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Lake Tahoe Real Estate Blog

South Lake Tahoe Real Estate Stats for October 2012

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The South Lake Tahoe Real Estate market continued to show signs of stabilization during the month of October. The inventory levels of single family homes for sale on the South Lake Tahoe MLS continued to decline and prices continued to increase.  Both the median and average home sales prices increased for the second consecutive month in October. The total number of single family and condo listings fell from 351 in October to only 317 on November 1st. Out of the 317 listings, 110 of the listings were in escrow which represents 37.3% of the inventory in escrow.

The foreclosure and short sale inventory has also continued to decline significantly. There are now only 9 active foreclosure listings, and 13 foreclosure listings that are currently in escrow. There are 11 active short sale listings,  and 28 short sales that are currently in escrow. There were only 3 foreclosure listings on the South Lake Tahoe MLS that were sold in October, down from 14 foreclosures sold in October 2011.

South Lake Tahoe Real Estate Sales for October

  • There were 57 single family homes and condos that were sold in October on the South Lake Tahoe MLS, down from 82 sales in September.
  • The median sales price was $265,000, up from $255,000 in September and also up from $249,000 in October 2011.
  • The average sales price was $350,336, up from $298,807 in September and down from $410,656 in October 2011.
  • The average price per square foot was $189, up from $183 in September.
  • The average days on the market was 129 and the median days on the market was 86 (down from 93 in September).
  • The current inventory of active listings is 207, down from 227 in September.

South Lake Tahoe Foreclosure Listings

  • There are currently a total of 22 foreclosure listings on the South Lake Tahoe MLS, 9 of the listings are active and 13 are in escrow.
  • There were 3 foreclosure listings that closed escrow in October, down from 8 foreclosure sales in September and down from 14 sales in October 2012.
  • The average sales price was $173,967, down from $284,063 in September.
  • The median sales price was $176,000, down from $184,000 in September.
  • The average price per square foot was $143, down from $149 in September.
  • The average days on the market was 39 and the median days on the market was 29.

South Lake Tahoe Short Sale Listings

  • There are currently 39 short sale listings on the South Lake Tahoe MLS, 11 of the short sale listings are active and 28 are in escrow. Last month there were a total of 49 short sale listings.
  • There were 12 short sales that were sold in October, down from 18 sales in September.
  • The average sales price of the short sale listings was $250,599, down from $284,063 in September,
  • The median sales price was $242,500, down from $272,500 in September.
  • The average price per square foot was $155, down from $166 in September.
  • The average days on the market was 152 and the median days on the market was $160.

With the median sales price continuing to increase and the inventory of homes for sale continuing to decrease, the South Lake Tahoe real estate market is continuing to show signs of stabilization.

 

 

Gardner Mountain Cabin with a Great Yard!

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806 Taylor Way

Offered at $219,000!

Click Here to see the Virtual Tour!

Completely rebuilt in 1990 this clean Gardner Mountain home is close to the bike trail, beaches, and Fallen Leaf Lake. The spacious fenced yard has a newer wood deck, paving stone walkway, and even a hot tub to soak in after a day on the mountain! One of the two full bathrooms has been recently remodeled with travertine tile floors and a granite tile shower. The low maintenance laminate flooring throughout gives this open floor plan a very open feeling. The insulated and finished one car garage is deep enough for a full size car and all of the toys. The subfloor has recently been re-insulated for energy conservation. This house is a must see! To set up an appointment to see this fabulous Gardner Mountain home, please call South Lake Tahoe Real Estate agent Brent Johnson today!

Additional Features Include

  • Double pane windows
  • Remodeled Bathroom
  • Deep Garage
  • Huge fenced yard
  • Hot tub
  • Much more!
If you would like a list of additional houses for sale in South Lake Tahoe or if you would like more information about South Lake Tahoe Real Estate call Brent Johnson at (530) 416-2625!

Cave Rock, Nevada

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The Cave Rock area of Lake Tahoe is a prestigious and beautiful area that is well known for its landmark tunnel. Cave rock is located  along the eastern shore of Lake Tahoe approximately seven miles north of Stateline, in Douglas County. Cave Rock is a 360 foot tall rock outcropping that was caused by a volcanic eruption over 3 million years ago. There are numerous small caves adjacent to the tunnels which give the rock its name.  Cave Rock is a sacred place for the Washoe Indians and a place for religious ceremonies preformed by the tribal shamans. There are 9000 year old petroglyphs that were found inside the lower cave. According to the Washoe Indians, touching the rock for any extended period is forbidden in their culture.

