $775,000.

Monthly Absorption Rate (average number home sales per month)

• The Stateline, NV real estate market averaged 6.1 home sales per month in 2007.
• For the last 365 days, the Stateline, NV real estate market has averaged 5.9 home sales per month.
• For the last 180 days, the Stateline, NV real estate market has averaged 6 home sales per month.
• For the last 90 days, the Stateline, NV real estate market has averaged 4.3 home sales per month.
• The Stateline, NV real estate market averaged 7 home sales per month in 2006.
• The Stateline, NV real estate market averaged 12 home sales per month in 2005.
• The Stateline, NV real estate market averaged 15 home sales per month in 2004.

What it all Means:

• Median Sold Prices have come down slightly throughout 2007.
• Demand is down by 16.8%.
• There are many excellent opportunities to Buy.

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Decline in Demand and Increase in Inventory creates Excellent Buying Opportunities in South Lake Tahoe.

(LAKE TAHOE REAL ESTATE BLOG) We’ve just updated the Absorption Rates for the Stateline, NV side of our South Lake Tahoe real estate market. The links here will lead one to both the overall market absorption rates, there's a chart, and to detailed spreadsheets containing absorption rates by price range.

 The absorption rate spreadsheets indicate the total number of homes sold in a particular price range in the last 365, 180, 90 and 30 days. The price ranges are in $50,000 increments up to $1M. After $1M, the price-range increases. For each price range, the absorption rate spreadsheets indicate:

• (1) the total number of homes sold in that price range;
• (2) the monthly absorption rate, or the average number of homes sold per month;
• (3) the total number of homes currently available in that price range;
• (4) the total number of months it will take to sell the current inventory.

There is also a FAQ to help one to better understand what absorption rates are and how they are used. Here’s a bullet-point summary followed by a brief review about what this latest update reveals: Summary:

• In the last 365 days in the Stateline, NV market of South Lake Tahoe, the average number of homes sold per month is 5.9.
• In 2007, the average number of homes sold per month was 6.
• It will take 23 months to sell the current inventory at an absorption rate of 5.9 sales per month.

The Bottom Line:

• It will take 2 years to sell what’s on the market now.
• There are more homes on the market than will sell in the next year... by far.
• Almost 50% of our current listings will not sell anytime soon.
• Motivated Sellers will increasingly represent Excellent Opportunities for Buyers.

Number Sales - Decline in Demand is Excellent Opportunity for Buyers

• There have been 74 homes sold on the Stateline, NV side of our South Lake Tahoe market in the last 365 days.
• There were only 74 homes sold in 2007.

Inventory - Increase in Supply is Excellent Opportunity for Buyers

• There are 136 listings currently available for sale.
• There were 116 listings at this time a year ago.
• Inventory load will produce more choices for Buyers.
• Inventory load will produce more motivated Sellers... who actually will sell at current market reality, rather than cling to prices that are no longer viable in today’s Buyer driven market.

Annual Results: Total Number Sales

• There were 89 single family homes sold in Stateline, NV of South Lake Tahoe in 2006.
• There were 140 single family homes sold in Stateline, NV of South Lake Tahoe in 2005.
• There were 173 single family homes sold in Stateline, NV of South Lake Tahoe in 2004.
• There were 120 single family homes sold in Stateline, NV of South Lake Tahoe in 2003.

Annual Results: Monthly Absorption Rates

• As of today, an average of 6 single family homes per month sold in Stateline, NV of South Lake Tahoe in 2007.
• An average of 7 single family homes sold per month in Stateline, NV of South Lake Tahoe in 2006.
• An average of 12 single family homes sold per month in Stateline, NV of South Lake Tahoe in 2005.
• An average of 15 single family homes sold per month in Stateline, NV of South Lake Tahoe in 2004.
• An average of 11 single family homes sold per month in Stateline, NV of South Lake Tahoe in 2003.

We offer this information as a public service. It is the most complete current information on the overall Stateline, NV side of our South Lake Tahoe real estate market available. If you like what you see here and find it helpful, please call us for further help with buying or selling a Lake Tahoe home. We’re also always interested in comments and suggestions too.

