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Lake Tahoe Real Estate Blog

South Tahoe Foreclosure Inventory Continues to Shrink

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The shrinking supply of foreclosure inventory appears to be a nationwide trend that is fueling the housing recovery. Low interest rates, motivated investors, and a tight inventory are the major factors contributing to the recovery of the housing market.

Supply of “Shadow” homes declines Again, an article in LATimes.com by Alejandro Lazo explains:

 “House hunters looking for bargain properties in the new year will probably be disappointed.

A new report by Santa Ana firm CoreLogic shows pending home supply declined again in October. This shadow inventory fell 12.3% from the year prior to stand at 2.6 million units, or a supply of about seven months.

The housing recovery that began last year was spurred by tight inventory and strong demand from investors and buyers motivated by record-low mortgage-interest rates.

Those factors have helped push up prices in recent months. In a news release announcing the new data, CoreLogic analysts said that given the strong demand from investors, and others, the current shadow supply is unlikely to drag down the market in 2013.

“The size of the shadow inventory continues to shrink from peak levels in terms of numbers of units and the dollars they represent,” CoreLogic Chief Executive Anand Nallathambi said in that release. “We expect a gradual and progressive contraction in the shadow inventory in 2013 as investors continue to snap up foreclosed and REO properties and the broader recovery in housing market fundamentals takes hold.”

CoreLogic estimates the supply of homes that are seriously delinquent, in foreclosure or held by lenders and not currently on the market. Investors and economists keep an eye on shadow inventory to get a sense of how many homes might be headed into foreclosure and hitting the market.

CoreLogic estimated the dollar amount of shadow inventory as $376 billion in October, a decline from $399 billion the same month a year before. Florida, California, Illinois, New York and New Jersey made up about 45% of the shadow supply reported by CoreLogic on Wednesday.”

 The inventory of foreclosures has steadly declined in South Lake Tahoe as well. There are currently only 16 single family foreclosure listings on the South Lake Tahoe MLS in the city and county areas. Out of the 16 foreclosure listings only 5 are active and the other 11 are in escrow.

 Foreclosure Inventory on the South Lake Tahoe MLS:

January 2013

  • 16 total foreclosure listings
  • 5 active foreclosure listings
  • 11 pending foreclosure listings

January 2012

  • 57 total foreclosure listings
  • 34 foreclosures were active
  • 23 foreclosures were in escrow

January 2011

  • 62 total foreclosure listings
  • 34 foreclosures were active
  • 28 foreclosures were in escrow

As Alejandro Lazo said in the article,  House hunters looking for bargain properties in the new year will probably be disappointed. It will become very important to have a hard working real estate agent working for you to notify you when good properties come on the market because they may be selling quickly!

 

South Tahoe Real Estate Update for December 2012

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The inventory of properties for sale in South Lake Tahoe has continued to decrease over the last 6 months. This inventory decrease is making it difficult for some buyers to locate a property that fits their needs. The total number of single family homes and condos has dropped to 217 from 264 just a month ago. There are more homes that are being sold than that are being listed for sale. There are only 144 active single family homes and condos in the city and county areas of South Lake Tahoe on the MLS, down from 169 in November. There are currently 73 single family homes and condos that are in escrow, up from 71 at the end of November.

The inventory of distress sales has remained on the low side as well. There are only 15 total foreclosure listings on the South Lake Tahoe MLS, 10 of the foreclosures are in escrow leaving only 5 active listings to choose from. There are 30 total short sales listed, 23 in escrow and 7 active short sale listings to choose from.

There were 49 single family houses and condos reported as sold on the South Lake Tahoe MLS in the city and county areas of South Lake Tahoe in December. Out of the 49 sales, 9 were foreclosures and 6 were short sales.

