With 76 single family homes and condos sold in South Lake Tahoe in  July,  most local real estate agents did not find much spare time to enjoy the lake (including myself)!  The limited inventory, low numbers of distress sales, and increased buyer activity continued to drive prices in the upward direction. The median sales price for single famly homes rose to $292,000 which is a 23.5% increase from what it was in July 2012. There were only4 bank owned foreclosures and 6 short sales that were sold in July, down from 11 foreclosures and 13 short sales that were sold in July last year.

South Lake Tahoe Real Estate Statistics for July 2013

• The median sales price was $292,000, up from $284,000 in June and up from $236,500 in July of 2102.
• The average sales price was $352,402, down from $389,611 in June and up from $337,596 in July of 2012.
• There were 76 single family homes and condos sold in July, up from 54 in June and up from 70 in July 2102.
• The average price per square foot was $218, down from $222 in June and up from $193 in July 2012.
• The average days on the market was was 105 and the median days on the market was 62.

The average days on market breakdown and average percentage of listing price received on sold homes by market time

• 8 homes were sold within 0-30 days of being listed and sold for 101.01% of asking price (1.01% over asking price).
• 27  homes were sold within 31-60 days of being listed and sold for 98.78% of asking price.
• 17 homes were sold within 61-90 days of being listed and sold for 98.06% of asking price.
• 8 homes were sold within 91-120 days of being listed and sold for 93.23% of asking price.
• 16 of the homes sold after 120 days on the market and sold for 96.44% of asking price.

In general, the longer that the properties were on the market the more “wiggle room” there seemed to be in price. The properties that sold immidiatly sold for close to asking price or even over asking price due to multiple offer situations. The days on the market periods included the escrow period.

Short Sales in South Lake Tahoe

• There were 6 short sales in South Lake Tahoe that were sold in July, the same number that sold in June and down from 13 sales in July 2012.
• The median sales price for the short sales that were sold was $278,500.
• The average sales price was $377,167.
• The average days on the market for the short sales was 247.
• The median days on the market was 126.
• The average price per square foot was $180.

 There are currently only 269 active single family homes and condos listed on the South Lake Tahoe MLS. There are 377 total single family and condo listings and 108 of them are currently in escrow. The distress sale inventory is still low compared to what it has been over the last few years. There are now only 17 short sale listings, 15 of the short sales are in escrow and only 2 are still active. One surprising statistic is has to do with the foreclosure inventory. There are now 10 foreclosures on the South Lake Tahoe MLS and only one of the foreclosures is in escrow! The banks appear to be pricing the foreclosures higher than market and they just seem to be sitting on the market right now.

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