At the base of cave rock, tucked beneath the rugged volcanic mountain is a small day use area. The day use area has a double ramp boat launch, picnic sites, parking, and a small beach area for swimming. Cave Rock is also a popular fishing spot for both shore fisherman and those fishing by boat. Breezy and choppy days are a great time to sit on the bank, soak some live bait, and take in the beauty of the Lake.

There are about 110 properties in the Cave rock area and about 80 of the properties are privately owned. The lots in Cave Rock Estates are large and range from 12,000 square feet to an acre. The views from many of the properties in this area are breathtaking and include some of the best Lake views around Lake Tahoe. There are a hand full of affordable properties along Lyons Ave that are “track” style homes but most of the homes in Cave Rock Estates are spacious and custom. If you are looking for a Lakeview home in Lake Tahoe, make sure to check out Cave Rock Estates!

Mortgage Interest Rate History

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With Mortgage Interest Rates at historical all time lows and California home prices lower than they have been in years, now could be the best time ever to purchase a home  in South Lake Tahoe. Below is an interesting chart provided by the California Association of Realtors showing the history of mortgage interest rates. Looking at the comparison of the highest interest rate of 18.45% in October of 1981 and the low rate of 3.47% in September is unbelievable! I can only hope that interest rates continue to stay this low so that buyers can take advantage of this unique situation.

 

 

 

For more information regarding the current low interest rates and about the current inventory of homes for sale in South Lake Tahoe please contact Brent Johnson at (530) 416-2625.

California Home Prices Are Up And Inventory Levels Are Down

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The South Lake Tahoe real estate market seems to be in line with  what the housing market is doing in many areas of California…recovering.  A recent article in the Mercury News states that the median sales price of homes sold in California has risen to the highest level since August 2008 and that sales are down slightly due to a drop in inventory levels.

The median sales price for single family homes has also risen in South Lake Tahoe. The median sales price jumped from $235,000 to $255,000 from August to September for single family homes and condos that were sold on the South Lake Tahoe MLS. There were 82 sales that closed escrow in the month of August which was also a record for the year.

With the housing inventory levels at about 50% of what they were last year at this time, the number of home sales is expected to decrease and prices are expected to continue to climb.

Below is the full article from the Mercury News:

“California home prices rose in September to a four-year high as the supply of properties for sale remained tight, according to surveys released Monday.

The median price for new and existing houses and condominiums in California reached $287,000, up 15.3 percent from $249,000 in September 2011, DataQuick said. The median rose $6,000 from August to reach its highest level since $301,000 in August 2008.

There were 34,453 homes sold in September, down 2.7 percent from 35,404 last year, DataQuick said. There were fewer business days this September compared with last year, explaining at least part of the first annual decline in 14 months.

The California Association of Realtors reported that buyers faced slimmer pickings.

The broker association’s index of unsold inventory stood at a 3.7 months in September, down from 5.3 months a year earlier. The figure represents how long it would take to sell all existing single-family homes in California at the current sales clip. Supply in a normal market is considered to be six to seven months.

The supply of foreclosed properties continued to dwindle, helping lift the overall sales price because they tend to sell at steep discounts. DataQuick said 17.7 percent of existing homes sold in September were in foreclosure during the previous year, down from 33.8 percent during the same period last year and 58.5 percent in February 2009.

The September surveys show sales were strongest in more expensive coastal areas, while inland regions like the Central Valley and Southern California’s Inland Empire lagged.

The median price for new and existing houses and condominiums in the San Francisco Bay area reached $429,000, up 17.5 percent from $365,000 last year, DataQuick reported. The median price rose $19,000 from August to its highest level since $447,000 in August 2008.

There were 6,850 homes sold in the nine-county Bay area last month, up 1.5 percent from 6,749 last year.

Only 13.9 percent of Bay area homes sold last month had been foreclosed upon in the previous year, down from 25.4 percent a year earlier and 52 percent in February 2009.

DataQuick reported Friday that the median price for new and existing houses and condominiums in Southern California reached $315,000, up 12.5 percent from $280,000 in September 2011. The median rose $6,000 during the month to its highest level since $330,000 in August 2008.

There were 17,859 homes sold last month in the six-county region, a 1.6 percent drop than the same month last year.”

As home prices in South Lake Tahoe begin to rise, sellers that have been on the fence about selling may decide to sell. Other sellers may try and hold on as long as possible in hopes of property values increasing further.  As long as interest rates do not rise substantially  home values should continue to increase and the housing market recovery should continue at a slow and steady pace.

Remodeled Christmas Valley Cabin!

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2621 Blitzen

Offered at $198,888!

Click here to see the Virtual Tour!

