More homes sold in South Lake in 2010
Tahoe Daily Tribune
LAKE TAHOE – Buyers bought more homes in South Lake Tahoe in 2010 than they have in the past five years, and in some cases paid less than in previous years, according to statistics released by the real estate community.
On the California side of South Lake Tahoe, 507 homes were sold in 2010 compared with 436 in 2009, according to laketahoerealestateblog
.com. The median sold price including the Tahoe Keys was $319,000, or $2,000 higher than 2009. The median sold price without the Tahoe Keys was $299,000, or $6,000 less than 2009.
“Demand is up and we know that most of the demand is for homes under $300,000,” said Richard Bolen, a Realtor with McCall Realty who runs laketahoerealestateblog.com.
The price decrease, excluding homes sold in the Tahoe Keys, may be due to the influx of foreclosed and distressed properties on the market, said Mike Mulligan, spokesman for the South Tahoe Association of Realtors.
“Those have a tendency to go a lot lower in price than a normal home,” Mulligan said. “Foreclosures used to be very rare and now our bankrupt properties are a common occurrence.”
Of the 507 homes sold in 2010 in South Lake Tahoe, Calif., 131 were bank-owned sales and 69 were short sales, according to laketahoerealestate
In 2009, 137 of the 436 homes sold were bank-owned sales and 37 were short sales.
“To me those numbers are encouraging,” Mulligan said. “With the increase in the bank-owned properties being sold, the median price could have gone down more, but it didn’t. That tells me that the market is fairly resilient.”
Bolen noted that the median home price for South Lake Tahoe, not including the Tahoe Keys, declined in the second quarter of 2010, with the exception of December.
The median price of a home in South Lake Tahoe including the Tahoe Keys was $327,583 in the first quarter of 2010 and $306,750 in the last quarter. Not including the Keys changes thato a median price of $314,833 in the first quarter and $277,750 in the second quarter.
On the Nevada side of the state line, sales were also up and the median sold price also slightly increased.
In 2010 there were 91 homes sold compared to 85 homes in 2009. The median price of homes sold for 2010 was $570,000 including lakefront properties and those in Glenbrook, and $519,900 not including those properties. In 2009 the median price of homes sold, including lakefront properties and Glenbrook, was $545,000 and was $512,500 not including those properties.
Of the 91 homes sold in 2010, 8 were bank-owned sales and 12 were short sales. In 2009 there were 32 bank-owned sales and 7 short sales.
All of the 2010 numbers point to a buyer’s market, Mulligan and Bolen said.
“Tahoe, for a long time, wasn’t affordable to most people,” Mulligan said. “Now I’m getting people from everywhere who are looking for a place up here that is affordable, and now it’s affordable where it wasn’t before.”
Tahoe City demonstrated a 40 percent increase in total sales volume, with $226 million in 2010 as opposed to $162 million in 2009, according to a year-end report from Chase International. The area also witnessed a 17 percent jump in the number of units sold from 211 in 2009 to 247 in 2010, according to the report.
The median sales price in Incline Village declined by 10 percent from 2009 to 2010. In Tahoe City the median price declined by 15 percent during the same time span, according to the report. Incline Village held the highest median sales price in the basin at $827,000 in 2010, according to the report.
Incline Village as a whole saw a 17 percent increase in total sales volume and number of units sold.
In Truckee, a 5 percent increase in the number of units sold combined with an 8 percent decrease in median price kept the total sales volume static from 2009 to 2010, according to the report.
Despite static growth in single-family home sales, Truckee condos were up 46 percent in both sales and volume.
While 2010 has Lake Tahoe real estate agents excited, they continue to exercise cautious optimism heading into 2011.
“From my perspective, I hope I have another year in 2011 like the one I just had,” said Chris Plastiras, owner of Incline Village-based Lakeshore Realty.