South Lake Tahoe Real Estate Blog

South Tahoe Real Estate Statistics for September

As usual, September was a busy month in terms of closed escrows in South Lake Tahoe. According to the South Lake Tahoe MLS there were 61 single family homes that had closed escrow in September, up from 49 homes sold in August. The median and average sale prices were up as well.

The average percentage of list price to sales price was also up. This is bad news for buyers who think that they can still make “low ball” offers, but good news for sellers who are probably already taking a huge loss.

Average days on market Breakdown and Average % of List Price Received on Solds by Market time:

0-30 days on the market, 2 listings sold for an average of 99.86% of the listing price.
31-60 days on the market, 10 listings sold for an average of 96.22% of the listing price.
61-90 days on the market, 20 listings sold for an average of 95.93% of the listing price.
91-120 days on the market, 9 listings sold for an average of 92.89% of the listing price.
120+ days on the market, 20 listings sold for an average of 93.26% of the listing price.

The longer that the homes were on the market, the more flexible the sellers were. The houses that were new on the market sold for very close to asking price. The days on the market includes the days that the homes were in escrow as well.

September South Tahoe Real Estate Statistics

There were 61 homes that sold in September on the South Lake Tahoe mls, up from 49 sales in August.
There were 16 bank owned foreclosures that closed escrow in September, the same number that sold in August.
There was only one short sale that closed escrow last month, down from 7 in August.
The median price of the sold homes was $330,500, up from $289,000 in August.
The average price of the sold homes was $445,254, up from $355,002 in August.
The average days on the market was 144 and the median days on the market was 88.
The average price per square foot was $219, up from $207 in August.

The bank owned properties that sold in September had a very low price per square foot of only $152. Most of the foreclosures that had sold were fixer-uppers that needed work. The average sales price of the foreclosures was $257,875 and the median sales price was $232,500.

One statistic that was surprising to me was that 72% of the houses sold in September were regular sales. Only 28% of the sold homes were foreclosures or short sales. Regular sellers are now having much better luck competing with the REO’s now that they have priced their homes competitively.

July Real Estate in South Lake Tahoe

July South Lake Tahoe Real Estate Statistics

The number of single family homes that sold in July fell to 31 from the 53 that sold in June. One reason for the decline in home sales could have been the expiration of the first time home buyer tax credit that had expired on June 30. Out of the 31 homes that were reported as sold on the South Lake Tahoe mls, 6 were bank owned foreclosures and 7 were short sales. That puts the percentage of distress sales at 42% for the month of July.

Statistics for the South Lake Tahoe Homes that sold in June

There were 31 single family homes that were reported as sold on the South Lake Tahoe mls, that is down from 53 in June.
13 of the properties that sold were distress sales. 7 were short sales and 6 were foreclosures.
The median sales price of the sold homes was $330,000, up from $319,000 in June.
The average sales price of the sold homes was $382,642, down from $416,292.
The average days on the market was 130 and the median days on the market was 84.
The average price per square foot was $229, up from $209 in June.

2010 July home prices were very close to what they were in July 2009. In July 2009 the median home sales price was $339,000 ($330,000 in 2010). The average sales price for the homes sold was $393,187 ($382,642 in 2010). The number of home sales was also down from 38 in 2009 to 31 in July 2010.

The bank owned foreclosures that sold in July had an average price per square foot of $201. The median sales price was $387,000 and the average sales price was $409,983. This was the first month that I have seen the foreclosure prices higher than the non-foreclosure prices. There was one foreclosure in the Tahoe Keys area that was sold.

The short sales in South Lake Tahoe that were sold in July had an average price per square foot of $217. The average sales price for the short sales was $241,143 and the median sales price was $249,000.

Great Cabin Listing in Historic Al Tahoe!

940 Star Lake Ave.

Offered at $289,000!

: 940 Star Lake Ave.

Just Listed on the South Lake Tahoe MLS!!!

Do not miss out on this great opportunity to purchase a cabin in the Historic Area of Al Tahoe! Priced to sell, this well maintained mountain cabin is nestled on a large 10,805 square foot corner lot. Located within walking distance to lake, meadow, and community activities, this would make a fantastic vacation home. Owned by only one family, this home has been very well kept and is sold fully furnished. The possibilities are endless with 2600 square feet of additional TRPA verified coverage.

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3 bedrooms and 2 bathrooms
10,805 square foot lot
1136 square foot cabin
2600 square feet of additional coverage
Newer roof
Large patio with a built in barbeque great for outside entertaining
fantastic location close to the lake and bike trail
Priced to sell!!!