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(LAKE TAHOE REAL ESTATE BLOG) We’ve just updated the market performance for Stateline, NV, the Nevada side of our South Lake Tahoe real estate market.  To best look at overall market performance, we provide you with market data for the last 365 days, plus separate looks at 180 days, at 90 days and the last 30 days.

The Spreadsheets:
The link “Stateline, NV - Market Performance” in our left sidebar will lead one to the data. The information is found on spreadsheets that contain all sales for each of the four time periods above: 365, 180, 90 and 30 days.

The Statistics Charts:
At the top of each of the sales spreadsheets is a link to a statistics chart that gives you an immediate look at the market conditions for that specific time period. As an example, we’ve displayed the statistics chart here for all sales in the last 365 days. Each of these statistics charts includes:

• Median Sold Price
• Average Sold Price
• Average List Price
• $ Difference List v. Sold
• % Difference List v. Sold
• Average Days on Market
• Average Price Sq Ft
• Average Size

Why Four Different Time Periods?
One of the reasons we provide the information in these 4 time periods is real estate market trends and conditions can span across years. Traditionally, one looks at a real estate market by year, 2007 for example. A real estate market, though, does not necessarily change, nor start or stop on the first of January. The market does not wake up after new year’s eve with a hang over, and a new year’s resolution: to lose weight, to be more considerate, and swear to all that will listen to be a much better market than it was the year before. It just continues and marches on until economic and consumer sentiment forces much more powerful than any given spot on a calendar changes it.

The later one gets into any one year, the more relevant the statistics for that given year become.
But one quarter does not a market make, and certainly not 30 days. We do have a link to all 2007 sales, but as you can imagine it is more relevant in July than it was in January or February, when there are such few sales.

A real estate market trend emerges out of data, the more the better.
Here in our second-home resort market in South Lake Tahoe, one has to consider average days on market as a basis of determining how much data, and for how long a period of time, one needs to get a good indication of current conditions. If one were looking at an suburban, primary home market where homes usually sell in less than 90 days, for example, then 6 months of data would certainly be sufficient to document a real estate market. But here in Stateline, NV, the average time it takes to sell a house at present is about 7 months. On the California side of our market it is somewhat less. This is why we provide you with data for the last calendar year.

It is certainly possible to foresee market fluctuations, or emerging change in less than 365 days. This is why we also provide these specific looks at 180, 90 and at 30 days. To best understand, and become comfortable with what our market is, and is not, we believe it’s important to look at all of these time periods, if nothing more than just for drill.

When looking at the data and statistics chart for the last 365 days specifically, it’s important to understand that the 365-day data includes all of the data for the three other time periods too. Correspondingly, this also means that when looking at the data and statistics chart for the last 180 days, the data for 90 days and 30 days is included within the 180 day statistics as well.

The Bottom Line: (all in the last 365 Days)
Here are the current market conditions as documented by the last 365 days:

• Demand is down: (Means opportunity for Buyers)
  
  • There have been 74 single family home sales in the last 365 days.
  • There were 74 sales in 2007.
  • There were 89 total sales in 2006, 140 total sales in 2005, 177 total sales in 2004 and 131 sales in 2003.
• Median sold price in the last 180 days is $706,250 (excluding Lake Front Properties and Glenbrook).
  
  • It was $835,000 in 2006 and $775,000 in 2005.
• Average List Price in the last 180 days is: $2,524,086 including Lake Front properties and Glenbrook, and $1,072,757 without.
• Average Sold Price in the last 180 days is:  $2,289,622 including Lake Front properties and Glenbrook, and $959,500 without.
• Average Days on Market in the last 180 days is 233.
• Average Sq. Ft. Price is $424 (not including Lake Fronts and Glenbrook).
• Average Size is 2,425 Sq. Ft. (not including Lake Fronts and Glenbrook).

We offer this information as a public service. It is the most complete and current information on the Stateline, NV side of our South Lake Tahoe Real Estate Market available.