This cute and cozy Christmas Valley Cabin has been remodeled and is ready to move right into. Recent upgrades include a new composition roof, new ceiling insulation, double pane vinyl windows, an updated kitchen with a beautiful glass tile backsplash, and much more. The tall, vaulted, open beam ceilings give this cabin a spacious and open feeling. This property is situated on a level and sunny lot with state owned land to to one side offering desirable privacy. The deep single car garage has built in storage and offers plenty of room for the Tahoe toys. Located within walking distance to the Upper Truckee River and miles of National Forest, this is the property that you have been waiting for!

  • Recently remodeled
  • Newer Comp roof and insulation
  • Deep garage with lots of storage
  • Fresh interior paint
  • Open living area
  • Large laundry room
  • Great winter sun exposure
  • Next to State owned land
  • Fenced back yard
  • Much More!

Lake Tahoe Real Estate Market Booms in September!

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South Lake Tahoe home buyers continued to snatch up properties at bargain prices and with historically low interest rates this fall. According to the South Lake Tahoe MLS there were 82 single family homes and condo/townhomes that were sold in September. The number of homes sold in South Tahoe last month was up from 76 sales in August and up from 70 sales in July. Also up in September was the median sales price and the average sales price of the properties that were sold.

 The continuing buyer activity and lack of distress sales coming on the market is now causing a shortage of inventory here in Tahoe. There are currently only 351 single family and condo/townhome listings on the South Lake Tahoe MLS. There are 124 properties that are currently in escrow and only 227 active listings. The distress sale inventory is even lower. There are only 14 bank owned properties currently listed and 7 of them are in escrow. There are still 48 short sale listings on the mls but 36 of the short sales are in escrow and only 12 are still available.

South Lake Tahoe MLS Statistics for September

  • There were 82 single family homes and condo/townhomes sold in September, up from 76 sales in August.
  • The median sales price for the properties that were sold was $255,000, up from $235,000 in August.
  • The average sales price was $298,807. up from $294,090 in August.
  • The average price per square foot was $183, down from $188 in August.
  • The average days on the market was 128 and the median days on the market was 93.

South Lake Tahoe Foreclosure Statistics

  • There are currently only 14 bank owned foreclosures listed on the South Lake Tahoe MLS. 7 of the foreclosure listings are in escrow and 7 are still active. Last month there were 15 total foreclosure listings.
  • There were 8 bank owned foreclosure listings that were sold in September, down from 19 foreclosure sales in August.
  • The average foreclosure sale price was $284,063, up from $214,576 in August.
  • The median foreclosure sale price was $184,000, up from $175,000 in August.
  • The average sales price per square foot was $149, up from $143 in August.
  • The average days on the market was 97 and the median days on the market was 69.

Short Sales in South Lake Tahoe

  • There are currently 48 short sales listed on the South Lake Tahoe MLS. 36 of the short sale listings are in escrow and only 12 are active. There were 56 short sales on the market in August.
  • There were 18 short sales that closed escrow in September, up from only 6 sales in August.
  • The median sales price of the short sales was $272,500, up from $220,000 in August.
  • The average sales price of the short sales was $266,709, up from  $211,667 in August.
  • The average price per square foot was $166,
  • The average days on the market was 192 and the median days on the market was 136.

 If the number of distress sales continues to decrease and the inventory of homes for sale in South Lake Tahoe remains low, the housing market should also continue to stabilize and prices may increase as well. For more information about the South Lake Tahoe real estate market please call Brent Johnson at (530) 416-2625!

Al Tahoe Cabin on a Double Lot!

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3140 Nevada Ave Offered at $248,888

Click here to see the Virtual Tour!!!

Charming knotty pine cabin located on a wooded 10,000 square foot double lot only 2 blocks from Regan Beach. This cabin has double pane vinyl frame windows, forced air heating, corrian counter tops, gas range, and a fully fenced yard. There are 3 bedrooms, 2 bathrooms, and a single car garage. This property would make a great vacation rental and a great Tahoe escape. The Lakeview Commons at El Dorado Beach is within walking distance and offers public boat launching, stand up paddleboard rentals, Wednesday night SUP races, Thursday night summer concerts, and much more.  If you are looking for a cabin in Al Tahoe only steps from the lake, this could be the one that you have been waiting for!

