bjohnson

South Tahoe Real Estate Statistics

South Lake Tahoe MLS statistics as of November 17, 2010

The following statistics are for Residential (single family and condo/town homes) located in the City and County areas of South Lake Tahoe:

The total number of listings on the South Lake Tahoe MLS is 511 (78 of the homes are listed by Chase=15.3% of the inventory).
412 of the listings are active (still available) 42 of the active listings are short sales and 31 are bank owned listings. Only 17.7% of the active inventory is distress sales.
99 of the listings are in escrow. 50 of the current houses in escrow are short sales and 25 are bank owned. 75.8% of the current escrows are distress sales.
The 99 escrows represent 19.4 % of the total inventory in escrow.

Breakdown by price range of the 99 escrows

Under $200,000 21 properties
$201-$300,000 37 properties
$301-$400,000 16 properties
$401-$500,000 9 properties
$501-$600,000 3 properties
$601-$700,000 5 properties
$701-$800,000 3 properties
$801-$999,000 4 properties
Over 1 million 1 property

So far this year there have been 495 single family homes and condos sold in the South Lake Tahoe MLS.

145 of the properties sold were bank owned foreclosures (29.3%)
81 of the properties sold were short sales (16.4%)

There are currently 80 single family homes and condos listed in the Tahoe Keys area. 68 of the properties are active, and 12 of the properties are in escrow. The current Tahoe Keys inventory includes 8 bank owned properties and 7 short sales. There have been 58 properties sold in the Tahoe Keys so far this year. 8 of the sold homes were foreclosures and 6 of the homes were short sales.

Thank You To My Wonderful Clients!

I wanted to take the time to thank all of the wonderful clients that I have worked with this summer. Although I spent a lot more time at the office than I did at the beach, I had a great summer making many lasting relationships. This has been the busiest year that I have had since I have been a Real Estate Agent in South Lake Tahoe. Out of the 8 offices and 200+ agents here at Chase International, I was able to sell more homes last quarter than anyone else. Great clients and hard work goes a long way.

I hope that all of you who purchased homes in South Lake Tahoe are able to enjoy this amazing place as much as I do! Thanks Again!

South Tahoe Real Estate in October

The South Lake Tahoe real estate market typically begins to slow down in the late fall and into the winter. There has been a trend of slowing sales, but buyer activity is still quite active for this time of year. There were 45 houses sold in October on the South Lake Tahoe MLS. Although the number of sales is down from 61 in August, it is not far off from the 53 houses that sold in July.

Distress sales accounted for 15 of the 45 houses that were sold. 5 of the distress sales were short sales and 10 were bank owned foreclosures. The bank owned foreclosures that sold in October sold for a very low price per square foot of $154. With the exception of two newer foreclosures, the bank owned properties that sold in October were in poor condition and needed work..

South Lake Tahoe MLS Statistics for October 2010

There were 45 houses that sold in October on the South Lake Tahoe MLS, this is down from the 61 houses that were sold in September.
10 of the houses that were sold were bank owned foreclosures and 5 were short sales.
The median sales price of the sold homes was $297,000, down from $330,500 in September.
The average sales price of the sold homes was $357,263, down from $445,254 in September.
The average days on the market was 143 and the median days on the market was 115.
The average price per square foot of the houses that were sold was $201, down from $219 in September.
The percentage of distress sales that were sold was 33%, up slightly from 28% in September.

The current inventory of houses available on the South Lake Tahoe MLS in the city and county is 443. 356 of the houses are active, and 87 are active pending. Of the current inventory, 41 are bank owned foreclosures. 23 of the foreclosures are active and 18 are in escrow. There are 84 short sales currently on the market. 41 of the short sales are active and 43 of them are in escrow.

In looking at the current inventory of pending houses, 62 of the 87 houses are distress sales. That puts the percentage of distress sales to regular sales that are in escrow at over 71%. Hopefully we can get some of these short sales closed and that percentage will go down.

Banks to Resume Foreclosing on Delinquent Homeowners Again

After a nationwide freeze on foreclosures, Bank of America and GMAC have resumed foreclosing on delinquent homeowners again. Bank of America and many other lending institutions had recently halted foreclosures due to controversy over problematic documents.

According to The New York Times, Bank of America confirmed that it did discover errors in some foreclosure filings. The errors were called “tiny” and they did not find a single case where a homeowner was facing foreclosure in error.

According to Barbara J. Desoer, president of Bank Of America Home Loans, “We did a thorough review of the process, and we found the facts underlying the decision to foreclose have been accurate. We paused while we were doing that, and now we’re moving forward.”

I am not sure what effect that the temporary halt on foreclosures will have on the South Lake Tahoe real estate market, but it should be minimal. Our market is not saturated with foreclosures like many other areas are, only 42 of the 462 single family houses listed on the South Tahoe mls are bank owned foreclosures. I think that the temporary foreclosure freeze was short enough that the impact will be minimal.

South Tahoe Real Estate Statistics for September

As usual, September was a busy month in terms of closed escrows in South Lake Tahoe. According to the South Lake Tahoe MLS there were 61 single family homes that had closed escrow in September, up from 49 homes sold in August. The median and average sale prices were up as well.

The average percentage of list price to sales price was also up. This is bad news for buyers who think that they can still make “low ball” offers, but good news for sellers who are probably already taking a huge loss.

Average days on market Breakdown and Average % of List Price Received on Solds by Market time:

0-30 days on the market, 2 listings sold for an average of 99.86% of the listing price.
31-60 days on the market, 10 listings sold for an average of 96.22% of the listing price.
61-90 days on the market, 20 listings sold for an average of 95.93% of the listing price.
91-120 days on the market, 9 listings sold for an average of 92.89% of the listing price.
120+ days on the market, 20 listings sold for an average of 93.26% of the listing price.

The longer that the homes were on the market, the more flexible the sellers were. The houses that were new on the market sold for very close to asking price. The days on the market includes the days that the homes were in escrow as well.

September South Tahoe Real Estate Statistics

There were 61 homes that sold in September on the South Lake Tahoe mls, up from 49 sales in August.
There were 16 bank owned foreclosures that closed escrow in September, the same number that sold in August.
There was only one short sale that closed escrow last month, down from 7 in August.
The median price of the sold homes was $330,500, up from $289,000 in August.
The average price of the sold homes was $445,254, up from $355,002 in August.
The average days on the market was 144 and the median days on the market was 88.
The average price per square foot was $219, up from $207 in August.

The bank owned properties that sold in September had a very low price per square foot of only $152. Most of the foreclosures that had sold were fixer-uppers that needed work. The average sales price of the foreclosures was $257,875 and the median sales price was $232,500.

One statistic that was surprising to me was that 72% of the houses sold in September were regular sales. Only 28% of the sold homes were foreclosures or short sales. Regular sellers are now having much better luck competing with the REO’s now that they have priced their homes competitively.

South Tahoe Cabin Listing!

1744 Delaware Street

Offered at $209,000!

Knotty Pine Charmer overlooking Washoe Meadows State Park! Located on a quiet street with Forest Service Land on two sides, this home would make a great Tahoe getaway. Vaulted ceilings, open living space, and lots of natural sunlight give this home a warm comfortable feeling. Great use of space in the kitchen allows for an island with a gas downdraft cooktop, built in oven/microwave, and lots of counter space. The inside of this home is a must see!