South Lake Tahoe MLS

March 2020 Real Estate Review

The South Lake Tahoe Real Estate market is seeing a slight decrease in the total number of listings from March 2019. This includes the Active Listings and those that are currently in Escrow. Out of the 216 Active Listings, none are Short Sale and there are 4 REO properties. Out of the 54 properties in Escrow, none are Short Sales and none are REO.

The median sales price for a Single-Family Home in South Lake Tahoe as of March 2020 is $470,000.00 which is down 1.3% from March 2019. There are currently 54 properties in Escrow and represent 37% of the total inventory. Here is a breakdown by price range of the 54 Escrows:

Under $200,000- 1 1.9%
$201,000 to $300,000- 2 5.6%
$301,000 to $400,000- 12 27.8%
$401,000 to $500,000- 14
$501,000 to $600,000- 4
$601,000 to $700,000- 6
$701,000 to $800,000- 6
$801,000 to $999,000- 4
Over $1 Million- 5 (4 are Chase of which 0 are Zalanta)

From January 1, 2020 to March 30, 2020 there have been a total of 123 closings which is about the same from the amount of closings during the same time in 2019 which was 121 closings.

We are currently operating during the “Shelter in Place” order that the State of California is under as we are an essential service. We are needing to be creative in order for our clients to be able to purchase homes virtually during this time. I offer Virtual Showings on all of our Active Listings this way people can watch the video first to make sure this is something they are interested in. Buyer’s much be Prequalified prior to looking at a property and must watch the Virtual Showing video prior to entering a property. I can also FaceTime or Zoom any of my clients through properties listed on the MLS if you are not able to come to South Lake Tahoe at this time.

You can access all of my Virtual Showings by visiting my YouTube Channel- Brent Johnson’s YouTube Channel

Please be sure to “Subscribe” to not miss out on future showings!

Stay home, stay safe, and be well!

February 2020 Real Estate Review

The South Lake Tahoe Real Estate market is seeing a slight increase in the total number of listings from February 2019. This includes the Active Listings and those that are currently in Escrow. Out of the 159 Active Listings, none are Short Sale and there are 4 REO properties. Out of the 72 properties in Escrow, none are Short Sales and 1 REO.

The median sales price for a Single-Family Home in South Lake Tahoe as of February 2020 is $475,000.00 which is the same as February of 2019. There are currently 72 properties in Escrow and represent 31.2% of the total inventory. Here is a breakdown by price range of the 72 Escrows:

Under $200,000- 1 1.4%
$201,000 to $300,000- 5 8.3%
$301,000 to $400,000- 12 25%
$401,000 to $500,000- 17
$501,000 to $600,000- 6
$601,000 to $700,000- 11
$701,000 to $800,000- 8
$801,000 to $999,000- 6
Over $1 Million- 6 (4 are Chase of which 0 are Zalanta)

Today, we are faced with several new challenges regarding how Real Estate will be affected due to the worldwide Coronavirus pandemic. We should expect that property showings will be slow since we are required to social distance and in some cases “Shelter in Place”. We will see our market get a later start to our Spring Listing Season as in years before, we would see that would have just begun.

We are still out showing properties, however, we are following strict guidelines to comply with social distancing. We are following our clients instead of riding in the same car to ensure the 6-foot rule, using hand sanitizer frequently before and after entering a property, refraining from touching surfaces, and staying home if we are not feeling well.

In South Lake Tahoe currently, the Casinos, restaurants and bars, some hotels, and other local business are closed until further notice. It will be interesting to see when our town will be back up and running!

Until then, wash your hands and stay well!

January 2020 Real Estate Review

The South Lake Tahoe Real Estate market is again seeing a slight decrease in the total number of listings from February 2019. This includes the Active Listings and those that are currently in Escrow. Out of the Active Listings, none are Short Sale and there are 2 REO properties. Out of the properties in Escrow, none are Short Sales and there are 2 REO.

The median sales price for a Single-Family Home in South Lake Tahoe as of January 2020 is $485,000.00 which is up 2.1% from January of 2019. There are currently 56 properties in Escrow and represent 42.9% of the total inventory. Here is a breakdown by price range of the 56 Escrows:

Under $200,000- 0 0%
$201,000 to $300,000- 3 5.4%
$301,000 to $400,000- 14 30.4%
$401,000 to $500,000- 12
$501,000 to $600,000- 7
$601,000 to $700,000- 3
$701,000 to $800,000- 8
$801,000 to $999,000- 4
Over $1 Million- 5 (4 are Chase of which 1 is Zalanta)

Mortgage Rates are at their lowest they have been in 3 years. CNN reported that, “Mortgage rates across the U.S. have fallen to a three-year low, a boon for house-hunters and homeowners looking to refinance.

