This report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe,  CA. This blog post is focusing strictly on the South Lake Tahoe, CA. side only and does not include West, North, or the NV portion of Lake Tahoe. There will be future reports on those areas also.

As of today, May 7,  2010 @ 1:00 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 400. The listing price starts at $99,000 and tops out at $12,900,000.

Homes sold from Jan 1st 2010 to May 7,  2010 are: 164. Of the 164 homes sold, 91 or 56%, are foreclosure (bank owned or short sales). The average selling price was $374,555, and average price per square foot was $214. 

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.

 

The next chart is volume of sales in units.  This graph shows the opposite trend than the prices with very strong increase in volume after the November 2008 crisis starting in April of 2009.  What this shows is that when the prices got low enough people started buying.

The last graph shows the % of Foreclosure or distressed sales (either Bank Owned or Short Sales).  Before May of 2008 there was only 1 or 2 distressed sales on record and until August of 2008 there wasn’t much to show but in January of 2009 they went skyrocketing hitting 100% of sales in February 2009 that were distressed sales.  Since then the volume has gone over 50% almost half the months afterwards.  This is an alarming trend that may keep prices low for some time to come.  As long as new distressed properties keep coming on the market it will be difficult for the market to recover.

This information should help you to understand the South Lake Tahoe, Nevada Real Estate Market better. If you are interested in more information or are in  the market for a South Lake Tahoe Home, contact Larry Sabo with Paradise Real Estate.

Larry Sabo, who works for Paradise Real Estate in South Lake Tahoe, has been a real estate agent for well over 15 years. Below Larry compares the South Lake Tahoe market for the last 3 years by month;

“It looks like we hit the bottom in pricing around April 09 and we’ve been kind of bouncing along the bottom for a while with a recent trend upwards, but note the sales volume below showing a very dramatic increase in sold units!”

This dramatic increase in units sold is due to the large amount of bank owned and foreclosed properties selling. If you are interested in getting the most up to date foreclosure/bank owned list in South Lake Tahoe, contact Larry Sabo with Paradise Real Estate.

What’s ahead for home prices? 

California remains ahead of the nation in market recovery with many first-time home buyers entering the market due to affordable home prices, low mortgage rates, and first-time home buyer tax credits from the state and federal governments. However, credit still is tight and unemployment remains high, which could hinder a full market recovery until 2011.

KEEP THIS IN MIND:

 Home sales in California hit bottom more than two years, and the median home price of an existing, single-family home reached its trough in February, according to data collected by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). In November, the state’s median home price rose in year to-year comparisons for the first time since August 2007.

C.A.R.’s closely watched “2010 California Housing Market Forecast,” projects that the median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 in 2009.  Some economists are forecasting another surge of foreclosures in 2010. However, C.A.R.’s economists expect that foreclosures will remain flat this year compared with 2009. In 2008, many lenders flooded the market with foreclosures, and as a result, the state’s median price declined by historic levels. By comparison, in 2009, lenders listed properties for sale at a more measured pace, which helped moderate another home price decline.

Government efforts to maintain a low interest rate environment have stabilized the market. However, a mortgage analyst at a financial publishing company predicts that rates likely will rise to 5.5 percent by mid-2010 and close the year at 5.75 percent to 6 percent. 

 Lake Tahoe Home Prices for 2010:

Local real estate broker of Paradise Real Estate in South Lake Tahoe, Ca. also believes that we will finally see the median home prices start to increase by mid 2010. One thing for sure, nobody really knows what will happen but we do have some real good positive indicators from where the rubber meets the road which are our local real estate agents.

Are you curious about Lake Tahoe’s current market trends? Local and long time realtor, Larry Sabo, just completed a very focused, end of the year market trend analysis.  His report is a comparison of 2009 vs. 2008 and includes such details as foreclosure rates, home prices, and units sold yearly. It covers the South Lake Tahoe region; including both Nevada and California.

If you are interested in buying or selling property in the South Lake Tahoe Region, you cannot afford not to read this report! View This Accurate Report Below.

If you would like more valuable information regarding home values in South Lake Tahoe or if you need help finding the South Lake Tahoe home of your dreams contact Larry Sabo from Paradise Real Estate.