  • Located on a 10,000 square foot double lot.
  • Double Pane Windows
  • Two Blocks from Lake Tahoe
  • 3 bedrooms, 2 bathrooms, and a 1 car garage
  • Solid Surface Counter Tops
  • Forced Air Heating
  • Fully Fenced Yard
  • Did I Say Steps From The Lake!!!
Cabins for sale in Al Tahoe
Al Tahoe Cabin for sale
Al Tahoe Cabin for sale
Al Tahoe Cabin for sale
Al Tahoe Cabin for sale
Al Tahoe Cabin for sale
Al Tahoe Cabin for sale
Al Tahoe Cabin for sale
Al Tahoe Cabin for sale
Al Tahoe Cabin for sale
Al Tahoe Cabin for sale
Al Tahoe Cabin for sale

For more information about this property or questions about South Lake Tahoe Real Estate please call South Lake Tahoe real estate agent Brent Johnson at (530) 416-2625!

 

August South Tahoe Real Estate Update

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August ended up being another great month for sales of single family homes and condos in South Lake Tahoe. There were 76 single family homes and condos that were reported as sold on the South Lake Tahoe MLS. Although buyer traffic was heavy and the inventory of available homes was low, the median price and average price per square foot remained steady.

August Single Family and Condo Statistics

  • There were 76 single family homes and condos sold in August, up from 70 in July.
  • The average price per square foot was $188, down from $193 in July.
  • The median sales price was $235,000, down from $236,500 in July.
  • The average sales price was $294,090, down from $337,956 in July.
  • The average days on the market was 147 and the median days on the market was 85

The inventory of homes for sale in South Lake Tahoe remained low. There are currently 388 total single family home and condo listings on the MLS and 143 of them are in escrow. With 37% of the inventory in escrow, many buyers are getting involved in multiple offer situations, especially on properties priced under $300,000. One of the reasons that our inventory is so low is that we are not seeing many distress sales coming on the market. Currently there are only 6 active foreclosures and 14 active short sales listed on the South Lake Tahoe MLS.

Foreclosures in South Lake Tahoe

  • There are currently 15 foreclosure listings on the MLS, 6 of the foreclosures are active and 9 of the foreclosures are in escrow.
  • There were 19 bank owned foreclosures that were sold on the MLS in August, up from 11 foreclosure sales in July.
  • The median sales price of the foreclosures was $175,000, down from $220,000 in July.
  • The average sales price was $214,576, down from 228,023 in July.
  • The average price per square foot was $143, up from $138 in July.
  • The median days om the market was 84.

Short sales in South Lake Tahoe

  • There are currently 56 total short sales on the South Lake Tahoe MLS
  • 43 of the short sales are in escrow and only 14 are still active.
  • There were 6 short sales that closed escrow in August, down from 13 in July.
  • The median sales price of the short sales was $220,000, up from $165,000.
  • The average sales price of the short sales was $211,667, up from $177,596 in July.
  • The average days on the market was 218 and the median days on the market was 216.

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

My Recent Property Sales in South Lake Tahoe!

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I wanted to take some time to thank all of my clients that have recently purchased a property in South Lake Tahoe with me. It has been a busy year and I have been able to make some great friends along the way. Over the last year and a half I have sold 59 properties in South Lake Tahoe. Bank owned foreclosures have accounted for 19 of my sales and 10 of the properties were short sales.  Selling this many properties in this amount of time has added to my knowledge of the area and how to handle distress sales. I have now been a top producing real estate agent for 8 years, and I am looking forward to many many more years of selling properties here in South Lake Tahoe.

Here is a list of my recent property sales here in South Lake Tahoe:

