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Lake Tahoe Real Estate Blog

South Tahoe Real Estate Review for May

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After a very long winter here in Lake Tahoe the weather is finally warming up and Highway 50 is busy with visitors looking to escape the heat of the valley.  The South Lake Tahoe Real Estate market should heat up this summer as well now that home prices are the lowest that they have been in years.

In May there were 35 homes in South Lake Tahoe that were sold on the South Tahoe MLS. Distress sales accounted for 22 of the 35 home sales. Short sales accounted for 8 of the distress sales and foreclosures accounted for the other 14.

Both the average sales price and the median sales prices were down sharply last month. The average price per square foot was only down slightly.

South Lake Tahoe Real Estate Statistics

  • The average price per square foot of the sold  houses in South Lake Tahoe in May was $183 per square foot, down from $186 per square foot in April.
  • The average sales price was $316,777,  down from $342,063 in April.
  • The median sales price was $285,000, down from $314,500.
  • The average days on the market was 163 and the median days on the market was 114.
  • There were 8 short sales in South Lake Tahoe that were sold in May, the same number of short sales that were sold in April.
  • There were 14 foreclosures in South Lake Tahoe that were sold in May, the same number of foreclosures that were sold in April.

The foreclosures in South Lake Tahoe  that were sold in May had an average price per square foot of $153 and the short sales had an average price per square foot of $173. The non distress sale properties that sold had an average price per square foot of $221. The average sales price of the foreclosures was $262,193 vs $400,963 for the non distress sales. The median sales price of the foreclosures in South Lake Tahoe that were sold was $$205,000 vs $360,000 for the non distress sales.

The short sales in South Lake Tahoe  that were sold had an average price per square foot of $173,  a median sales price of $244,000 and an average sales price of $275,000.

As you can see, the distress sales continue to bring down the average sales price, median sales price, and average price per square foot of the home sales in South Lake Tahoe.

Tahoe Keys Real Estate

Spring is the time of year when the homes in the Tahoe Keys begin to sell as well. This year the lake is almost full and the water levels in the Tahoe Keys look Great! There were 6 Tahoe Keys properties that were sold in May. There were 2 Tahoe Keys condos that were sold and 4 homes that were sold. Two of the homes that sold were foreclosures and one was a short sale.

South Tahoe Real Estate Statistics

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The following statistics are for residential (both single family and condo/town homes) located in the City and County areas of South Lake Tahoe. Currently there are 440 total listings on the South Lake Tahoe MLS. 348 of the listings are active and 92 of the listings are in escrow. Short sales in South Lake Tahoe account for 81 of the current MLS listings. Out of the 81 short sales, 42 of the short sales are active and 39 of the short sales are currently in escrow. 49 of the current MLS listings are Bank Owned Foreclosures. Out of the 49 foreclosures, 31 are active and 18 are in escrow.

Distress sales account for 21% of the active inventory of residential listings (42 short sales and 31 foreclosures).

Distress sales account for 62% of the residential inventory that is in escrow (39 short sales and 18 foreclosures).

The 92 homes and condos that are in escrow represent 20.9% of our inventory. Chase International is representing 33 of the 92 current escrows.

Breakdown by price range of the 92 escrows:

  • Under $200,000           26
  • $210 t0 $300,000       28
  • $301 to $400,000       17
  • $401 to $500,000        8
  • $501 to $500,000        5
  • $601 to $700,000        3
  • $701 to $800,000        2
  • $801 to $999,000        2
  • Over 1 Million               2 

So far this year there have been 182 single family homes and condo/town houses that have been sold on the South Lake Tahoe MLS. Bank owned foreclosures have accounted for 58 (31.9%) of those closings. Short sales have accounted for 30 (16.5%) of the closings so far this year.

The South Tahoe Real Estate market continues to be very active in the lower price ranges, especially under $300,000. Short sales and Foreclosures in South Tahoe also continue to attract the attention of buyers and investors looking to take advantage of the low prices and interest rates that are currently available.

New Lot Listing in South Tahoe

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  Lot # 17 in Christmas Valley offered at $99,000!

Great mountain views from this large 14,028 square foot lot in Christmas Valley. This lot is located near the end of South Upper Truckee Road on the corner of Panorama offering a quiet and desirable setting. This lot is within walking distance to the Upper Truckee river and miles of U.S. Forest Service land. With plenty of sun and a Forest Service lot across the street, this lot would make a great location to build a large vacation home or primary residence. This lot has an IPES score of 823 and 23% coverage.  There is no physical address for this property yet and the tax assessor shows this property as lot #17 in River Park Estates. This lot has paved access, utilities, and city water and sewer.

Please contact South Lake Tahoe real estate agent Brent Johnson for any additional information regarding this property!

