Lake Tahoe Real Estate Statistics for June 2010

June was a great month for Real Estate in South Lake Tahoe. There were 53 single family homes that closed escrow in June, more than any other month so far this year. The increase in the number of home sales was partially driven by the expiration of the first time home buyer tax credit which expired on June 30. Another factor was that there were a lot of short sales that had been in escrow for a long period of time that ended up closing in June. Almost half of the homes sold last month were distress sales. There were 14 bank owned foreclosures and 12 short sales that were sold. That is a substantial increase from May when 9 foreclosures and 7 short sales were sold.

South Lake Tahoe Real Estate Statistics for June 2010

• There were 53 single family homes in South Lake Tahoe that sold in June, up from 42 sales in May.
• 26 of the sold homes were distress sales (14 foreclosures and 12 short sales).
• The median sales price of the sold homes was $319,000, down from $322,000 in May.
• The average sales price of the sold homes was $416,292, down from $462,367 in May. The average sales price in May drops down to $387,667 if the $3,525,000 lakefront Tahoe Keys home is removed from the average.
• The average days on the market was 179 and the median days on the market was 114.
• The average price per square foot was $209, down from $216 in May.

Prices for single family homes actually went up in June 2010 compared to June 2009. The median sales price  was up 6% from $300,000 in 2009. The average sales price was up was up 17% from $346,317 in 2009. And the number of single family home sales was up 23% from 41 in 2009. The number of distress sales was up in 2010 as well. There were 26 distress sales in June 2010 compared to 16 in June 2009.

Distress sales continue to bring down the average and median sale prices of the homes sold in Tahoe. The foreclosures in South Lake Tahoe that sold in June had a very low average price per square foot of $157. The median sales price of the foreclosures was only $198,000,  the average sales price was $255,107. The low prices of the foreclosures are reflective of the condition of the properties. Many of the foreclosures sold in June were in need of repairs. The distress sales will continue to drive down the median and average sales prices as long as they are around.

Currently there are 512 single family homes listed on the South Lake Tahoe MLS, 70 of those homes are in escrow. There are 33 bank owned foreclosures for sale in South Lake Tahoe, 9 are in escrow.  There are 77 short sales listed on the MLS and 35 of them are in escrow.