(LAKE TAHOE REAL ESTATE BLOG) We have just updated all 2007 South Lake Tahoe, CA residential home sales. To date, there have been  329  single family home sales in South Lake Tahoe, CA 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 South Lake Tahoe,CA for the last 365, 180, 90 and 30 days as well.

The link above will lead you to a spreadsheet, which also has a link that will lead you to charts containing statistical data on all  2007 South Lake Tahoe 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 Summary : (Tahoe Keys not included)
Here’s what this information tells us about current market conditions in South Lake Tahoe, CA:

•     * The Median Sold Price for all homes sold in 2007 is $423,500 (not including homes in The Tahoe Keys)
•     * The Average Original List Price of homes sold is $561,061.
•     * The Average Sold Price is $505,124.
•     * The difference between Average Original List Price and Median Sold Price is $55,936, or 10%.
•     * Average Days on Market is 148.
•     * Average Price Sq. Ft. is $326.

 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.

 Median Sold Price : (not including The Tahoe Keys)

•     * For 2007(a/o 11/28/07): $423,500.
•     * On 9/1/07: $428,000.
•     * For the last 90 days: $380,000 .
•     * For 2006: $475,000
•     * For 2005: $475,000

 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, and often is, 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 are weighted more to one end or the other of the price spectrum, then the median and average will be quite different.

In South Lake Tahoe, CA, the difference between Median Sold and Average Sold Price is normally apparent. Home sales prices here in 2007 range from $195,000 to $3,750,000.

There have been 30 homes sold above $1,000,000 in 2007, 6 of these were above $2,000,000 and one was above $3,500,000. At the same time, there have been only 35 homes sold under $300,000.

There is a $67,762 difference (10.5%) between Median and Average prices for all homes sold in 2007 This figure includes The Tahoe Keys. (The figure not including the Tahoe Keys is above.)

 The Bottom Line : Good News for Buyers.
The South Lake Tahoe, CA 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 comments box below.)