  1. 2091 12th Street sold for $265,000 in Tahoe Island Drive. I represented both sides in this transaction.
  2. 761 Modesto Ave. sold for $176,500 in Al Tahoe (short sale)
  3. 3047 Sacramento Ave. sold for $195,000 in Al Tahoe (foreclosure)
  4. 844 Merced Ave. sold for $395,000 in Al Tahoe (foreclosure)
  5. 3804 Alder Ave. sold for $108,800 in Stateline (foreclosure)
  6. 3610 Forest Ave. sold for $128,000 in Bijou (foreclosure)
  7. 1606 Glenwood Way sold for $285,000 in Bijou (short sale)
  8. 3689 Spruce Ave. sold for $285,000 in Bijou (short sale)
  9. 1623 Andy Jo Circle sold for $298,000 in Bijou (foreclosure)
  10. 1103 Long Valley sold for $125,000 in Bijou Pines
  11. 2231 Cornelian Drive sold for $248,000 in Meyers (foreclosure)
  12. 3445 E. River Park Drive sold for $460,000 in Christmas Valley
  13. 748 Roger Ave. sold for $197,000 in Gardner Mountain
  14. 729 Sand Harbor sold for $424,000 in Gardner Mountain (foreclosure)
  15. 1410 Ski Run Blvd.  unit #23 sold for $158,000 in Heavenly Valley (foreclosure)
  16. 1439 Ski Run Blvd. unit #C4 sold for $189,900 in Heavenly Valley (foreclosure)
  17. 916 Sagewood Drive sold for $439,000 in Highland Woods (new construction)
  18. 1050 Crow Street sold for $157,500 in Meyers
  19. 1061 Golden Bear Trail sold for $335,000 in Montgomery Estates (short sale)
  20. 1843 High Meadow Trail sold for $439,999 in Montgomery Estates
  21. 3070 Jacarillo Trail sold for $450,000 in Montgomery Estates
  22. 1744 Delaware Street sold for $190,000 in the North Upper Truckee area
  23. 638 Grizzly Mountain sold for $201,000 in the North Upper Truckee area
  24. 560 Kiowa Drive sold for $239,000 in the North Upper Truckee area
  25. 1980 Tooch Street sold for $201,900 in the Pioneer Trail area (foreclosure)
  26. 1531 Pioneer Trail sold for $342,000 in the Pioneer Trail area (short sale)
  27. 1427 Bozeman Drive sold for $167,000 in Pioneer Village (short sale)
  28. 2530 Elwood Ave. sold for $65,500 in the Sierra Tract (duplex foreclosure)
  29. 1165 Martin Ave. sold for $105,000 in the Sierra Tract
  30. 2515 Armstrong Ave. sold for $140,500 in the Sierra Tract (foreclosure)
  31. 1087 Marjorie Street sold for $172,500 in the Sierra Tract (foreclosure)
  32. 875 Patricia Street sold for $237,000 in Tahoe Island Drive
  33. 561 Eloise Ave. sold for $335,000 in Tahoe Island Drive (short sale)
  34. 2360 Washington Ave. sold for $235,100 in Tahoe Island Park (foreclosure)
  35. 2319 Montana Ave. sold for $239,000 in Tahoe Island Park
  36. 2276 Colorado Ave. sold for $250,000 in Tahoe Island Park
  37. 1853 Venice Drive sold for $420,000 in the Tahoe Keys
  38. 2166 Inverness Drive sold for $580,000 in the Tahoe Keys
  39. 2182 Monterey Drive sold for $740,000 in the Tahoe Keys
  40. 1086 Cheyenne Drive sold for $145,000 in Meyers (foreclosure)
  41. 1603 Cree Street sold for $165,000 in Tahoe Paradise (foreclosure)
  42. 1572 Oglala Street sold for $172,000 in Tahoe Paradise
  43. 1646 Canienaga Street sold for $266,000 in Tahoe Paradise
  44. 1596 Sitka Street sold for $297,500 in Tahoe Paradise
  45. 1816 Hekpa Drive sold for $350,500 in Tahoe Paradise (foreclosure)
  46. 1900 Delta Street sold for $110,100 in the Y Area (foreclosure)
  47. 1194 Margaret Ave. sold for $157,000 in the Y Area (short sale)
  48. 1897 Delta Street sold for $158,000 in the Y Area
  49. 1141 Margaret Ave. sold for $235,000 in the Y Area
  50. 802 San Francisco Ave. sold for $195,000 in Al Tahoe (duplex)
  51. 3688 Paradise Ave. sold for $300,000 in Bijou (short sale duplex)
  52. 734 Alameda Ave. sold for $80,000 in Al Tahoe (vacant lot)
  53. 17 Panorama sold for $78,000 in Christmas Valley (vacant lot)
  54. 1469 Bonita Road sold for $99,000 in the Heavenly Valley area (vacant lot)
  55. 2903 Lakewood Circle sold for $54,000 in Highland Woods (vacant lot)
  56. 1830 grizzly Mountain Drive sold for $92,000 in the North Upper Truckee area (vacant lot)
  57. 2028 13th Street sold for $49,000 in Tahoe Island Drive (vacant lot)
  58. 746 Eloise Ave. sold for $50,000 in Tahoe Island Drive (vacant lot)
  59. 3690 Primrose Road sold for $655,000 in Stateline (7 unit apartment building)

 

Pending Sales

  1. 783 Jeffery Street in Tahoe Island Park, List price $339,000 (listing side)
  2. 806 Jeffer Street in Tahoe Island Park, List price $299,000 (listing side)
  3. 1953 Cheroke Street in Meyers, List price $199,000 (listing side)
  4. 3378 South Upper Truckee in Christmas Valley, List price $219,000 (sales side)
  5. 2026 Marconi in the Tahoe Keys, list price $464,997 (sales side)
  6. 967 Silverwood in Highland Woods, list price $285,000 (sales side)

If you are interested in using my experiance and local knowledge to assist you