If you like what you see here and find it helpful, please call or email us for further help with buying or selling a Lake Tahoe home. We’re also always interested in comments and suggestions too. (Please comment in the box below)

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(here's another one we did much earlier. Someone asked us about it, and we thought the weekend would be a good time to dust it off again.)

WE'VE all got one of these, and certainly every Buyer and Seller has one of them too. This is the neighborhood know it all, that one, ever present real estate pontificator who knows what you should do with your house better than you do.

How to Drum up the SEER:
The question is not how does one find him, the neighborhood Seer will find you. The bait to catch him, it’s always a sure thing, and it’s kinda like the drive of an alpha male buck in mating season, is either put up a For Sale sign in front of your house, or just mention to any neighbor at all that you are thinking of selling. Then Presto, as if abracadabra-inspired magic... out of a self aggrandizing omniscient cloud, the Seer instantly appears.

How to know it’s the SEER:
The seer likes to talk. The sound of their own voice is... well, subordinate perhaps to only the ungulate-rut instigation of his mating season desires. The Seer will tell you he knows more about the real estate market than anybody. He will justify his superior knowledge, like an anxiously and only recently separated identical twin, because he has a friend that’s a real estate agent who tells him everything. Here’s some of the things the Seer usually says:

• “Your house is listed too low.” (And "too high")
  
• “My real estate friend is a better agent than yours. You should call him.”
• “The house down the street just sold for __________ (fill in the amount).
• “You should sell for more.”
• “My agent friend can get you this much __________.” (fill in the amount)
• “My friend told me prices are up.”
• “Your house isn’t being marketed right.”
• “Your agent hasn’t shown you all the comps. Mine will.”

What to do during the SEER’s monologue:
The first thing is it’s boring. The kind of boring that would have made someone want to commit suicide during the renaissance. Yawning won’t do. Neither will nodding your head perfunctorily. Instant flight is an answer, but it must be early, before the harangue gets up to full speed. The Seer in full stentorian frenzy has been known to follow folks into their house. The need for genuflected attention is insatiable. And it’s all downhill from there. There’s nothing else to do but fall on the floor, wave a white flag and turn in one’s sword in complete, unconditional surrender.

What kind of mischief does the SEER stir up:
A lot of it usually. What’s unfortunate is the neighborhood know it all does not necessarily know it all, or have all the facts. Much of the time a seer’s discourse is rumor, assumptions or partial information. We’ve always thought it odd that the Seer knows more than an agent does... without access to the mls, our training, continuing education, professional level credentials or state laws and regulations. Anyway, it’s a mystery. Something to chalk up to the horns of a dilemma... not a buck. Anyway, things the Seer stirs up usually have to be fixed, with sometimes much discussion, and much wasted time. They usually fall among the following:

• The Listing Agent and The Seller.
• The Buyer’s Agent and The Buyer.
• Both of the Agents involved in a transaction.

How to make the SEER disappear:
A fail safe solution is marketable stuff. Unfortunately it doesn’t exist, and whatever works once with one Seer doesn’t always work with another. A fake petit -mal seizure might do the trick. This is full-tilt, backyard, over-the-fence filibuster we’re talking about. Not even the threat of having small pox, or chronic contagious venereal disease will usually get them to go away. There is really no easy way out. Unless of course one decides to move.

And moving out is the case here, because the reason for the move is to get away from the neighborhood know it all. But here’s the kicker, there’s more of them waiting with baited breath in the new neighborhood. And all a new homeowner has to do to find the new Seer is show up in a moving truck, take down the For Sale sign and start moving in. Then Presto... well, you know the rest.

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There are 4 Stateline, NV 2008 Sales to date.

(LAKE TAHOE REAL ESTATE BLOG) We have just updated all 2008 Stateline, NV residential home sales. To date, there have been 4 single family home sales on the Stateline, NV side of our South Lake Tahoe real estate market this year. To get as true indication of market conditions as possible, we also continue to look at and report all single family home sales in Stateline, NV  for the last 365, 180, 90 and 30 days as well.

