South Lake Tahoe Real Estate Stats for October 2012

The South Lake Tahoe Real Estate market continued to show signs of stabilization during the month of October. The inventory levels of single family homes for sale on the South Lake Tahoe MLS continued to decline and prices continued to increase.  Both the median and average home sales prices increased for the second consecutive month in October. The total number of single family and condo listings fell from 351 in October to only 317 on November 1st. Out of the 317 listings, 110 of the listings were in escrow which represents 37.3% of the inventory in escrow.

The foreclosure and short sale inventory has also continued to decline significantly. There are now only 9 active foreclosure listings, and 13 foreclosure listings that are currently in escrow. There are 11 active short sale listings,  and 28 short sales that are currently in escrow. There were only 3 foreclosure listings on the South Lake Tahoe MLS that were sold in October, down from 14 foreclosures sold in October 2011.

South Lake Tahoe Real Estate Sales for October

• There were 57 single family homes and condos that were sold in October on the South Lake Tahoe MLS, down from 82 sales in September.
• The median sales price was $265,000, up from $255,000 in September and also up from $249,000 in October 2011.
• The average sales price was $350,336, up from $298,807 in September and down from $410,656 in October 2011.
• The average price per square foot was $189, up from $183 in September.
• The average days on the market was 129 and the median days on the market was 86 (down from 93 in September).
• The current inventory of active listings is 207, down from 227 in September.

South Lake Tahoe Foreclosure Listings

• There are currently a total of 22 foreclosure listings on the South Lake Tahoe MLS, 9 of the listings are active and 13 are in escrow.
• There were 3 foreclosure listings that closed escrow in October, down from 8 foreclosure sales in September and down from 14 sales in October 2012.
• The average sales price was $173,967, down from $284,063 in September.
• The median sales price was $176,000, down from $184,000 in September.
• The average price per square foot was $143, down from $149 in September.
• The average days on the market was 39 and the median days on the market was 29.

South Lake Tahoe Short Sale Listings

• There are currently 39 short sale listings on the South Lake Tahoe MLS, 11 of the short sale listings are active and 28 are in escrow. Last month there were a total of 49 short sale listings.
• There were 12 short sales that were sold in October, down from 18 sales in September.
• The average sales price of the short sale listings was $250,599, down from $284,063 in September,
• The median sales price was $242,500, down from $272,500 in September.
• The average price per square foot was $155, down from $166 in September.
• The average days on the market was 152 and the median days on the market was $160.

With the median sales price continuing to increase and the inventory of homes for sale continuing to decrease, the South Lake Tahoe real estate market is continuing to show signs of stabilization.