Foreclosures in South Lake Tahoe are Keeping the Real Estate Market Alive

Currently there are 279 single family homes in the city and county areas of the South Lake Tahoe MLS. Out of the 279 houses on the market, 36 of them are in escrow (about 13%). 39 of the houses on the market are foreclosures which accounts for 14% of the market share.

Why do I think that foreclosures are keeping the South Lake Tahoe real estate market alive? Out of the 36 houses that are currently in escrow, 17 of them are foreclosures. That means that 47% of our current escrows are foreclosures, which is a lot considering that only 14% of our total single family inventory is foreclosures! That means that only 8% of the total non-foreclosure inventory is in escrow, and 44% of the total foreclosure inventory is in escrow!

Lets compare the foreclosures and non-foreclosures currently on the market.

• The average list price for foreclosures is $325,084, 56% less than the average list price of non-foreclosures which is $751,935.
• The median list price for foreclosures is $297,000, 46% less than the median list price of non-foreclosures which is $555,000.
• The average square footage for foreclosures is 1560 sf., 23% less than the average square footage of non-foreclosures which is 2,028 sf. 
• The median square footage for foreclosures is 1464 sf., 23% less than the median square footage of non-foreclosures which is 1902 sf.

Here is a comparison between the foreclosures and non foreclosures that are currently in escrow.

• Out of the 36 current escrows, 17 are foreclosures.
• The average list price of the foreclosures in escrow is $339,624, 32% less than non-foreclosures which is $492,829.
• The median list price of the foreclosures in escrow is $290,000, 25% less than non-foreclosures which is $389,900.
• The average square footage of the foreclosures in escrow is 1708 sf., 6% less than non-foreclosures which have an average square footage of 1822 sf.
• The median square footage of the foreclosures in escrow is 1536 sf., 5% less than non-foreclosures which have a median square footage of 1616 sf.
• The average days on market for the foreclosures in escrow is 72, 46% less than non-foreclosures that have an average days on market of 133.
• The median days on market for the foreclosures in escrow is 64, 54% less than non-foreclosures that have a median days on market of 140.

If you take away the foreclosures in South Lake Tahoe, we would have only 19 single family escrows, which is why I think that the foreclosures are keeping the South Lake Tahoe Real Estate market alive!

Click here to view a current list of foreclosures in South Lake Tahoe. For more information about real estate in South Lake Tahoe please contact Brent and Jill Johnson today!