Tahoma, California Real Estate Market Report September 2012

Tahoma, California Real Estate Market Report September 2012

The Tahoma, California community is located approximately nine (9) miles south of downtown Tahoe City on the West Shore of Lake Tahoe, California between the communities of Meeks Bay and Homewood, California.

Tahoma homes and cabins for sale:

The Tahoma area is one of the more developed neighborhoods and offers some of the most affordable homes on West Lake Tahoe.

Tahoma offers a mix of smaller, older, Tahoe cabins, to larger, newer luxury mountain homes, with a limited number of lakefront properties. Tahoma is located next to the Sugar Pine Point State Park and is close to the Homewood Ski Resort area.

Tahoma is easily accessed all year-long and is a nice mix of full-time residents and second home owners.

Tahoma Sold Single Family Homes Market Report:

Tahoma home prices are down again for 2012, with the average median sales price at $250,000.

This price drop is attributed to the significant increase in distressed sellers (REO’s /Bank Foreclosures and Short Sales), which accounts for more than 62% of all sales in 2012. What is interesting about this increase in distressed sales is 75% of those transactions closed prior to May 18, 2012.

Cash sale transactions for Tahoma homes has increased to 69%, which is well above the Tahoe-Truckee regional average of 34%. This is a strong indication that the Tahoma area is a real estate value play, and buyers are not afraid to place their investment dollars here.

The current absorption rate for the Tahoma area is at 8 months. Anything above 7 months of inventory is considered a Buyers’ Market. The first step to turning the Tahoma market around is reducing the number of distressed sellers.

Distress sales (REO’s/Bank Foreclosures and short sales) accounted for 62% of all Tahoma sales. That’s more than half of all the homes sold in 2012 in Tahoma were distressed. This is a 24% increase over 2011 levels.

There were 24 homes available for sale in the Tahoma, California area as of 10/01/2012. This is an inventory drop of -13% over the past 11 months, when there were 37 active available homes for sale. The homes currently available for sale range in price from $169,900 to $13.5 million.

Of the 24 homes offered for sale there is 1 REO/Bank Foreclosure listing, and 1 short sale, which is now only 8% of the market.

This is a significant improvement in the number of distressed sellers, and represents a small fraction of the total distressed sales for 2012. There are currently 4 pending sales in the Tahoma area as of 10/01/2012, ranging in price from $229,000 to $475,000. Two of the pending sales are REO/Bank Foreclosure sales.

Tahoma, West Shore, Lake Tahoe, California, Real Estate Summary for Sold Single Family Homes:

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*	29	$250,000	$76,000	$3,435,000 1 Lakefronts	69%	8 months Buyers’ Market	62%	12 REO’s 6 Short Sales
2011	37	$351,000	$165,000	$675,000 0 Lakefronts	38%	NA	38%	8 REO’s 6 Short Sales
2010	21	$399,000	$161,000	$9,500,000 3 Lakefronts	38%	NA	29%	6 REO’s 0 Short Sales
2009	20	$437,250	$276,000	$1,900,000 1 Lakefront	25%	NA	30%	3 REO’s 2 Short Sales 1 Court Approval
2008	23	$570,000	$309,000	$4,350,000 1 Lakefronts	17%	NA	0%	0 REO’s 0 Short Sales
2007	26	$507,250	$500,000	$685,000 0 Lakefronts	15%	NA	0%	0 REO’s 0 Short Sales
2006	35	$659,000	$310,000	$6,783,333 3 Lakefronts	14%	NA	0%	0 REO’s 0 Short Sales

*YTD period is 01/01/2012 – 09/30/2012. Data Source: Tahoe Sierra Multiple Listing Service. Absorption rate based on 30 day period of time as of 10/01/2012. Data subject to change and/or correction at any time without notice.

Tahoe Real Estate Market report for the Tahoma, California area – September 2012

Ready to make the West Shore of Lake Tahoe your second home? Check out what is for sale here:

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.

Tahoma, California Real Estate Market Report September 2012