South Tahoe Real Estate Statistics for December

  • There were 49 single family homes and condos that were reported as sold on the South Lake Tahoe MLS in the City and County areas, down from 71 in November and down from 64 in December 2011.
  • The median sales price in December was $242,000, down from $265,000 in November and up from $235,450 in December 2011.
  • The average sales price in December was $309,849, down from $379,297 in November and down from $378,777 in December 2011.
  • The average price per square foot was $188, down from $204 in November and down from $189 in December 2011.
  • The average days on the market was 109 and the median days on the market was only 68.

South Lake Tahoe Foreclosure Statistics

  • There are currently 15 single family foreclosure listings on the South Lake Tahoe MLS, only 5 of the listings are active and 10 are in escrow.
  • There were 9 foreclosures that were sold in December, down from 10 in November.
  • The average sales price of the foreclosures was $198,446, down from $298,527 in November.
  • The median sales price was $215,000, down from $259,900 in November.
  • The average price per square foot was $133, down from $169 in November.
  • The median days on the market was 56 and the average days on the market was 66.

South Lake Tahoe Short Sale Statistics

  • There are currently 30 short sale listings on the South Lake Tahoe MLS in the City and County areas, 23 of the short sales are in escrow and 7 are still available.
  • There were 6 short sales in South Lake Tahoe that were sold in December, down from 8 sales in November.
  • The median sales price for the short sales was $192,500, down from $245,050 in November.
  • The average sales price for the short sales was $232,567, down from $335,875 in November.
  • The average price per square foot was $159, down from $189 in November.
  • The average days on the market was 178 and the median days on the market was 170.

For more information about the South Lake Tahoe Real Estate market, please call Brent Johnson at (530) 416-2625 today!

Heavenly Valley Cabin!

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3794 Needle Peak

Heavenly Valley

Offered at $279,000

Click Here for the Virtual Tour

Location, Location, Location! Charming cabin next to the base of Heavenly Ski Resort on a large lot surrounded by newer custom homes. New granite countertops, river rock accents, and a knotty pine interior make this cabin a comfortable place to rest after a day on the slopes. Double pane vinyl frame windows and an open burning fireplace will keep you toasty during the winter months. Included with this property are plans and engineering to add a bathroom and to increase the size to 1114 square feet! There is potential to add even more living space by building above the proposed addition. This property was priced at $395,000 in 2009 and is now offered at $279,000.  To set up an appointment to see the inside of this Heavenly Cabin, please call Brent Johnson at (530) 416-2625.

  • Metal Roof
  • Newer Double Pane Vinyl Frame Windows
  • Near the base of Heavenly Valley Ski Resort
  • Plans for an Addition
  • Large Wooded Lot!

 

Remodeled Triplex Close to the Lake!

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629 James Ave. Units 1-3

Offered at $359,000

Large Triplex located just minutes from the lake and along the bike trails and bus route. A brand new roof was just installed this fall and one unit is currently being completely remodeled! This property is on a large lot with great parking, a huge yard, and a two car garage! Rent out two of the units and keep the remodeled unit for yourself. If you are looking for an income property in South Lake Tahoe just rent all three units,  this property has lots of possibility’s!

  • Vinyl Frame Double Pane Windows
  • Forced Air Natural Gas Heating
  • Bear Proof Trash Container
  • New Roof
  • Remodeled Unit

For more information about this income property in South Lake Tahoe please call Brent Johnson at (530) 416-2625!

Backing the Meadow in Tahoe Island Park!

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2225 Washington Ave.

Offered at $219,000

Great starter home close to the lake and backing to the Meadow! This house is located off of Tahoe Keys Blvd. just minutes from Lake Tahoe and has a quiet back yard setting with meadow views.  This is a two bedroom, one bath, one car garage home in the Tahoe Island Park area. With a little bit of work and a this great location this property has potential!

  • 864 Square Feet
  • Great Meadow Views
  • Open Burning Fireplace
  • Close to Tahoe Valley School

 

If you would like more information about this house or other properties for sale in South Lake Tahoe call Brent Johnson at (530) 416-2625!

Great Opportunity in Montgomery Estates!

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2481 Bernice Lane

Montgomery Estates, South Lake Tahoe Ca

Offered at:

Coming Soon!

