Homewood, California Homes for Sale, Market Trend Report March 2012

Homewood, California Homes for Sale, Market Trend Report March 2012

Thinking of buying a home for sale in Homewood, CA area? The Homewood, California community is located approximately 5 miles south of downtown Tahoe City on the West Shore of Lake Tahoe, California and stretches out about 4 miles along California Highway 89 South. Homewood, California is located in the heart of the West Shore of Lake Tahoe.

Homewood Homes and Condos for Sale:

You’ll typically find a limited selection of Homewood homes, cabins, and lakefront properties for sale at anyone given time due to the limited development along this portion of West Lake Tahoe.

The Homewood area is one of the older neighborhoods on the West Shore. Chambers Landing Bar and Pier is a well-known landmark since the late 1800’s. Obexer’s Marina was established in 1911 and is another familiar landmark in the area. Homewood is also home to the Homewood Ski Resort, where skiers enjoy panoramic views of Lake Tahoe as they ski.

The Homewood area is a mix of smaller, classic old Tahoe cabins to luxurious lakefront estates. Some of the more well-known neighborhoods in the Homewood, California area are:

You may not know that almost all of the neighborhoods in the Homewood area have a local homeowners association giving property owners access to a beach area. Some HOA groups also offer access to a shared pier, buoy rental options, pool, and tennis courts depending on the association. Having an HOA association adds value to a Lake Tahoe property and the more amenities the HOA offers the larger the market premium for that location and property.

Centrally located between Tahoe City and Tahoma on the West Shore of Lake Tahoe, the Homewood community is close to public beaches, hiking trails, golf courses, skiing, restaurants, and shopping.

Homewood, California 96141 Homes for Sale – Sold Single Family Homes West Shore, Lake Tahoe, California:

In the Homewood area, mountain home and cabin prices are down – 1% for 2012, with the average median sales price at $490,000. Since 2007, Homewood homes for sale have dropped in value -44%. While home prices are down slightly for 2012, Homewood homes for sale saw a price gain of +9% over 2010. This turn-around in the current price trend can be seen in the follow chart.

Homewood, California Homes for Sale, Market Trend Report March 2012

Cash sale transactions for Homewood homes for sale have dropped in 2012, but in 2011 was running close to Tahoe-Truckee regional average of 34%, indicating cash buyers are still finding value in our area and buyers needing financing are finding it more available.

The current absorption rate for the Homewood area homes for sale is at 7.75 months. Anything above 7 months is considered a Buyers’ Market. This market is very close to becoming a Balanced Market, which is the first step to turning a community around and providing some price stability for the homes for sale in the Homewood, CA.

Distress sales (bank foreclosures – real estate owned (REO’s) and short sales) accounted for 20% of all Homewood homes for sale, which is well below distress rate of other nearby neighborhoods. That means the Homewood area is in a position to recovery quicker as the entire region moves back to a more traditional market.

There were 16 Active – available Homewood homes for sale in the West Lake Tahoe, California area as of 03/21/2012. The homes currently available for sale range in price from $249,000 to $6,995,000.

Of the 16 Homewood homes offered for sale there are 0 REO listings, 1 short sale, and 1 court approval listing accounting for 13% of the market. There is 1 pending sale in the Homewood area as of 03/21/2012, and it was listed at $500,000.

See Homewood, California lakefront property, mountain homes, and cabins for sale here.

Sold Homewood, California, Homes, West Lake Tahoe Real Estate Summary:

Year	Homes Sold	Median Average Sales Price	Lowest Price Sold	Highest Price Sold	% Cash Transactions	Absorption Rate < 5 months Sellers Mkt 5-7 months balanced Mkt >7 months Buyer’s Mkt	% Distressed Sales	Breakdown of Distressed Sales
2012*	5	$490,000	$219,000	$1,370,000 0 Lakefronts	20%	7.75 months Sellers’ Market	20%	0 REO’s 0 Short Sales 1 Trustee Sale
2011	31	$495,000	$295,000	$4,400,000 4 Lakefronts	32%	NA	19%	4 REO’s 2 Short Sales
2010	28	$453,000	$260,000	$6,000,000 2 Lakefronts	36%	NA	25%	6 REO’s 1 Short Sales
2009	27	$650,000	$295,000	$4,750,000 3 Lakefront	44%	NA	19%	2 REO’s 2 Short Sales 1 Court Approval
2008	6	$621,000	$515,000	$1,525,000 0 Lakefronts	17%	NA	0%	0 REO’s 0 Short Sales
2007	19	$874,000	$435,000	$7,000,000 3 Lakefronts	26%	NA	0%	0 REO’s 0 Short Sales
2006	20	$830,000	$465,000	$2,095,000 0 Lakefronts	15%	NA	0%	0 REO’s 0 Short Sales

*YTD period is 01/01/2012 – 03/21/2012. Data Source: Tahoe Sierra Multiple Listing Service.

Use caution when only a handful of sales are available in a neighborhood. The percent changes can be significant and numbers are easily moved in either direction.

Thinking of selling your Homewood real estate, call Laura, your Lake Tahoe Real Estate Agent and get your Homewood Home value here!

Note: Year-to-date summaries are based on information from the Tahoe Sierra Board of Realtors (TSMLS). Due to TSMLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Laura Allen, or Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the TMLS’s may not reflect all real estate activity in the market. All information is deemed to be reliable, but is subject to change and/or correction without prior notice. Data Source – Tahoe Sierra Multiple Listing Service (TSMLS). If your property is currently listed for sale, or you have an active Buyer Representation Agreement, this is not intended as a solicitation.

Thinking about making the the West Shore of Lake Tahoe your second home?

For all of your Tahoe real estate needs –

Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304

All information is deemed reliable, but is subject to change, and/or correction without notice.

Homewood, California Homes for Sale, Market Trend Report March 2012