February '08 Newsletter
 Strap
on Those Skis
We've all heard the words of wisdom, "Be careful
what you wish for." We wished, prayed and twirled
to the annual Snow Dance and "boy howdy," it's
here. Smiles everywhere. With the real estate market providing
continual mixed messages in the daily news, it's nice
to know that there is one constant you can count on -
Winter in Lake Tahoe simply can't be beat.
South Lake Tahoe's Real Estate Market Watch
To kick off the year on an informative note, the newest
addition to our newsletter is a "monthly market watch"
where you can now track useful trends. At the end of each
month, we will report basic data in regards to that month's
active listings, pending escrows and recorded sales for
each of the following categories: single family detached
homes, condos, land and multi-family units.
During the month of January, 2008, ACTIVE
LISTINGS show the following:
- Single Family Detached: 387 listings with a median
home price of $579,000 and 153 days on the market.
- Condos: 54 listings with a median price of $399,000
and 125 days on the market
- Land: 46 listings with a median price of $200,000
and 193 days on the market
- Multi-Family: 46 listings with a median price
of $480,000 and 226 days on the market
PENDING SALES
- Single Family Detached: 22 listings with a median
price of $391,000 and 145 days on the market.
- Condos: 4 listings with a median home price of
$244,450 and 152 days on the market.
- Land: 1 listing with a price of $139,000 and
246 days on the market.
- Multi-Family: 1 listing with a price of $599,000
and 32 days on the market.
RECORDED SALES
- Single Family Detached: 14 listings with a median
price of $428,000 and 158 days on the market
- Condos: 3 listings with a median price of $255,000
and 144 days on the market
- Land: 3 listings with a median price of $183,400
and 73 days on the market
- Multi-Family: 1 listing with a price of $425,000
and 256 days on the market.
 How
About Those Interest Rates?
If you haven't already heard, interest rates continue
to remain near their historic lows. During December, 2007,
the fixed-rate mortgage was 6.10 percent (the lowest level
in the past five months) below that of November's 6.21
percent.
This might be a good time to consult with your mortgage
broker in regards to your current loan. Whether you have
an increasing adjustable rate looming in the near future
or would like to take advantage of your equity to invest
in today's real estate market, many intriguing possibilities
could be awaiting you.
 Don
Souers - Director At Large
Those of you that have experienced our "team concept"
during real estate transactions, are fully aware of the
level of professionalism Don Souers takes on in regards
to the inspection phase of our real estate transactions.
His common-sense and "get-it- done-right" attitude
has benefited many. One of his greatest gifts in this
arena is his ability to work well with inspectors and
contractors. As a result, Don was recently elected to
the position of Director At Large for a 3 year term with
The American Institute of Inspectors® . The A.I.I.is
a non-profit corporation that has been set up for the
benefit of residential and commercial building inspectors
across the nation.
Learn
More about the American Institute of Inspectors.
 Theresa
Souers Receives C.A.R. Appointment
The California Association of Realtors has been working
diligently on creating their statewide MLS. Soon, all
associations choosing to join this statewide MLS will
be able to share data and market listings statewide. Their
goal is to provide both California Realtors and the public
with the cleanest, most accurate real estate information
available.
During the exploratory process, work groups were assigned
to draft templates covering aspects such as governance,
rules, data input, etc. These working groups were comprised
of Realtors from across the state representing the wide
variety of locations and sizes found within the numerous
statewide associations. Theresa was quite honored at having
been assigned the role of chair of the MLS Rules Working
Group. This working group came together in October of
2007 and January of 2008. Their proposals were presented
at the recent state meetings held in Indian Wells, California
and approval to move forward was voted through by the
State Board of Directors.
South Tahoe Vrs. California Real Estate
How does South Lake Tahoe real estate market activity
compare with that of the rest of the state? According
to the California Association of Realtors, sales decreased
33.4 percent while the median home price fell 16.5 percent.
In comparison, the number of sales in South Lake Tahoe
declined by approximately 14.9% (less than half that
of the state) for the same while the median home price
of a detached single family home fell approximately
7.4% (again, half that of the state.) ,
The statewide median price and sales data for detached
homes are generated from a survey of more than 90 associations
of REALTORS® throughout California representing
closed escrow sales for the period of 12/31/06 - 12/31/07.
The local data was derived from reported sales through
the South Lake Tahoe Association of Realtors® MLS.
One of the strongest contributing factors toward December's
decline is the lack of finacing options for loans above
the conforming loan limit of $417,000. It is for this
reason that C.A.R. president, William Brown explains
"It is imperative that the proposed increase to
conforming loan limits that is part of the economic
stimulus package receive swift approval by both houses
of congress."
Statewide, the December 2007 median price fell 2.9 percent
compared with November's revised $489,570 median price
while South Lake Tahoe's December median home price
fared slightly better, dropping approximately 2.2% for
the same period. On a more positive note, South Tahoe's
Association of Realtors MLS reports the 2008 January
sales median home value of $428,000 was up 5.4% as compared
to January 2007's median home price of $405,000. Down
considerably was the number of recorded sales from 23
in 2007 to 14 in 2008.
Click here
to read the full C.A.R. report
Weekly Market Updates & Tips
Don't forget to check in with or web site from time to
time. Every Thursday we post a weekly market update within
our Blog. We are also providing useful tips on living
in Lake Tahoe as well as anything interesting we feel
you would enjoy learning about. Finally, we want to remind
you to check in on the monthly neighborhood market updates.
As always, we welcome and encourage your ideas and feedback
as to how we can continually improve our website. Afterall,
our goal is to provide you with the best Lake Tahoe real
estate information available. So, bring it on.
You
can find it all here - And please, share with a friend! |
|
|