 Virtual Tour

Location, Location, Location! This open and bright 2 bedroom, 2 bath, 2 car garage home in Montgomery Estates has the location you have been waiting for. Surrounded by large newer homes, this property has a great setting with filtered mountain and forest views. Tall vaulted ceilings with exposed wood beams give this home a very open feeling with lots of natural sunlight. Well built with nice tile counter tops and flooring, this property has tons of potential.   A little updating would go a long way with this property!

  • Built in 1992
  • Pellet Stove
  • Double Pane Windows
  • 1429 Square Feet
  • Upstairs Living
  • Large Lot
  • Great Montgomery Estates Location!

This property will be coming on the market soon. For more information about this property and pricing,  please call South Lake Tahoe Real Estate Agent Brent Johnson at (530) 416-2625.

Tahoe Keys Partial Share Ownership is Against the Rules

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I get a lot of calls regarding some of the partial ownership listings that are currently listed on the South Lake Tahoe MLS. The partial ownership listings sometimes  look too good to be true, that’s because they are! According to the Tahoe Keys Property Owners Association it is against the Governing Laws of the Association to sell partial ownership shares of a property within the Tahoe Keys.

The following information was posted on the Tahoe Keys Property Owners website:

Several Tahoe Keys property owners and the Tahoe Keys Property Owners Association (TKPOA) Board of Directors have noticed properties in the Keys being advertised for sale on a partial share or less than whole conveyance basis. All realtors and property owners should be advised that it is against the Governing Laws of the Association to sell, or offer for sale, partial shares or other than whole conveyance of any property in Tahoe Keys.
The Governing Law is part of the Association CC&R’s and the restrictions of property conveyance are stated in Article VIII, Sections 2(c), 3, and 20(a). Specifically, Article VIII, Section 3(c) states, “Dwellings shall not be rented, leased, or conveyed on a time share or interval ownership basis (as defined in California Business and Professions Code Section 1103.5 or comparable superseding statute)…,” and Article VIII Section 20 (a) states, “…no lot shall be further subdivided nor shall less than all of any such lot be conveyed by an owner…”

Any sale or offer for sale of partial shares or other than whole conveyance is subject to fine assessment against the property owner and a potential lien on the property. Please share this information with your colleagues and advise your buyers and sellers of this restriction.

The next time that you see a property for sale in the Tahoe Keys that is being sold as a partial ownership share you will know that it is too good to be true!

Here is a current list of  houses for sale in the Tahoe Keys. For more information about the Tahoe Keys Real Estate market please call Brent Johnson at (530) 416-2625!

South Lake Tahoe Real Estate Update for November 2012

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The month of November was a solid month for the South Lake Tahoe Real Estate  market as well as the National Housing market. There were 71 single family homes and condos that were reported as sold on the South Lake Tahoe MLS. This is a significant increase from the 57 properties that were sold in October and the 46 that were sold in November 2011. As well as the increase of units sold, the median sales price, average sales price, and the sales price per square foot was up from October.

The inventory of houses for sale in South Lake Tahoe continued a steady decline which is a factor causing prices to increase.  There are currently 264 total single family and condo listings on the South Lake Tahoe MLS in the city and county areas of South Tahoe.  Out of the 264 listings, 95 are in escrow and only 169 are still active.

 In October 2012 there were 317 total listings and 207 active listings.

In September 2012 there were 351 total listings and 234 active listings.

November South Lake Tahoe Real Estate Statistics

  • There were 71 single family homes and condos that were sold in South Lake Tahoe in November, up from 57 in October and up from 46 in 2011.
  • The median sales price for the properties is South Lake Tahoe that were sold was $285,000, up from $265,000 in October and up from $228,400 in 2011.
  • The average sales price was $397,279, up from $350,336  in October and up from $256,558 in November 2011.
  • The average price per square foot was $204, up from $189 in October and up from $165 in November 2011.
  • The median days on the market was 113 and the average days on the market was 162.

