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Monthly South Lake Tahoe Real Estate Review

April 2012 Tahoe Real Estate Statistics

The South Lake Tahoe Real Estate market is definitely showing signs of stabilization. The inventory of available homes is extremely low and new listings are getting pounced on by hungry buyers looking to take advantage of the low prices and low interest rates. Most properties that are priced well are now getting multiple offers and are selling at or above the list price. The flurry of buyer activity seems to be statewide. According to the California Association of Realtors, pending home sales in California rose for the third consecutive month and have reached the highest level in three years. Additionally, the share of distressed sales dropped for the second consecutive month.

Currently on the South Lake Tahoe MLS there are 358 single family homes on the market and 152  (42%) of them are in escrow.  Bank Owned Foreclosures account for 49 of the listings on the MLS, 28 of which are in escrow. Out of the 83 short sale listings on the MLS, 65 are in escrow and only 18 are still available. Although the average prices were down in April, they should start climbing as multiple offer situations and low inventory levels continue.

South Lake Tahoe Real Estate Statistics

  • There were 46 single family homes and condos that were sold in April, down from 55 in March, but up from 40 in April 2011.
  • The average price of the homes that were sold in April was $285,620, down from $325,127 in March, and down from $346,207 in April 2011.
  • The median sales price was $222,000, down from $255,ooo in March, and down from $314,000 in April 2011.
  • The average price per square foot was $168, down from 177 in March, and down from $186 in April 2011.
  • The average days on the market was 150 and the median days on the market was 107.

Bank Owned Foreclosures in South Lake Tahoe

  • There were 18 bank owned foreclosures that were sold in April, down from 19 in March.
  • The average sales price of the bank owned foreclosures was $236,903, up from $231,383 in March,
  • The median sales price of the foreclosures was $182,500, down from $194,000 in March.
  • The average price per square foot was $140, up from $138 in March.
  • The average days on the market was 112 and the median days on the market was 91.

 

Short Sales in South Lake Tahoe

  • There were 6 short sales that were sold last month, down from 8 short sales that were sold in March.
  • The average price of the short sales that were sold was $252,833, up from $219,250 in March.
  • The median sales price of the short sales was $230,000, up from $193,500 in March.
  • The average price per square foot was $167, up from $155 in March.
  • The average days on the market was 240 and the median days on the market was 168.

It will be interesting to see what will happen to prices if the buyer activity remains as strong as it was in April. Hopefuly we will see enough new listings to satisc

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.

South Tahoe Real Estate Stats for February

The South Lake Tahoe real estate market is still revolving around Short Sales and Foreclosures. In February, 25 of the 38 single family homes and condos that were sold were either short sales or foreclosures. There were 17 foreclosures, 8 short sales, and 13 equity sales that closed escrow on the South Lake Tahoe MLS. The percentage of distress sales in February was very close to what it was in January.  Distress sales accounted for 66% of the homes sold in February and 68% in January.

February South Tahoe Real Estate Statistics

  • There were 38 single family homes and condos that were sold on the South Lake Tahoe MLS  in February, down from 44 in January.
  • The average sales price for the homes that were sold was $246,326, down from $257,174 in January.
  • The median sales price was $201,000, down from $250,000 in January and down from $315,500 in February 2011.
  • The average price per square foot was $161, up from $160 in January and down from $195 in February 2011.
  • The average days on the market was 157 days and the median days on the market was 121 days.
  • There were 33 houses and 5 condos that were sold.

South Lake Tahoe Foreclosures

  • There were 17 bank owned foreclosures that were sold in February, down from 21 in January.
  • The average sales price of the foreclosures was $185,812, down from $196,650 in January.
  • The median sales price for the foreclosures was $185,000, up from $168,500 in January.
  • The average price per square foot in February was $138, up from $135 in January.
  • The average days on the market was 95 and the median days on the market was 81.

South Lake Tahoe Short Sales

  • There were 8 short sales in South Lake Tahoe that were sold on the South Lake Tahoe MLS in February.
  • The average sales price for the short sales was $212,763, down from $348,556.
  • The median sales price for the short sales was $181,000, down from $279,000.
  • The average price per square foot was $159,000, down from $183,000.
  • The average days on the market was 229 and the median days on the market was 180.

