March South Lake Tahoe Real Estate Review

Single family home sales in South Lake Tahoe jumped from 23 sales in February to 40 home sales in March. Distress sales accounted for 23 of the 40 homes sold. There were 16 bank owned foreclosures and 7 short sales that closed escrow in March. The total inventory of homes on the South Lake Tahoe MLS remained stable with 412 single family listings. 302 of the listings are active and 110 are active pending. At the end of February there were 401 listings and 103 were in escrow. In the current inventory there are 110 short sale listings and 42 bank owned foreclosures. 87 of 110 short sales are in escrow and 21 of the 42 foreclosures are in escrow.

South Lake Tahoe MLS Statistics for March

• 40 Single family homes in South Lake Tahoe sold in March, up from 23 in February 2010, and up from 28 in March 2010.
• The average sales price for the homes in South Lake Tahoe that sold was $404,053, down from $405,461 in February, and down from $445,679 in March 2009.
• The median sales price of the homes sold was $350,500, up from $312,500 in February, and down from $366,250 in March 2009.
• The average sales price per square foot was $221, up from $213 in February, and down from $222 in March 2009
• The average days on the market was 141, down from 176 in February.
• The median days on the market was 111, down from 119 in February.
• There were 16 bank owned foreclosures in South Lake Tahoe that sold, up from 11 in February, and up from 9 in March 2009.
• There were 7 short sales that closed escrow, up from 4 in February, and up from 4 in March 2009.

Distress sales accounted for 58% of the single family houses sold in March. This is down from 65% in February. In March 2009 the percentage of distress sales was 46%.

The foreclosures in South Lake Tahoe that sold in March sold for a very low price per square foot of $190. This is much lower than the non-distress sale price per square foot which was $249. The median days on the market for the foreclosures was 88.

Although home prices in South Lake Tahoe have not started to increase, buyer activity has. Home buyers are finding great prices on homes throughout South Lake Tahoe. For more information regarding South Lake Tahoe real estate please call Brent Johnson today!