The South Lake Tahoe foreclosure market has contributed to the change in the real estate market. There are currently only 19 single family and condo foreclosure listings on the South Lake Tahoe MLS. Out of the 19 foreclosure listings, 13 are in escrow and only 6 are active.  In October there were 22 foreclosure listings and 9 were active.

South Lake Tahoe Foreclosure Statistics

  • There were 10 bank owned foreclosures on the South Lake Tahoe MLS that were sold in November, up from 3 that were sold in October.
  • The median sales price for the foreclosures that were sold was $259,900, up from $176,000 in November.
  • The average sales price was $298,527, up from $173,967 in October.
  • The average days on the market was 82 and the median days on the market was 64.
  • The average price per square foot was $169,  up from $143 in October.

Short Sales In South Lake Tahoe

  • There are currently only 34 single family and condo short sale listings on the South Lake Tahoe MLS in the City and County areas and only 5 of the listings are active.
  • There were 8 short sale listings that closed escrow in November, down from 12 in October.
  • The median sales price of the short sale listings was $$245,050, up from $242,500.
  • The average sales price was $335,875, up from $250,599 in October.
  • The average price per square foot was $189, up from $155.
  • The average days on the market for the short sales was 179 and the median days on the market was 180.

For more information regarding the South Lake Tahoe real estate market please call Brent Johnson at (530) 416-2625. To view a list of properties for sale in South Lake Tahoe, Foreclosures for sale in South Lake Tahoe, Short Sales for sale in South Lake Tahoe, or Tahoe Keys Real Estate for sale please click on the previous links.

California Pending Home Sales On The Rise and Distress Sales Decline

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The California Association of Realtors  recently published a positive article about the California housing market. The article is about the statewide rise in pending home sales as well as the decrease in distress sales. The South Lake Tahoe real estate market is following the same trend as most of the state of California.

In October there were only 3 foreclosures and 12 short sales that had closed escrow on the South Lake Tahoe MLS. With 57 properties in South Lake Tahoe that were sold, only 26% were distress sales. In October 2010 distress sales accounted for 34% of the sales and in 2011 33% of the sales.

OctpendingLOS ANGELES (Nov. 21) – California pending home sales rose both from the previous month and year in October for the first time in seven months, while the share of equity sales grew slightly, marking a four-year high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

Pending home sales data:

C.A.R.’s Pending Home Sales Index (PHSI)* rose 4.3 percent from a revised 115.2 in September to 120.2 in October, based on signed contracts.  Pending sales were up 3.6 percent from the 116.1 index recorded in October 2011.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

“The strong pace of pending sales in October is a continuation of what we’ve experienced for most of 2012, with demand remaining robust across all parts of the state,” said 2013 C.A.R. President Don Faught.  “Non-distressed sales – which are up nearly 50 percent from a year ago – are especially strong, while REO sales are down more than 51 percent, primarily due to a short supply of REOs.  The significant increase in non-distressed sales has driven the share of equity sales to its highest level in more than four years.”

Distressed housing market data:

• The share of equity sales – or non-distressed property sales – compared with total sales expanded slightly in October.  The share of equity sales in October increased to 63.4 percent, up from 63 percent in September, the highest level since June 2008.  Equity sales made up about half (49 percent) of all sales in October 2011.
• The share of REO sales statewide contracted in October, while the share of short sales essentially was unchanged.  The combined share of all distressed property sales dipped to 36.6 percent in October, down from 37 percent in September and down from 51 percent in October 2011.
• Of the distressed properties, the share of short sales was 24.4 percent in October and 22.6 percent a year ago.
• The share of REO sales fell further in October, dropping from 12.3 percent in September to 11.8 percent in October and was down from 28 percent in October 2011.
• The available supply of REOs tightened in October, with the Unsold Inventory Index for REOs falling from 2.2 months in September to 1.9 months in October.  The Unsold Inventory Index for short sales was 3.1 months and was 3.2 months for equity sales.

