South Tahoe Real Estate Market

The South Lake Tahoe Real Estate market is definitely showing signs of stabilization. The inventory of available homes is extremely low and new listings are getting pounced on by hungry buyers looking to take advantage of the low prices and low interest rates. Most properties that are priced well are now getting multiple offers and are selling at or above the list price. The flurry of buyer activity seems to be statewide. According to the California Association of Realtors, pending home sales in California rose for the third consecutive month and have reached the highest level in three years. Additionally, the share of distressed sales dropped for the second consecutive month.

Currently on the South Lake Tahoe MLS there are 358 single family homes on the market and 152 (42%) of them are in escrow. Bank Owned Foreclosures account for 49 of the listings on the MLS, 28 of which are in escrow. Out of the 83 short sale listings on the MLS, 65 are in escrow and only 18 are still available. Although the average prices were down in April, they should start climbing as multiple offer situations and low inventory levels continue.

South Lake Tahoe Real Estate Statistics

There were 46 single family homes and condos that were sold in April, down from 55 in March, but up from 40 in April 2011.
The average price of the homes that were sold in April was $285,620, down from $325,127 in March, and down from $346,207 in April 2011.
The median sales price was $222,000, down from $255,ooo in March, and down from $314,000 in April 2011.
The average price per square foot was $168, down from 177 in March, and down from $186 in April 2011.
The average days on the market was 150 and the median days on the market was 107.

Bank Owned Foreclosures in South Lake Tahoe

There were 18 bank owned foreclosures that were sold in April, down from 19 in March.
The average sales price of the bank owned foreclosures was $236,903, up from $231,383 in March,
The median sales price of the foreclosures was $182,500, down from $194,000 in March.
The average price per square foot was $140, up from $138 in March.
The average days on the market was 112 and the median days on the market was 91.

Short Sales in South Lake Tahoe

There were 6 short sales that were sold last month, down from 8 short sales that were sold in March.
The average price of the short sales that were sold was $252,833, up from $219,250 in March.
The median sales price of the short sales was $230,000, up from $193,500 in March.
The average price per square foot was $167, up from $155 in March.
The average days on the market was 240 and the median days on the market was 168.

It will be interesting to see what will happen to prices if the buyer activity remains as strong as it was in April. Hopefuly we will see enough new listings to satisc