August South Tahoe Real Estate Update

August ended up being another great month for sales of single family homes and condos in South Lake Tahoe. There were 76 single family homes and condos that were reported as sold on the South Lake Tahoe MLS. Although buyer traffic was heavy and the inventory of available homes was low, the median price and average price per square foot remained steady.

August Single Family and Condo Statistics

• There were 76 single family homes and condos sold in August, up from 70 in July.
• The average price per square foot was $188, down from $193 in July.
• The median sales price was $235,000, down from $236,500 in July.
• The average sales price was $294,090, down from $337,956 in July.
• The average days on the market was 147 and the median days on the market was 85

The inventory of homes for sale in South Lake Tahoe remained low. There are currently 388 total single family home and condo listings on the MLS and 143 of them are in escrow. With 37% of the inventory in escrow, many buyers are getting involved in multiple offer situations, especially on properties priced under $300,000. One of the reasons that our inventory is so low is that we are not seeing many distress sales coming on the market. Currently there are only 6 active foreclosures and 14 active short sales listed on the South Lake Tahoe MLS.

Foreclosures in South Lake Tahoe

• There are currently 15 foreclosure listings on the MLS, 6 of the foreclosures are active and 9 of the foreclosures are in escrow.
• There were 19 bank owned foreclosures that were sold on the MLS in August, up from 11 foreclosure sales in July.
• The median sales price of the foreclosures was $175,000, down from $220,000 in July.
• The average sales price was $214,576, down from 228,023 in July.
• The average price per square foot was $143, up from $138 in July.
• The median days om the market was 84.

Short sales in South Lake Tahoe

• There are currently 56 total short sales on the South Lake Tahoe MLS
• 43 of the short sales are in escrow and only 14 are still active.
• There were 6 short sales that closed escrow in August, down from 13 in July.
• The median sales price of the short sales was $220,000, up from $165,000.
• The average sales price of the short sales was $211,667, up from $177,596 in July.
• The average days on the market was 218 and the median days on the market was 216.

For more information about South Lake Tahoe Real Estate please call Brent Johnson at (530) 416-2625!