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Pioneer Trail

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The Pioneer Trail area is located off of Pioneer Trail in between Montgomery Estates and Country Club Estates in the county area of South Lake Tahoe. The Pioneer Trail area is centrally located and  has quick access the ski resorts, beaches, and casinos.

The homes in the Pioneer Trail area are located on forested and gently sloping lots. Many of the homes back up to National Forest land or are located near Forest Service or Conservancy lots. The homes in the area range from older chalet style cabins, to newly constructed large custom homes. Home prices in the area are generally less than what they are in the neighboring Montgomery Estates area making it a great option for many buyers.

  The Pioneer Trail area gives you the feeling of being in the mountains of Tahoe, yet it is just minutes from the lake. The mature pine trees, mountain views, and larger lots make this area a wonderful place to own real estate in South Lake Tahoe. Outdoor enthusiasts will love the access to many popular hiking, mountain biking, and snowshoeing trails. Make sure to include the Pioneer Trail area in your search for Real Estate in South Lake Tahoe if you are looking for a quiet place to escape that is not too far away from the action!

South Tahoe Property Statistics for April

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Now that the snow is melting and the lake is filling up, sellers are beginning to prepare their homes for the market here in South Lake Tahoe. Although many home buyers think of the summer as the best time to buy Real Estate in Lake Tahoe, many did not wait for the sun to come out to purchase property.  There were 38 single family homes in South Lake Tahoe that were sold on the South Lake Tahoe MLS during the month of April.  Although both the median sales price and average sales price were very close to what they were in March, the average price per square foot was down from $197 to $186.

Distress sales accounted for over half of the homes in South Lake Tahoe that were sold last month. There were 14 bank owned foreclosures and 8 short sales that were sold in April. 58% of the homes sold in April were either short sales or foreclosures.

South Tahoe Real Estate Statistics

  • The average sales price of the houses in South Lake Tahoe that were sold in April was $342,063, down from $349,941 in March.
  • The median sales price of the sold housesin April was $314,500, up from $310,000 in March.
  • The average price per square foot in April was $186, down from $197 in March.
  • The average days on the market was 141.
  • The median days on the market was 115.
  • There were 14 bank owned foreclosures that were sold in April which is down from 17 in March.
  • There were 8 Short Sales that were sold in April which is up from 3 in March.
  • The average price per square foot for the Short Sales that were sold was $186.
  • The average price per square foot for the foreclosures that sold was $151.

As of now, there are 370 single family homes that are listed on the South Lake Tahoe MLS. There are 287 homes that are active and 83 that are active pending.

There are 60 condos that are listed on the MLS. There are 51 condos that are active and 9 that area active pending. There was only one condo that was sold in April.

There are 119 vacant lots that are listed on the MLS. There are 125 lots that are active and only 4 that are active pending. There were only 2 lots that were sold in April.

There was only one condo that was sold in April which was a bank owned foreclosure in Lakeland Village, a 2 bedroom, 1.5 bath townhouse unit that sold for $250,000.

Tahoe Paradise

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The Tahoe Paradise area was named perfectly to describe the setting of the area. Tahoe Paradise is a great area for buyers looking to own property in South Lake Tahoe away from the crowds, but not too far away. Tahoe Paradise is located near the far western end of Pioneer Trail where it intersects Highway 50 near Meyers and extends westward past the Tahoe Paradise Golf Course.

The quiet setting of the Tahoe Paradise area offers larger wooded and sometimes gently sloping lots. The area boarders National Forest Land and the Tahoe Paradise Golf Course, so lots with mountain and golf course views are not uncommon. There are also many lots backing to Forest Service and Conservancy land.  The wildlife in the area is abundant and it is common to see bears, coyotes, birds, and other local wildlife roaming through the forest.

There is a wide range of home sizes and styles in the Tahoe Paradise area. There are many chalet and cabin style homes that were built in the 1960’s and 1970’s along with newer construction homes. Tahoe Paradise has been a sought after location for buyers looking for a cabin feeling home in a quiet forested setting.

The location of the Tahoe Paradise area is perfect for outdoor enthusiasts. There are endless opportunities for outdoor activities such as mountain biking, hiking, cross country skiing, snowmobiling, and golfing that exist in the Tahoe Paradise area. With easy access to Highway 50 and Pioneer Trail, the local ski resorts, Lake Tahoe, and the casinos are within minutes as well.

The Tahoe Paradise area is an area that provides the true Lake Tahoe experience and should be considered when looking at Real Estate in South Lake Tahoe!

March South Tahoe Real Estate Statistics

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March was a great month for closings on the South Lake Tahoe MLS. There were 44 single family homes in South Lake Tahoe that were reported as sold during the month of March. The number of sold homes in South Tahoe was up in March from only 30 home sales in February. The median sales price of the homes that were sold in March was $310,000 which was down 2.4% from March 2010, but was up substantially from $269,200 from what it was in February.