Current Inventory on the South Lake Tahoe MLS

The current inventory on the South Lake Tahoe MLS remains low, even for March. There are currently only 222 active single family listings avalible on the mls. There are 332 total single family listings and 110 of them are in escrow.  With 33% of the single family housing inventory being in escrow, our market is very active. Out of the four offers that I had written in the last 10 days on foreclosure listings, each one had multiple offers and sold over asking price.

Short sales and foreclosures account for 125 of the 332 total single family listings (38%) and account for 74 of the 110 listings that are in escrow (67%).

There are currently 78 short sale listings on the South Lake Tahoe MLS and 52 of the short sales are in escrow. There are 47 foreclosure listings on the MLS and 22 of the foreclosures are in escrow.

Please call Brent Johnson for more information regarding the South Lake Tahoe real estate market, or to set up an appointment to see some of the short sales and foreclosures that currently on the market.

January South Tahoe Real Estate Statistics

Distress sales accounted for a large portion of the South Lake Tahoe real estate market during the first month of the New Year. There were 44 single family homes and condos that were reported as sold on the South Lake Tahoe MLS, 30 of the sales were distress sales. With 68% of the home sales in South Tahoe being distress sales,  prices were negativily affected. The average price per square foot, median sales price, and the average sales price were down sharply in January from what they were in December.

January South Lake Tahoe Real Estate Statistics

  • There were 44 single family homes and condos that were sold on the South Lake Tahoe MLS in January 2012, down from 63 in December 2011.
  • There were 30 distress sales which accounted for 68% of the January sales, there were 34 distress sales in December which accounted for 54% of the sales that month.
  • The average sales price of the South Tahoe homes sold was $257,174, down from $379,393 in December.
  • The median sales price was $250,000, down from $265,000 in December and down from $319,500 (21.8%) from what it was in January 2011.
  • The average price per square foot was $160, down from $189 in December.
  • The average days on the market including the escrow period was 140 and the median days on the market was 135.

Foreclosures in South Lake Tahoe

  • There were 21 bank owned foreclosures in South Lake Tahoe that were sold in January, up from 20 in December.
  • The average price per square foot for the foreclosures that were sold on the South Lake Tahoe MLS was $135, down from $163 in December.
  • The average sales price of the foreclosures was $196,650, down from $235,370 in December.
  • The median sales price of the foreclosures was $168,500, down from $169,000 in December.
  • The average days on the market for the foreclosures was 123 and the median days on the market was 119

Short Sales in South Lake Tahoe

  • There were 9 short sales in South Lake Tahoe  that were sold in January, down from 14 in December.
  • The average price per square foot for the short sales was $183, up from $181 in December.
  • The average sales price of the short sales was $348,556, up from $316,311 in December.
  • The median sales price of the short sales was $279,000, up from $225,500 in December.
  • The average days on the market for the short sales was 153 and the median days on the market was 273.

The current inventory of single family homes and condos on the South Lake Tahoe MLS is very low. The inventory is actually lower than it has been since January of 2006. There are currently only 372 single family homes and condos listed on the MLS.

Out of the 372 listings, 103 of them are in escrow and 269 are still available. Included in the current inventory are 57 bank owned foreclosures. Out of the 57 bank owned listings, 23 are in escrow, and 34 are still available.

There are now 78 short sales listed on the South Tahoe MLS. Of the 78 short sale listings, 44 are in escrow and 34 are still available.

For more information regarding real estate in South Lake Tahoe, or to set up an appointment to view any of the properties that are for sale, please contact me by email at Bj*******@Ch****************.com or on my cell phone at (530) 416-2625.