The average 30-year mortgage is charging 3.45%, while 15-year loans are at 2.97%, according to Freddie Mac. That’s down from 4.41% and 3.84% a year ago. Lower rates means homeowners pay less for their house over the life of the loan. So anyone with decent credit shopping for a home is likely getting the cheapest interest rates in years, experts said.”

What factors are pushing down mortgage costs? “The Federal Reserve has kept rates low after cutting them three times last year amid signs of economic weakness, while inflation remains tame.

“And once [banks] start to expect that, they’re willing to lend money over the long run at lower interest rates,” said Bob DeYoung, an economist and business professor at the University of Kansas.

Another reason mortgage rates have receded: European and other overseas investors seeking shelter from Brexit, the coronavirus and other global risks have scooped up U.S. Treasuries, pushing down yields. Banks typically keep mortgage rates slightly above Treasury rates, so home loan costs have declined in turn.”

Check out the article here- Mortgage Rates Hit Three Year Low

If you’ve been holding out, now is a great time to buy! We usually start seeing an increase of listings by early Spring and now would be the time to check in with your Mortgage Broker.

To check out an up to date Market Report for South Lake Tahoe, you can access here- Market Report for South Lake Tahoe

For more information, you can email me directly at bjohnson@chaseinternational.com or call/text 530-416-2625.

Open House Invitation

Spacious 5 bedroom Montgomery Estates retreat minutes from Heavenly Resort and Village! Located on a 15,336 square foot lot with Conservancy land on each side, the forest views can be admired from just about every room. The main living area, kitchen, and master bedroom are all located at street level with no stairs. The updated kitchen features granite slab counters, hardwood cabinetry, new stainless steel appliances, and a breakfast bar. The great room has vaulted ceilings, hardwood flooring, a gas fireplace, and beautiful forest views. The master bedroom has a custom en-suite bathroom with a jetted tub, steam shower, and custom marble tile throughout. The mid-level has 9′ ceilings with 4 large bedrooms, a family room with a wood-burning stove, a workout room, and even a wine cellar. Downstairs is a game room/movie room which is perfect for entertaining and the kids! Other features include Anderson windows, hydronic heat, A HEATED 3 CAR GARAGE, 3 fireplaces, and ample storage!

Come join us on January 26th from 11 AM – 2 PM for a chance to view this beautiful property during our Open House!

December 2019 Real Estate Review

The South Lake Tahoe Real Estate market saw a slight decrease in the total number of listings from December 2019. This includes the Active Listings and those that are currently in Escrow. Out of the Active Listings, none are Short Sale and there are 3 REO properties. Out of the properties in Escrow, none are Short Sales and there is 1 REO.

The median sales price for a Single-Family Home in South Lake Tahoe as of December 2019 is $484,625.00 which is up 2.1% from December of 2018. There are currently 64 properties in Escrow and represent 27.7% of the total inventory. Here is a breakdown by price range of the 64 Escrows:

Under $200,000- 0 0%
$201,000 to $300,000- 6 9.4%
$301,000 to $400,000- 14 31.3%
$401,000 to $500,000- 18
$501,000 to $600,000- 7
$601,000 to $700,000- 3
$701,000 to $800,000- 3
$801,000 to $999,000- 6
Over $1 Million- 7

Here is a comparison from January 2019 for Residential (Single-Family Residence & Condo) located in the City and County areas:

Total Listings–

2019: 248

2020: 231

Active Listings–

2019: 201

2020: 167

In Escrow-

2019: 47

2020:64

Click on this link to access an up to date Neighborhood News Report for the South Lake Tahoe Area-

Neighborhood News Report for South Lake Tahoe

Just Sold! Vacant Lot on 1810 Elks Club Drive, South Lake Tahoe, CA 96150

Just Sold! Just in time to get started in the Spring of 2020. South Lake Tahoe’s building season!

1810 Elks Club Drive, South Lake Tahoe, CA 96150 in El Dorado County is an excellent opportunity! This large 14,705 square foot wooded county lot has 26% coverage and an IPES score of 924. With easy access to both Pioneer Trail and Highway 50, this superb home site is just minutes from Heavenly Ski Resort and the lake. Do not miss out on this affordable county lot!