The number of sold foreclosures in South Lake Tahoe were also up in March. There were 17 bank owned single family homes that were sold in March which was up from 10 in February. There were only 3 short sales that closed escrow in March which was down from 5 short sale closings in February.

South Lake Tahoe Real Estate Statistics

  • The median sales price of the homes in South Lake Tahoe that were sold in March was $310,000, up from $269,200 in February.
  • The average sales price of the houses in South Lake Tahoe that were sold in March was $349,941, down from $356,770 in February.
  • The average price per square foot was $197, up from $188 in February.
  • The average days on the market was 153 and the median days on the market was 125 including the escrow period.
  • There were 17 bank owned foreclosures (REO’s) that were sold, up from 10 in February.
  • There were 3 short sales in South Lake Tahoe that were sold, down from 5 in February.

The foreclosures in South Tahoe that were sold in March had an average sales price of $242,621 and a median sales price of $215,000. The average price per square foot of the foreclosures that were sold was $169 per square foot, much lower than the non-foreclosures that sold for $217 per square foot.

Currently there are 345 total single family listings on the South Lake Tahoe MLS. There are 266 listings that are active and 79 that are active pending. Short sales account for 75 of the current MLS listings. Out of the 75 short sale listings, 35 are active, and 40 are active pending.  Bank owned foreclosures accout for 42 of the single family listings. There are 26 foreclosure listings that are active, and 16 that are active pending.

Echo Summit and American River Canyon

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The Echo Summit and American River Canyon areas consist of Echo Summit, Fresh Pond, Kyburz, Phillips, Silver Fork, Strawberry, Twin Bridges, Whitehall, Echo Lakes, and Writes Lake. This is the area east of Pollock Pines and west of Meyers on Highway 50. 

The Echo Summit and American River Canyon areas offer a much more secluded setting than properties in the Tahoe Basin. The properties that are scattered along the American River and through out the forest land draw a specific buyer looking to get away from the crowds and enjoy peace and quiet in an Alpine setting.

Many of the properties in the American River Canyon are U.S. Forest Service Cabins. The land that the Forest Service cabins are built on is owned by the United States Forest Service. The land is leased in 20 year increments and the cost can range anywhere from $400 per year and up.  The cabins can be purchased and sold, but are considered Personal Property, not  Real Property. Banks do not loan on Forest Service cabins because they are considered personal property. Most Forest Service cabins are purchased with cash or owner financing. Most Forest Service cabins are summer use cabins that do not have winter access, plowed roads, or year round water. For more information about Forest Service Cabins you can visit the Forest Service website at http://www.fs.fed.us/r5/eldorado/recreation/recres/.

The Echo Summit and American River Canyon areas are a great location for buyers looking for an Alpine Setting and seclusion at an affordable price.

Cascade Properties

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Cascade Properties is an exclusive gated community of Lake View and Lakefront properties in South Lake Tahoe. Cascade Properties is located about 5 miles north of the Y on Highway 89. This is the closest development that there is to Emerald Bay. Cascade Properties is an unincorporated area in El Dorado County. If you are looking for luxury real estate in South Lake Tahoe, Lakefront properties, or Lake view homes with privacy, Cascade Properties is the place for you.

Cascade Properties is nesteled inbetween Cascade Lake and Lake Tahoe. Most of the properties are lakefront homes or have incredible lake views. Towering pine trees, large granite boulders, and breathtaking lake views make Cascade Properties one of the most desired locations in Lake Tahoe. Cascade Creek runs through the area and flows into Lake Tahoe creating another unique feature to the area.

Many of the homes have piers or buoy’s for boat mooring. There is also a homeowners pier maintained by the HOA for the properties that do not have a private pier. The HOA also maintains that roads, snow removal, and water.

Camp Richardson

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The Camp Richardson area is one of the most sought after locations for Luxury  and Lakefront Real Estate in South Lake Tahoe. The Camp Richardson area is an unincorporated area in El Dorado County about 2.5 miles north of the Y on Highway 89. The Camp Richardson area is also known as the Jameson Beach area,  because all 41 properties in the area are located on Jamison Beach Road.

All of the 41 properties in the Camp Richardson area are either lakefront or meadow front properties with views. The properties on the lakeside have amazingsandy beaches that lead to the emerald waters of Lake Tahoe. The meadow front properties are steps from the lake and have fabulous meadow and mountain views. The Camp Richardson area homes are priced from $2,000,000 and up.

The Camp Richardson area offers a very secluded and peaceful setting that is only a couple miles from the town of South Lake Tahoe.  Just north of Jamison Beach road is  Camp Richardson Resort which has a full service marina, lodging, activities, and the Beacon Bar and Grill.

Camp Richardson is a must see area for any buyers looking for Lakefront Real Estate