December South Tahoe Real Estate Statistics

The South Lake Tahoe real estate market ended 2011 with a bang! There were 63 single family properties sold on the South Lake Tahoe MLS and the median sales price, average sales price, and price per square foot were up from what they were in November. Out of the 63 single family properties that were sold, 62 were free standing homes and only one was a condo. The condo that was sold was an end unit bank owned foreclosure by Heavenly Valley Ski resort which I had the buyer for. There were 34 distress sales last month which accounted for 54% of the December sales. There were 20 bank owned foreclosures that were sold and 14 short sales that were sold.

December South Tahoe Real Estate Statistics

  • There were 63 single family homes and condos that were sold in December, up from 43 in November.
  • The average price per square foot for the homes sold was $189, up from $163 in November.
  • The average sales price of the single family homes that were sold was $379,393, up from $258,806 in November.
  • The median sales price of the sold homes was $231,000, up from $228,800 in November.
  • There were 20 bank owned foreclosures in South Lake Tahoe that were sold, up from 16 in November.
  • There were 14 short sales in South Lake Tahoe that were sold, up from 10 in November.

South Lake Tahoe Foreclosure Statistics

  • There were 20 bank owned foreclosures sold in December.
  • The average price per square foot of the foreclosures that were sold was $163, up from $152 in November.
  • The average sales price of the foreclosures was $235,370, down from $274,594 in November.
  • The median sales price of the foreclosures was $169,000, down from $189,000 in November.
  • The average days on the market for the foreclosures was 101 days.

South Lake Tahoe Short Sale Statistics

  • There were 14 short sales in South Lake Tahoe that were sold in December on the South Lake Tahoe MLS.
  • The average price per square foot for the short sales was $181, up from $146 in November.
  • The average sales price  was $316,311, up from $222,787 in November.
  • The median sales price of the short sales was $225,500,  up from $204,936 in November.
  • The average days on the market was 224 days and the median days on the market was 204 days.

Currently there are 382 single family condos and  houses listed for sale in South Lake Tahoe on the MLS.  Out of the 382 listings, 105 are in escrow and 277 are still active. There are 63 Bank owned foreclosures on the MLS and 26 of the foreclosures are in escrow. Short sales account for 79 of the current listings and 50 of the short sales are currently in escrow.

November South Tahoe Real Estate Stats

In November there were 43 single family properties in South Lake Tahoe that were sold on the South Tahoe MLS. Out of the 43 sales, 40 were single family homes and 3 were condos. Although the number of home sales was down from October which had 61 sales, it was up from last November which had 42 sales. There were 26 distress sales which accounted for 63% of the properties that were sold in November. There were 16 bank owned foreclosure sales and 10 short sales that were sold.

November South Lake Tahoe Real Estate Statistics

  • There were 43 single family homes and condos in South Lake Tahoe that were sold in November.
  • The average price per square foot of all of the homes sold was $163, down from $188 in October.
  • The average sales price was 258,806, down from $293,666 in October.
  • The median sales price was $228,800, down from $229,000 in October.
  • There were 16 bank owned foreclosure sales, up from 14 in October.
  • There were 10 short sales that were sold, up from 6 in October.
  • The average days on the market was 158 and the median days on the market was 126.

November Statistics for Foreclosures in South Lake Tahoe

  • There were 16 bank owned foreclosures sold on the South Lake Tahoe MLS.
  • The average price per square foot was $152, down from $162 in October.
  • The median sales price was $189,000, up from $179,750 in October.
  • The average sales price was $274,594, up from $243,457 in October.
  • The average days on the market for the foreclosures was 106 and the median days on the market was 114.

November Statistics for Short Sales in South Lake Tahoe

  • There were 10 short sales that were sold on the South Tahoe MLS.
  • The average price per square foot for the short sales was $146, down from $154 in October.
  • The average sales price was $222,787, down from $276,833 in October.
  • The median sales price was $204,936, down from $272,500.
  • The average days on the market was 268 and the median days on the market was 234.

The resale homes that were sold last month (non-distress sales) sold with an average price per square foot of $182 which was higher than both the bank owne foreclosures and the short sales. There are currently 298 active single family homes and condos that are available on the mls and there are 117 that are in escrow. December should be another good winter month for closings with 117 properties still in escrow. Now all we need is