Lake Tahoe Real Estate Market Booms in September!

South Lake Tahoe home buyers continued to snatch up properties at bargain prices and with historically low interest rates this fall. According to the South Lake Tahoe MLS there were 82 single family homes and condo/townhomes that were sold in September. The number of homes sold in South Tahoe last month was up from 76 sales in August and up from 70 sales in July. Also up in September was the median sales price and the average sales price of the properties that were sold.

 The continuing buyer activity and lack of distress sales coming on the market is now causing a shortage of inventory here in Tahoe. There are currently only 351 single family and condo/townhome listings on the South Lake Tahoe MLS. There are 124 properties that are currently in escrow and only 227 active listings. The distress sale inventory is even lower. There are only 14 bank owned properties currently listed and 7 of them are in escrow. There are still 48 short sale listings on the mls but 36 of the short sales are in escrow and only 12 are still available.

South Lake Tahoe MLS Statistics for September

• There were 82 single family homes and condo/townhomes sold in September, up from 76 sales in August.
• The median sales price for the properties that were sold was $255,000, up from $235,000 in August.
• The average sales price was $298,807. up from $294,090 in August.
• The average price per square foot was $183, down from $188 in August.
• The average days on the market was 128 and the median days on the market was 93.

South Lake Tahoe Foreclosure Statistics

• There are currently only 14 bank owned foreclosures listed on the South Lake Tahoe MLS. 7 of the foreclosure listings are in escrow and 7 are still active. Last month there were 15 total foreclosure listings.
• There were 8 bank owned foreclosure listings that were sold in September, down from 19 foreclosure sales in August.
• The average foreclosure sale price was $284,063, up from $214,576 in August.
• The median foreclosure sale price was $184,000, up from $175,000 in August.
• The average sales price per square foot was $149, up from $143 in August.
• The average days on the market was 97 and the median days on the market was 69.

Short Sales in South Lake Tahoe

• There are currently 48 short sales listed on the South Lake Tahoe MLS. 36 of the short sale listings are in escrow and only 12 are active. There were 56 short sales on the market in August.
• There were 18 short sales that closed escrow in September, up from only 6 sales in August.
• The median sales price of the short sales was $272,500, up from $220,000 in August.
• The average sales price of the short sales was $266,709, up from  $211,667 in August.
• The average price per square foot was $166,
• The average days on the market was 192 and the median days on the market was 136.

 If the number of distress sales continues to decrease and the inventory of homes for sale in South Lake Tahoe remains low, the housing market should also continue to stabilize and prices may increase as well. For more information about the South Lake Tahoe real estate market please call Brent Johnson at (530) 416-2625!