To make an appointment to see this cabin listing in South Lake Tahoe, please call California and Nevada real estate agent Brent Johnson today!

Lake Tahoe Real Estate Statistics for June 2010

June was a great month for Real Estate in South Lake Tahoe. There were 53 single family homes that closed escrow in June, more than any other month so far this year. The increase in the number of home sales was partially driven by the expiration of the first time home buyer tax credit which expired on June 30. Another factor was that there were a lot of short sales that had been in escrow for a long period of time that ended up closing in June. Almost half of the homes sold last month were distress sales. There were 14 bank owned foreclosures and 12 short sales that were sold. That is a substantial increase from May when 9 foreclosures and 7 short sales were sold.

South Lake Tahoe Real Estate Statistics for June 2010

There were 53 single family homes in South Lake Tahoe that sold in June, up from 42 sales in May.
26 of the sold homes were distress sales (14 foreclosures and 12 short sales).
The median sales price of the sold homes was $319,000, down from $322,000 in May.
The average sales price of the sold homes was $416,292, down from $462,367 in May. The average sales price in May drops down to $387,667 if the $3,525,000 lakefront Tahoe Keys home is removed from the average.
The average days on the market was 179 and the median days on the market was 114.
The average price per square foot was $209, down from $216 in May.

Prices for single family homes actually went up in June 2010 compared to June 2009. The median sales price was up 6% from $300,000 in 2009. The average sales price was up was up 17% from $346,317 in 2009. And the number of single family home sales was up 23% from 41 in 2009. The number of distress sales was up in 2010 as well. There were 26 distress sales in June 2010 compared to 16 in June 2009.

Distress sales continue to bring down the average and median sale prices of the homes sold in Tahoe. The foreclosures in South Lake Tahoe that sold in June had a very low average price per square foot of $157. The median sales price of the foreclosures was only $198,000, the average sales price was $255,107. The low prices of the foreclosures are reflective of the condition of the properties. Many of the foreclosures sold in June were in need of repairs. The distress sales will continue to drive down the median and average sales prices as long as they are around.

Currently there are 512 single family homes listed on the South Lake Tahoe MLS, 70 of those homes are in escrow. There are 33 bank owned foreclosures for sale in South Lake Tahoe, 9 are in escrow. There are 77 short sales listed on the MLS and 35 of them are in escrow.

Fannie Mae Issues New Appraiser Guidelines

Fannie Mae has set new guidelines for choosing appraisers and comparable properties that appraisers uses. This should bring some much needed relief from The Home Valuation Code of Conduct. In order to comply with the HVCC, many lenders were using appraisal management companies to hire appraisers. Many of the appraisals that were hired out by appraisal management companies were falling short of the contracted sales price. The appraisal management companies often employ appraisers with little experience in the markets in which they are asked to provide valuations. These new guidelines should insure that a qualified appraiser will be doing the report using the correct comparable properties.

Fannie May has given notice to lenders that they can now only use appraisers who have the ability to access records on recent sales, and are knowledgeable about the area in which they are appraising properties in. If issues arise with the original appraisal, lenders can order a review or a new appraisal from another appraiser.

Fannie Mae has also set guidelines for choosing comparable sales. If an appraiser uses a short sale or a foreclosure as a comp, they will be required to identify and consider the condition of the home and weather any stigma has been associated with it. Appraisers will still be required to use at least three comparable sales, and can use more than three.

Hopefully the new guidelines set by Fannie Mae will ensure that more transactions appraise at the contracted sales price and end up closing escrow!

New Listing in South Lake Tahoe

Just Listed on the South Lake Tahoe MLS!

1476 Glenwood Way

Completely remodeled home with an open floor plan perfect for entertaining! Recent upgrades include granite countertops, kitchen cabinets, tile bathrooms, laminate flooring, new carpet, and new interior paint. Located close to Heavenly Ski Resort, the Casino’s, and The lake, this would make a great vacation home or primary residence. This house comes furnished per inventory list including a hot tub! Make sure to take a look at the virtual tours as well!

1406 Square Feet
3 Bedrooms, 2 Bathrooms, and a 2 Car Garage
New Double Pane Vinyl Windows
Recently Remodeled
Fully Furnished including a Hot Tub!
Single Level Living
Much More!!!

Make sure to take a look at the Virtual Tour of my new listing which was entered on the South Lake Tahoe MLS on 6/28/10. For more information or to set up an appointment to see 1476 Glenwood call South Lake Tahoe Real Estate Agent Brent Johnson today!