You will find a new link “All 2008 Stateline, NV Sales”, in our left sidebar. This will lead you to a spreadsheet containing all homes in Stateline, NV that have been been sold to date in 2008. 

The spreadsheet has two links that will lead you to charts containing statistical data on all these 2008 homes sales. These charts have the following information:

• Average Original List Price       
• Median Original List Price       
• Median Reduced, or Current Price
• $ Difference List v. Reduced Price
• % Difference List v. Reduced Price
• Average Days on Market
• Average Price per Sq Ft
• Average Size   

2007 Sales Recap (Lake Front Properties and Glenbrook not included in the stats, but are included in the total number of sales.)
Here’s what this information tells us about current market conditions in Stateline, NV:

• There were 74 sales in 2007.
• The Median Sold Price for homes sold in 2007 was $854,500.
• The Average Original List Price was $1,302,962.
• The Average Sold Price was $1,130,987.
• The difference between Average Original List Price and Median Sold Price was $171,974, or 13.2%.
• Average Days on Market iwas 210.
• Average Price Sq. Ft. was $418.

Median Sold Price: Which is the right one?
We look at Median Sold Price at various time intervals. This allows us to better track current market condition, and to identify any emerging changes as quickly as possible. The Median Sold Prices as indicated below suggest that most of the 74 sales in Stateline, NV in 2007 have been high-end homes.

We have recently posted a report on current Stateline, NV homes in escrow. There are 8 of these with a current Median Price of $1,250,000. When these homes close, the actual Median Sold Price will certainly be lower.

Median Sold Price: (Lake Front Properties and Glenbrook not included)
Please note that there were only 74 sales in Stateline, NV in 2007. This is not a large data sample, and as such concentrations at one end or the other of the value range influences results more than with a larger data sample. Most of the sales in 2007 have concentrated at the high-end of our value range.

The Median Sold Prices in Stateline, NV are: (Lake Front Properties and Glenbrook not included)

• For all of 2007: $854,500. (74sales)
• For 2006: $835,000
• For 2005: $775,000

What is Median Sold Price anyway?
Median Sold Price represents the price at which an equal number of houses were sold for more and for less. Real estate professionals tend to rely on it rather than the Average Price because the average can sometimes be skewed by the sale of a relatively small number of houses at either end of the price scale.

We believe, as do most real estate statisticians, Median Sold Price gives a truer indication of overall market condition. Median Sold Price and Average Sold Price can be quite different for the same sample group. For instance, if one is doing a sold properties report and the homes are very evenly distributed, the Median and Average might be very similar. However, if the homes sold were weighted more to one end or the other of the price spectrum, then the median and average could be quite different.

In Stateline, NV the difference between Median Sold and Average Sold Price is normally quite apparent. Home sales prices here in 2007 range from $410,000 to $14,900,000. We have a significant concentration of high-end luxury home sales compared to market entry homes:

There have been 36 homes sold above $1,000,000 in 2007, 9 of these were above $5,000,000 and 3  were above $10,000,000.

• At the same time, there have been only 7 homes sold under $500,000.
• There is a $171,974 difference between Median and Average prices for all homes sold in 2007 (see above).

The Bottom Line: Good News for Buyers.
The Stateline, NV real estate market presents significant Buying opportunities at this time.
Interest rates remain reasonable.
Prices have come down.
A Buyer has many homes from which to choose.
Many Sellers are eager to sell.
Some Sellers are more reasonable than ever.

We offer this information as a public service. This blog contains the most complete and current information on the South Lake Tahoe, CA and Stateline, NV real estate market available.

If you like what you see here and find it helpful, please call or email us for further help with buying or selling a Lake Tahoe home. We’re also always interested in comments and suggestions too. (Please use the comments box below.)

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Escrow Updated for Stateline, NV side of South Lake Tahoe Real Estate Market.

