July South Lake Tahoe Real Estate Review

With another 70 single family homes and condos that were sold on the South Lake Tahoe MLS in July, the Tahoe Real Estate market continues to move at a quick pace. There were 7 less property sales in July than there were last month, but there were 22 more sales than there were in July 2011. The inventory of properties for sale on the MLS remains similar to what it was last month with 269 active listings and 145 active pending listings. Currently 35% of the single family homes and condos listed on the mls are in escrow.

The inventory of bank owned foreclosures in South Lake Tahoe is very low compared to what it has been over the last several years. There are26 foreclosure listings on the mls, 18 of the foreclosures are in escrow and only 8 of the foreclosures are still available. There are a total of 61 short sale listings, 49 of the short sale listings are in escrow and only 12 are still available.

July South Lake Tahoe MLS Statistics

• There were 70 single family homes and condos that were sold on the South Lake Tahoe MLS in July, down from 77 sales in June, and up from 48 sales in July 2011.
• The Median sales price was $236,500, up from $225,000 in June, and down from $237,500 in July 2011. (The median sales price for only single family homes was $291,000 in July 2011)
• The average sales price was $337,596, up from $279,311 in June, and up from $293,785 in July 2012.
• The average price per square foot was $193, up from $177 in June.
• The average days on the market was 140 and the median days on the market was 82.

South Lake Tahoe Foreclosures

• There were 11 foreclosures in South Lake Tahoe that were sold in July, down from 18 in June.
• The average sales price of the foreclosure sales was $228,023, up from $200,036 in June.
• The median sales price of the foreclosure sales was $220,000, up from $174,000 in June.
• The average price per square foot was $138, down from $140 in June.
• Tha average days on the market was 177.

South Lake Tahoe Short Sales

• There were 13 short sales that were sold on the South Lake Tahoe MLS in July, down from 16 in June.
• The average sales price was $177,596, down from $279,188 in June.
• The median sales price was $165,000, down from $230,500 in June.
• The average price per square foot was $125, down from $168.
• The average days on the market was $239 and the median days on the market was 213.

The Tahoe Keys area had a great month of sales with 12 single family homes sold on the MLS. The average sales price of the Tahoe Keys sales was $784,600. The median sales price in the Keys was $686,500 and the average price per square foot was $325. The Tahoe Keys Homes that were sold, sold quickly. The average days on the market was 94 and the median days on the market was only 60. None of the Tahoe Keys homes  that were sold in July were foreclosures or short sales.

For more information about the South Lake Tahoe Real Estate market, please call Brent Johnson at (530) 416-2625.