January South Tahoe Real Estate Statistics

Distress sales accounted for a large portion of the South Lake Tahoe real estate market during the first month of the New Year. There were 44 single family homes and condos that were reported as sold on the South Lake Tahoe MLS, 30 of the sales were distress sales. With 68% of the home sales in South Tahoe being distress sales,  prices were negativily affected. The average price per square foot, median sales price, and the average sales price were down sharply in January from what they were in December.

January South Lake Tahoe Real Estate Statistics

• There were 44 single family homes and condos that were sold on the South Lake Tahoe MLS in January 2012, down from 63 in December 2011.
• There were 30 distress sales which accounted for 68% of the January sales, there were 34 distress sales in December which accounted for 54% of the sales that month.
• The average sales price of the South Tahoe homes sold was $257,174, down from $379,393 in December.
• The median sales price was $250,000, down from $265,000 in December and down from $319,500 (21.8%) from what it was in January 2011.
• The average price per square foot was $160, down from $189 in December.
• The average days on the market including the escrow period was 140 and the median days on the market was 135.

Foreclosures in South Lake Tahoe

• There were 21 bank owned foreclosures in South Lake Tahoe that were sold in January, up from 20 in December.
• The average price per square foot for the foreclosures that were sold on the South Lake Tahoe MLS was $135, down from $163 in December.
• The average sales price of the foreclosures was $196,650, down from $235,370 in December.
• The median sales price of the foreclosures was $168,500, down from $169,000 in December.
• The average days on the market for the foreclosures was 123 and the median days on the market was 119

Short Sales in South Lake Tahoe

• There were 9 short sales in South Lake Tahoe  that were sold in January, down from 14 in December.
• The average price per square foot for the short sales was $183, up from $181 in December.
• The average sales price of the short sales was $348,556, up from $316,311 in December.
• The median sales price of the short sales was $279,000, up from $225,500 in December.
• The average days on the market for the short sales was 153 and the median days on the market was 273.

The current inventory of single family homes and condos on the South Lake Tahoe MLS is very low. The inventory is actually lower than it has been since January of 2006. There are currently only 372 single family homes and condos listed on the MLS.

Out of the 372 listings, 103 of them are in escrow and 269 are still available. Included in the current inventory are 57 bank owned foreclosures. Out of the 57 bank owned listings, 23 are in escrow, and 34 are still available.

There are now 78 short sales listed on the South Tahoe MLS. Of the 78 short sale listings, 44 are in escrow and 34 are still available.

For more information regarding real estate in South Lake Tahoe, or to set up an appointment to view any of the properties that are for sale, please contact me by email at BjJohnson@ChaseInternational.com or on my cell phone at (530) 416-2625.