Although there were 53 homes in South Lake Tahoe that were sold during the month of March, it was the first month in the last 14 that the median sales price did not increase. The median sales price of single family homes in March remained the same as the previous month, $334,000 which is up 28.5% from March, 2013.
There are currently 272 total single family and condo listings on the South Lake Tahoe MLS. Out of the 272 listings, 193 are active and 79 are active pending (in escrow). The 79 escrows represent 29% of the total inventory. Distress sales account for 20.3% of the properties currently in escrow (11 short sales and 5 bank owned listings).
So far this year there have been 143 single family homes and condos that have closed escrow in South Lake Tahoe. Bank owned foreclosures have accounted for 3.5% of the sales (5) and short sales have accounted for 8.4% of the sales (12).
South Lake Tahoe Real Estate Statistics for March
- There were 53 homes and condos sold on the South Lake Tahoe MLS in March, up from 38 in February and up from 51 in March, 2013.
- The median sales price in March was $334,000, the same as last month and up from $260,000 from March, 2013.
- The average sales price was $474,950, up from $369,079 last month, and up from $389,702 in March, 2013.
- There were only 3 short sales that closed escrow in March and there were NO foreclosures that were sold.
- The median days on the market was 83 days and the average days on the market was 123 days.
The South Lake Tahoe Real Estate market should continue to be active as the summer approaches. We are already noticing an increase in listings as we usually do this time of year. Last month there were only 150 active single family and condo listings and we are now up to 193 active listings!
If you would like more information regarding the South Lake Tahoe Real Estate market, please call Brent Johnson at (530) 416-2625 or email me at bjohnson@chaseinternational.com today!
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