South Lake Tahoe Real Estate Statistics for February

The South Lake Tahoe Real Estate market posted another slight increase in the median sales price in the month of February keeping the 19 month streak of rising home prices alive. The median sales price rose from $331,500 to $334,000 in one month, and was up 31.2% year to date.

The inventory of single family homes listed on the mls remained low but there were some great new listings that were snatched up by aggressive home buyers. There are currently 140 active single family homes listed on the mls and 67 homes currently in escrow. Out of the 141 active listings there are 5 short sales and 4 bank owned properties accounting for about 6% of the inventory.

So far this year there have been 97 single family homes and condo/townhouses that have closed escrow in the city and county areas of South lake Tahoe. Of the 97 sales, 5 were bank owned foreclosures (5.2%) and 9 were short sales (9.3%).

South Lake Tahoe Real Estate Snap Shot

• There were 38 single family homes and condo/townhouses sold in February, down from 43 sales in January and down from 43 sales in February, 2013.
• The median sales price was $334,000, up from $331,500 in January, and up from $254,500 in February, 2013.
• The average sales price was $369,079, up from $335,093 in January, and up from $349,367 in February, 2013.
• The average price per square foot was $223, down from $228 in January, and up from $204 in February, 2013.
• There were 4 bank owned foreclosures that were sold, up from only 1 sale in January, and down from 10 foreclosure sales in February, 2013.
• There were 2 short sales that were sold, down from 7 short sales in January, and down from 5 short sales in February, 2013.

Keep in mind that the inventory of homes for sale in South Lake Tahoe will start to go up in the spring. Our inventory will typically rise about 20% this time of year which is good news for home buyers. I am already beginning to see more listings hit the market and have had a decent number of seller inquiries.

For more information about the South Lake Tahoe real estate market please call Brent Johnson at (530) 416-2625 or email me at bjohnson@chaseinternational.com.