South Tahoe housing prices keep dropping
By Ron Trujillo, Sacramento Business Journal
Sacramento-area home prices dropped last month compared to a year ago, as the four-county region remains one of the most sluggish markets for a recovery in the state.
The region’s median home price — meaning half the homes sold for more, the other half for less — dipped 2.8 percent to $186,750, compared to August 2009. Home sales have plummeted 11.3 percent from a year ago, largely because home-buying incentives stopped, according to a California Association of Realtors report released Wednesday.
There is some gain with home prices in the region, but it’s modest compared to other markets in the Golden State.
The four-county region’s current price is 11.6 percent hgigher from the trough price of $167,340 in April 2009, the third-worst performance in the state — and 18 percentage points lower than the current price-to-trough price recovery statewide, according to the association.
And the region’s current home price remains 53 percent lower than the peak of $394.450 in August 2005, though only slightly worse than the peak of the market-to-current price statewide.
A county-by-county look:
• El Dorado — Homeowners here endured the most pain in the region, with home prices tumbling 7.2 percent to $290,000, from $312,500 in August 2009, according to a California Association of Realtors report released Wednesday. Placerville accounted for much of the decline, with home prices falling 19.6 percent from a year ago. However, El Dorado Hills and South Lake Tahoe home prices also fell.
I don’t know about the other areas in your report however, to have a title called “South Tahoe Prices Keep Dropping” is quite misleading. Yes, our values are down from what they were at this time last year, but whose is not? The fact is, as of August 31st, our median home price is down approximately 9.9% (based upon an average of the previous 12 months.) This is the lowest decline reported for the South Tahoe area since June 30th, 2009.
In the meantime, even with a slight drop during the month of August, our median home price has actually seen monthly increases since April of this year. Another sign of improvement within the South Tahoe real estate market is the percentage of actual listings pending escrows. We are currently seeing an average of 18% which is the highest ratio we have seen since May of this year.
Please don’t hesitate calling if we can help you obtain more detailed information regarding the South Lake Tahoe real estate market.
Sincerely,
Theresa Souers
South Tahoe Assoc. of Realtors’ President
The following response is posted her on behalf of Theresa Souers, 2010 President of the South Tahoe Association of REALTORS:
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I don’t know about the other areas in your report, however, to have a title called “South Tahoe Prices Keep Dropping” is quite misleading. Yes, our values are down from what they were at this time last year, but whose are not? The fact is, as of August 31st, our median home price is down approximately 9.9% (based upon an average of the previous 12 months). This is the lowest decline reported for the South Tahoe area since June 30th, 2009.
In the meantime, even with a slight drop during the month of August, our median home price has actually seen month-over-month increases since April of this year.
Another sign of improvement within the South Tahoe real estate market is the percentage of actual listings with pending escrows. We are currently seeing an average of 18% which is the highest ratio we have seen since May of this year.
Please don’t hesitate calling if we can help provide more detailed information regarding the South Lake Tahoe real estate market.
Sincerely,
Theresa Souers
2010 President
South Tahoe Association of REALTORS
“…Statewide, home prices increased 8.6 percent to $318,660…”
Somebody needs to inform the South Tahoe Association of Realtors that’s whose home prices have not dropped.