South Lake Tahoe Real Estate Review for March 2009

The South Lake Tahoe real estate market followed the spring weather and warmed up a bit in March. In March there were 38 new pending single family homes which was up 42% from 22 in February. The increase in pending home sales was also seen across the country. According to the National Association of Realtors, the Pending Home Sales Index rose 2.1% to 82.1 Nationally. The increase in pending home sales is most likely due to the drop in interest rates, decrease in home values, the increase in the Housing Affordability Index, and the first time home buyer tax credit.

• In March there were 38 new pending single family homes reported on the South Lake Tahoe MLS
• 9 of the pending homes were reported as short sales
• 8 of the pending homes were bank owned foreclosures
• The median list price was $297,900 (down 16% from $352,625 in February)
• The median square footage was 1,537
• The median days on the market was 110
• The average list price per square foot was $222 (down 3% from $230 in February)

As usual, the foreclosure listings in South Lake Tahoe were priced less and went into escrow quicker than the non-foreclosure homes. For the 8 foreclosures that went into escrow in March, the median list price was $257,500 and the average price per square foot was $211. The average days on the market for the foreclosures was only 49.

Although the amount of pending homes in South Lake Tahoe was up in March, the number of sold single family homes dropped slightly. There were 25 houses that sold in March, which was down 11% from 28 sold homes in February. There were only 22 new pendings in February, so the amount of sold homes in March decreased. The number of sold homes should increase substantially in April due to the increase in pending sales from March.

• There were 25 houses in South Lake Tahoe that sold in March
• 7 of the sold homes were bank owned foreclosures
• 4 of the sold homes were short sales
• The median listing price was $419,000 (up 15% from $356,950 in February)
• The average listing price was $497,973 (up 11% from $444,529 in February)
• The median sales price was $388,000 (up 15% from $329,500 in February)
• The average sales price was $457,160 (up 9% from $418,161 in February)
• The median days on the market was 114
• The median square footage was 2,012
• The average price per square foot was $222 (down 3% from $229 in February)

There were some substantial differences between the foreclosure and non-foreclosure homes that sold in March.

1. The 7 foreclosures in South Lake Tahoe sold in March sold for an average price per square foot of $169,  31% less than the non-foreclosure homes which sold for an average price per square foot of $244.
2.  The median selling price of the bank owned foreclosures was $250,000, 51% less than the non-foreclosures which had a median sales price of $510,000.
3. The median square footage of the foreclosures was 1,584 which was 699 square feet less than the non-foreclosures which had a median square footage of 2,283.
4. The median days on the market was 84 for the foreclosures and 184 days for the non-foreclosures.

There were 12 foreclosure listings on the South Lake Tahoe mls that sold in March 2008 compaired with  7 that sold in 2009. This is the first time that I have seen the number of foreclosures higher in the previous year since I have been blogging about South Lake Tahoe Real Estate statistics. The March 2008 single family home statistics area as follows:

• There were 36 single family homes that sold in March 2008 on the South Lake Tahoe mls
• 12 of the sold homes were bank owned foreclosures
• The median list price was $399,000
• The median sales price was $387,500
• The average price per square foot was $298
• The median square foot was 1,372
• The median days on the market was 155

Single family home statistics for March 2007

•  There were 30 single family homes that sold in March 2007
• The median list price was $518,900
• The median sales price was $507,000
• The average price per square foot was $327
• The median square foot was 1,816
• The median days on the market was 163

Single family home statistics for March 2006

• There were 38 single family homes that sold in March 2006
• The median list price was $492,000
• The median sales price was $485,140
• The average price per square foot was $337
• The median square foot was 1,573
• The median days on the market was 114

Single family home statistics for March 2005

• There were 50 single family homes that sold in March 2005
• The median list price was $447450
• The median sales price was $440,000
• The average price per square foot was $312
• The median square footage was 1,544
• The median days on the market was 83

With 38 single family listings on the South Lake Tahoe mls that are currently in escrow, April is shaping up to be a great sales month for real estate in South Lake Tahoe. Here are some of the houses that sold in March from the South Lake Tahoe mls.

Not much has been happening with lots in South Lake Tahoe this year. In march there was only one lot that sold and only one lot that went into escrow. The lot that sold was 764 Elk Point which was a vacant lot with an allocation in the Angora Fire area that sold for $100,000. The lot that went into escrow was 1069 San Diego, which was a vacant county lot listed for $69,000.

Condo activity in March was similar to lots with only one sale and two pendings reported on the South Lake Tahoe MLS. The condo that sold was in the Tahoe Keys at 405 Ala Wai which was a 3 bedroom, 2 bath unit that sold for $485,000. Both of the pending condos are short sales in the Sandy Way complex.

My next South Lake Tahoe Real Estate blog post will be about the first quarter statistics for 2009. For more information regarding South Lake Tahoe Real Estate, foreclosures in South lake Tahoe, or South Lake Tahoe mls listings, please contact Brent and Jill Johnson today!