May South Tahoe Real Estate Statistics

It seems that many of  the South Lake Tahoe home buyers that have been waiting for the bottom of the market are now jumping in and making offers. The South Lake Tahoe real estate market was very active in May with 66 single family homes and condos closing escrow. There were also many multiple offer situations on properties that were priced correctly. I personally was involved with 9 properties with multiple offers, most of which sold at over asking price.

The current inventory of homes for sale in South Lake Tahoe remains low. There are now 368 single family homes listed on the mls adn 150 (41%)  of them are in escrow. With only 218 available listings, there is not a lot to choose from which is one reason that there has been so many multiple offer situations.

South Tahoe Real Estate Statistics for May 2012

• There were 66 single family homes and condos that were sold in May, up from 46 sales in April and up from only 39 sales in May 2011.
• The median sales price of the homes in South Lake Tahoe was $247,775, up from $222,000 in April and down from $285,000 in 2011.
• The average sales price was $349,102, up from $285,620 in April and up from $309,595 in May 2011.
• The average price per square foot was $190, up from $168 in April and up from $183 in 2011.
• The average days on the market was 186 and the median days on the market was 132.

Bank owned foreclosures currently account for 43 of the current listings on the South Lake Tahoe MLS. Out of the 43 foreclosure listings, 25 are in escrow and 18 are still active. In May there were 17 foreclosures that were sold which had an average price per square foot of $142.

Bank Owned Foreclosure Statistics

• There were 17 foreclosure sales in May, down from 18 sales in April.
• The average sales price of the foreclosures in South Lake Tahoe was $$211,258, down from $252,833 in April.
• The median sales price of the foreclosures was $193,800, up from $182,500 in April.
• The average price per square foot was up to $142 from $140 in April.
• The average days on the market was 93 and the median days on the market was only 92.

May was also a good month for Short Sales in South Lake Tahoe. There were 12 short sales that closed escrow in the month of May. This is double the number of short sales that were sold in April and is the highest number so far this year.

Short Sales in South Lake Tahoe

• There were 12 short sales in South Lake Tahoe  that closed escrow in May, up from 6 in April.
• The average sales price of the short sales was $256,611, up from $252,833 in April.
• The median sales price of the short sales was $226,688, down from $230,000 in April.
• The average price per square foot was $168, up from $167 in April.
• The average days on the market was 211 and the median days on the market was 211.

For more information about the South Lake Tahoe real estate market, please call