Lake Tahoe realtor gives good news & bad news
Wednesday, September 16th, 2009
Search Critera: All Nevada condo’s sold at lake level (Upper Kingsbury Excluded), 2004-2009.
Average price is down 36% from the peak last year.
Average $ Per Squrare Foot is down 41% from the peak in 2007
Average time on market is 35% higher than the average over the 5 previous years.
Sales Volume (Units Sold) may have hit bottom last year with 10 sales already this year projecting
12-14 by the end of 2009. One fifth the sales volume from the peak in 2004.
Percentage of Asking Price obtained. Seller’s took 26% less than their Original Price reducing their
first asking price by 15% only to take 11% less than their reduced price.
2004
2005
2006
2007
2008
2009
97.4% 97.7%
96.2%
93.8%
94.1%
88.7%
97.0%
96.7%
93.6%
90.7%
90.4%
73.6%
60.0%
65.0%
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%
100.0%
% of Asking Price Obtained
Original
Asking
%
2004
2005
2006
2007
2008
2009
$415,000
$490,000
$550,000 $555,000
$415,000
$255,000
$442,856
$533,295
$563,056
$569,273
$575,611
$330,400
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
Average vs. Median Price
Average
Median
2004
2005
2006
2007
2008
2009
$297.58
$382.93 $377.38 $391.79
$388.90
$231.10
127
73
143 153
171
207
0
50
100
150
200
250
300
350
400
Days On Market vs. $ Per Square Foot
DOM
$Pr/Sf
2004
2005
2006
2007
2008
2009
59
37
27
11
9
0 *12
10
20
30
40
50
60
Units Sold
*Projected
2004
Local realtor Larry Sabo who specializes in a very “focused market trend” analysis for specific areas just completed another report today September 16th, 2009. The report is focused on all South Lake Tahoe condos (Nevada side only) and excludes upper Kingsbury area. You can view this accurate report now.
