March South Tahoe Real Estate Statistics

March was not only a great month for skiers and boarders, it was a great month for the South Tahoe Real Estate market. Many Tahoe locals call this month “Miracle March” during dry winters in hopes of some big snow storms. This March was not quite a “Miracle March”, but we did see some improvement in both our Sierra snow-pack and the Tahoe estate market. The number of homes sold, the average price, median price, and average price per square foot were all up from the last two months. The majority of the properties sold in March were non-distress sales for the first time this year as well. Only 49% of the home sales in South Lake Tahoe were distress sales, down from 66% in February.

March South Tahoe Real Estate Statistics

• There were 55 single family homes/condos that were sold in March, up from 38 in February and up from 49 in March 2011.
• The average sales price of the homes that were sold was $325,157, up from $246,326 in February and down from $359,201 in March 2011.
• The median sales price was $255,000, up from $201,000 in February and down from $313,000 in March 2011.
• The average price per square foot was $177, up from $161 in February and down from $211 in March 2011.
• The average days on the market was 143 and the median days on the market was 108, down from an average of 157 and a median of 121.

Foreclosures in South Tahoe

• There were 19 bank owned foreclosures in South Lake Tahoe that were sold in March, up from 17 that were sold in February.
• The average sales price of the bank owned foreclosures was $231,838, up from $185,812 in February.
• The median sales price of the bank owned foreclosures was $194,000, up from $185,000 in February.
• The average price per square foot for the bank owned foreclosures was $138, the same as February.
• The average days on the market was 98 and the median days on the market was 85 (including the escrow period).

Another interesting statistic that I noticed was that 13 of the 19 foreclosures that were sold last month sold for asking price or above asking price.

Short Sales in South Lake Tahoe

• There were 8 short sales in South Lake Tahoe that were sold last month, the same number of short sales that were sold in February.
• The average sales price of the short sales was $219,250, up from $212,763 in February.
• The median sales price of the short sales was $193,500, up from $181,000 in February.
• The average price per square foot was $155, down from $159 in February.
• The average days on the market was 193 and the median days on the market was 149.

The buyer activity in South Lake Tahoe really picked up last month. It was amazing to see how many multiple offer situations that there was. Out of the 8 offers that I wrote last month, every one of them was in a multiple offer situation. Hopefully we will see an increase in the number of homes for sale in South Lake Tahoe to satisfy the needs of the increasing number of Tahoe  home buyers.