February South Tahoe Real Estate Statistics

My monthly South Lake Tahoe real estate statistic updates are beginning to sound like a broken record, prices are going up and inventory is going down… The median and average sales price of the homes in South Lake Tahoe that were sold in February were up from January 2013 and up from February 2012. The inventory of condo/townhomes and single family homes for sale on the South Lake Tahoe MLS has fallen from 141 active listings to only 112 active listings in the City and County areas. The current inventory is now  less than half of what was for sale this time last year. Distress sale inventory is also at the lowest level it has been  in years. There are currently only 3 active single family short sale listings and only 5 active foreclosure listings on the mls.

The lack of distress sale listings as well as the lack of lower end listings is causing both the median and average sales prices in South Lake Tahoe to rise. In February the median sales price of the single family homes and condos was $277,600, up from $275,000 in January, and up from $205,000 in February of 2012. That is a $70,000 increase in the median sales price in just one year! The average sales price in February was $346,837, up from 334,531 in January, and up from $257,361 in February of 2012.

February South Lake Tahoe MLS Statistics

• There were 38 homes and condos on the South Lake Tahoe MLS that were sold in February, down from 44 in January and up from 33 in February 2012.
• The median sales price was $277,600, up from $275,000 in January and up from $205,000 in February 2012.
• The average sales price was $$346,837, up from $334,531 in January and up from $257,361 in February 2012.
• The average price per square foot was $198, the same as it was in January, and up from $163 in February 2012.
• The average days on the market was 130 and the median days on the market was 107. In February 2012 the average days on the market was 150 and the median was 117.

The foreclosure inventory shrank from 17 total foreclosure listings to only 10 foreclosure listings. Out of the 10 foreclosure listings, 5 are currently active and 5 are in escrow.

Foreclosures in South Lake Tahoe

• There are 10 total foreclosure listings for single family homes and condos on the South Tahoe MLS, 5 are active and 5 are in escrow.  At the end of January there were 17 total foreclosure listings and 5 of them were active.
• There were 10 foreclosures in South Lake Tahoe that were sold on the mls in February, up from 5 in January and down from 15 in February 2012.
• The average sales price of the foreclosure sales was $310,740, up from $244,350 in January and up from $185,283 in February 2012.
• The median sales price of the foreclosures was $270,100, up from $215,000 in January and up from $170,000 in February 2012.
• The average price per square foot was $178, up from $164 in January and up from $138 in February 2012.

The current inventory of short sale listings in South Lake Tahoe did not change much from what it was in January and remains low compared to what it has been the in the last few years. There are now only 23 total short sale listings for single family and condo/townhomes in South Lake Tahoe. Out of the 23 total short sale listings, 19 are in escrow and only 3 are still active.

Short Sales in South Lake Tahoe

• There are currently 23 single family and condo short sale listings on the South Lake Tahoe MLS. Only 3 of the short sale listings are still active. In January there were 24 short sale listings and only 3 were active.
• There were 6 short sales that were sold in February, down from 8 in January and up from 5 in February 2012.
• The average sales price of the short sales was $296,780,  up from $145,55o in January and up from $242,920 in February 2012.
• The median sales price of the short sales was $323,900, up from $148,650 in January and up from $200,000 in February 2012.
• The average price per square foot was $176, up from $139 in January and up from $161 in February.

With only 200 total single family and condo/townhouses currently listed in the City and County areas of South Lake Tahoe and 88 of them in escrow I am hoping that we will see some new listings this spring. My best advice for buyers that are searching for a property in South Lake Tahoe is to keep in touch with your agent and make sure to look at the new listings on a daily basis. If a listing that interests you comes on the market, chances are that this listing will interest other buyers as well. Make sure that you are pre-approved so that you are ready to make an offer on the next listing that you have been waiting for before someone else does.