Charts:

• Closed housing sales in October by sales type (equity, distressed).
• Pending sales compared with closed sales.
• Historical trend in the share of equity sales compared with distressed sales.
• Housing supply of REOs, short sales, and equity sales in October.
• A historical trend of REO, short sale, and equity sales housing supply.
• Year to year change in sales by property type.

Share of Distressed Sales to Total Sales
(Single-family)

Type of Sale Oct. 2011 Sept. 2012 Oct. 2012
Equity Sales 49.0% 63.0% 63.4%
Total Distressed Sales 51.0% 37.0% 36.6%
     REOs 28.0% 12.3% 11.8%
     Short Sales 22.6% 24.3% 24.4%
     Other Distressed Sales (Not Specified) 0.4% 0.4% 0.4%
All Sales  100.0% 100.0% 100.0%

Single-family Distressed Home Sales by Select Counties
(Percent of total sales)

County Oct.
2011		 Sept. 2012 Oct.
2012
Alameda NA 28% 21%
Amador 46% 38% 38%
Butte 43% 36% 35%
Contra Costa NA 29% 26%
El Dorado 48% 38% 36%
Fresno 61% 51% 48%
Humboldt 28% 28% 20%
Kern 67% 45% 41%
Kings NA 39% 42%
Lake 78% 47% 50%
Los Angeles 48% 37% 37%
Madera 89% 60% 55%
Marin 26% 24% 21%
Mendocino 49% 47% 43%
Merced 58% 46% 47%
Monterey 61% 40% 45%
Napa 46% 37% 30%
Orange 36% 25% 28%
Placer 58% 43% 40%
Riverside 63% 50% 50%
Sacramento 64% 50% 47%
San Benito 72% 55% 58%
San Bernardino 65% 45% 46%
San Diego 28% 15% 14%
San Joaquin 63% 52% 49%
San Luis Obispo 46% 28% 29%
San Mateo 23% 20% 17%
Santa Clara 34% 22% 22%
Santa Cruz 40% 31% 28%
Siskiyou 37% 40% 32%
Solano 72% 59% 62%
Sonoma 51% 37% 29%
South Lake Tahoe 31% 33% 25%
Stanislaus 67% 57% 55%
Tehama 49% 49% 43%
Tulare NA NA 46%
Yolo 61% 51% 45%
California 51% 37% 37%

**Note:  C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state.  Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market.  A sale is listed as pending after a seller has accepted a sales contract on a property.  The majority of pending home sales usually becomes closed sales transactions one to two months later.  The year 2008 was used as the benchmark for the Pending Homes Sales Index.  An index of 100 is equal to the average level of contract activity during 2008.

 

South Lake Tahoe Live Snow Removal Map

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Many South Lake Tahoe Real Estate buyers that are not familiar with living in snow country often ask me about how well the roads are plowed in Tahoe during the winter months. This is a great question not only for someone looking to purchase a property in South Lake Tahoe, but for anyone looking to visit Lake Tahoe in the winter.

South Lake Tahoe visitors and home owners will now have an easy way to check on local road conditions and snow plowing progress within the South Lake Tahoe City limits. The City of South Lake Tahoe has successfully launched and interactive snow removal map on the City’s website making it easy to check on how the snow removal progress. The new live snow removal map shows current snow removal progress using GPS tracking units that have been installed on the snow plows.

 Click Here to see the Snow Removal Map

Under optimum conditions, the City plans to complete the initial plowing of the City’s 130 miles of streets in 12 hours following a storm. Updates to the “live” snow removal route map are provided as streets are plowed every eight (8), sixteen (16), and twenty-four (24) hours. In addition to removing the snow from the City streets, snow removal crews are also responsible for sanding icy roads and intersections, as well as clearing the parking lots of some city facilities.

The primary routes are plowed first when generally 3 inches of snow accumulates throughout the city. Initially, one lane is plowed to create a travel lane throughout the entire route.  Plows will return to continue to push the snow off of the street.

For more information regarding snow removal in the City of South Lake Tahoe please call the snow removal hotline at (530) 542-6030.