(LAKE TAHOE REAL ESTATE BLOG) We have just updated the Stateline.NV Real Estate Market Escrow Report. You will find a the link “All Current Escrow - Stateline, NV”, in our left sidebar. This will lead you to a spreadsheet containing all homes on the Stateline, NV side of the South Lake Tahoe real estate market that are currently in escrow.

The spreadsheet has two links that will lead you to charts containing statistical data on all the homes in escrow. These charts have the following information:

• Average Original List Price       
• Median Original List Price       
• Median Reduced, or Current Price
• $ Difference List v. Reduced Price
• % Difference List v. Reduced Price
• Average Days on Market
• Average Price per Sq Ft
• Average Size   

Escrow Summary:
Here’s what the latest escrow information tells us about current market conditions in Stateline, NV:

• The Median Price for the homes in escrow is $1,250,000 (not including Lake Front Properties and homes in Glenbrook)
• Escrow normally takes about 60 days in Stateline, NV.
• The homes in escrow now generally reflect buying activity from late-November forward.

Escrow and Inventory:
The chart herein tracks the relationship of homes that are listed and homes in escrow since November of 2006.

• There are 136 available listings in Stateline, NV at present.
• There are 8 homes in escrow.
• This is 3 less homes in escrow than there were on Jan 26, 2007.

What it Means: Good News for BuyersThe Stateline, NV real estate market presents significant Buying opportunities at this time.

• Interest rates remain reasonable.
• Prices have come down.
• A Buyer has many homes from which to choose.
• Many Sellers are eager to sell.
• Some Sellers are more reasonable than ever.

We offer this information as a public service. This blog contains the most complete and current information on the South Lake Tahoe, CA and Stateline, NV real estate market available.

If you like what you see here and find it helpful, please call or email us for further help with buying or selling a Lake Tahoe home. We’re also always interested in comments and suggestions too. (Please use the comment box below.)

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There were 74 Stateline, NV 2007 Home Sales.

(LAKE TAHOE REAL ESTATE BLOG) We have just updated all 2007 Stateline, NV residential home sales. To date, there have been 74 single family home sales on the Stateline, NV side of our South Lake Tahoe real estate market this year. To get as true indication of market conditions as possible, we also continue to look at and report all single family home sales in Stateline, NV  for the last 365, 180, 90 and 30 days as well.

You will find a new link “All 2007 Stateline, NV Sales”, in our left sidebar. This will lead you to a spreadsheet containing all homes in Stateline, NV that have been been sold to date in 2007. 

The spreadsheet has two links that will lead you to charts containing statistical data on all these 2007 homes sales. These charts have the following information:

• Average Original List Price       
• Median Original List Price       
• Median Reduced, or Current Price
• $ Difference List v. Reduced Price
• % Difference List v. Reduced Price
• Average Days on Market
• Average Price per Sq Ft
• Average Size   

2007 Sales Recap (Lake Front Properties and Glenbrook not included in the stats, but are included in the total number of sales.)
Here’s what this information tells us about current market conditions in Stateline, NV:

• There have been 74 sales in 2007 to date.
• The Median Sold Price for homes sold in 2007 is $854,500.
• The Average Original List Price is $1,302,962.
• The Average Sold Price is $1,130,987.
• The difference between Average Original List Price and Median Sold Price is $171,974, or 13.2%.
• Average Days on Market is 210.
• Average Price Sq. Ft. is $418.

Median Sold Price: Which is the right one?
We look at Median Sold Price at various time intervals. This allows us to better track current market condition, and to identify any emerging changes as quickly as possible. The Median Sold Prices as indicated below suggest that most of the 74 sales in Stateline, NV in 2007 have been high-end homes.

We have recently posted a report on current Stateline, NV homes in escrow. There are 8 of these with a current Median Price of $1,250,000. When these homes close, the actual Median Sold Price will certainly be lower.

Median Sold Price: (Lake Front Properties and Glenbrook not included)
Please note that there have been only 74 sales in Stateline, NV in 2007. This is not a large data sample, and as such concentrations at one end or the other of the value range influences results more than with a larger data sample. Most of the sales in 2007 have concentrated at the high-end of our value range.

