Paradise Real Estate

The Year in South Lake Tahoe Real Estate

Now that 2011 is drawing to a close and we stand before the beginning of 2012 it is interesting to see what happened in the world of South Lake Tahoe Real Estate.  Many will ask, was it a good year?  were there more sales than in 2010?  is the market getting better or worse?  

In order to find the answers to these questions lets look at the figures through November of 2011.

Closed sales of traditional home sales in South Lake Tahoe dropped slightly by 3.5% from 2010 but were still ahead of 2009 figures. As this chart shows, foreclosed home sales in South Lake Tahoe saw a strong increase of 7.2% while short sales increased by just 4.4%.

The median sales price of homes for sale in South Lake Tahoe in 2011 saw a slight decline.  As you can see above, short sale homes prices saw a bigger drop from 2010 to 2011 than any other type of sale.

Homes on the market saw a drop in numbers of the traditional homes for sale category in South Lake Tahoe and an increase in foreclosed homes.  Also decreasing in supply are the short sale homes on the market.

Now we look at the chart of price ranges of homes sold in 2009, 10 and 11.  The chart above shows the prices of homes for sale in 2009 (navy blue), 2010 (gray) and 2011 (light blue).  The graph shows homes for sale under $289,99 on the left side, then homes $299,000 to $428,999 followed by homes from $429,000 to $624,999.  The right column in each of the three groups shows homes priced $625,000 and above. The lower priced homes have seen a steady increase in sales prices over the last three years while all other price categories have seen drops.  Not only were the lower priced homes sold for more in traditional sales, foreclosurs and short sale homes also saw increases in amounts received at sale.

Overall, homes for sale in South Lake Tahoe are on the decrease, and when combined with lower prices, buyers and other investors are attracted to  to the Lake Tahoe real estate market.  This points to a recovery, albeit slow, in residential sales and the construction market.  The Reno, Nevada area saw a 8% increase in home sales this year.  There were 573 home sales in South Lake Tahoe in 2011 (through November) compared to 568 in 2010 and 442 in 2009. Buyers have more trust in the market and are taking advantage of lower prices and decent mortgage rates to purchase their Tahoe home.

I can help you find the perfect Tahoe home for sale for you to purchase, or help you list your home for sale.  I have extensive experience in the foreclosure, short sale and traditional home sale market and can make the best deal for you.  Check out the listings on my website and sign up for alerts on hoomes that hit the market or have a reduction in price.  Contact me today and we’ll get you what you want in the new year!

This entry was posted on Wednesday, December 28th, 2011 at 4:19 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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