The Median Sold Prices in Stateline, NV are: (Lake Front Properties and Glenbrook not included)

• For all of 2007: $854,500. (74sales)
• For 2006: $835,000
• For 2005: $775,000

What is Median Sold Price anyway?
Median Sold Price represents the price at which an equal number of houses were sold for more and for less. Real estate professionals tend to rely on it rather than the Average Price because the average can sometimes be skewed by the sale of a relatively small number of houses at either end of the price scale.

We believe, as do most real estate statisticians, Median Sold Price gives a truer indication of overall market condition. Median Sold Price and Average Sold Price can be quite different for the same sample group. For instance, if one is doing a sold properties report and the homes are very evenly distributed, the Median and Average might be very similar. However, if the homes sold were weighted more to one end or the other of the price spectrum, then the median and average could be quite different.

In Stateline, NV the difference between Median Sold and Average Sold Price is normally quite apparent. Home sales prices here in 2007 range from $410,000 to $14,900,000. We have a significant concentration of high-end luxury home sales compared to market entry homes:

There have been 36 homes sold above $1,000,000 in 2007, 9 of these were above $5,000,000 and 3  were above $10,000,000.

• At the same time, there have been only 7 homes sold under $500,000.
• There is a $171,974 difference between Median and Average prices for all homes sold in 2007 (see above).

The Bottom Line: Good News for Buyers.
The Stateline, NV real estate market presents significant Buying opportunities at this time.
Interest rates remain reasonable.
Prices have come down.
A Buyer has many homes from which to choose.
Many Sellers are eager to sell.
Some Sellers are more reasonable than ever.

We offer this information as a public service. This blog contains the most complete and current information on the South Lake Tahoe, CA and Stateline, NV real estate market available.

If you like what you see here and find it helpful, please call or email us for further help with buying or selling a Lake Tahoe home. We’re also always interested in comments and suggestions too. (Please use the comments box below.)

Click Here (for something cool)

Our Bolero Button? (It's in the sidebar under mybloglog.)

 

Hesitant Buyers and Stubborn Sellers: Not a Great Combination!

(LAKE TAHOE REAL ESTATE BLOG) So yesterday comes with this bit of news from Market Watch: “Existing-home sales expected to fall again.” What’s interesting about this take on the national real estate news is that it’s before the report...you know, the NAR existing home sales report that’s not coming out until this Thursday.

News of this sort is normally reported after the fact. We rarely see headlines like “Good News About Existing Home Sales Might be Coming.” Yet now, we get to see “Bad News About Existing Home Sales Probably is Coming.”

One wonders why. We certainly had a lot of “the bubble is bursting” news fever about the housing market some years ago, about two years before it actually happened to be exact. But now, we’re in a recession news fury, and it’s our guess forecasting the possibility of economic decline is just a sign of the times. Or maybe, we’ve had a holiday weekend with very little other news.

To see the full article, click  here. The article says that few people expect any recovery in the housing market soon, although Realtors have said they are encouraged that sales have been relatively stable for the past three months after falling 20% in the 12 months before that. That may be true as we are seeing that here in South Lake Tahoe as well. Median Sold prices have remained between $425,000 and $400,000 for some time now, which represents a 10% to 15% variance from both 2005 and 2006.

One item in the article we liked was from Drew Matus, and economist at Lehman Bros. He says the decline in sales is “a function of both hesitant buyers and stubborn sellers.” We have also found that to be true in South Lake Tahoe as well. Though the sellers and buyers that aren’t either have done exceptionally well here recently, and are expected to do so for the foreseeable future.

Come Thursday:
The article states that only a “slight” drop in Existing Home sales will be good news. We guess Market Watch gauges “good news” as what’s good for a Seller, instead of a Buyer. Apparently nobody at Market Watch is buying a house right now.

In any event, Thursday, and NAR’s Existing Housing Report is two days away. And it will be either bad news or good news depending on one’s point of view. (Rather astounding, isn’t it?)

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