South Lake Tahoe Real Estate Update as of 5/26

The following South Lake Tahoe Real Estate market update are for residential (single family and condo/townhouse) properties located in the City and County areas.

There are currently 386 total single family and condo/townhouse listings on the South Lake Tahoe MLS. This number is up from 300 year to date. Currently 301 of the listings are active and 85 are in escrow. In May, 2014 there were 228 active listings and 72 properties in escrow. As you can see, the inventory is currently higher and there are 13 more properties in escrow.

Distress sales only account for 2.3% of the current active inventory and 10.6% of the properties currently in escrow. There are 4 active short sale listings and 3 active bank owned foreclosure listings on the South Lake Tahoe MLS. There are 6 short sale listings and 3 bank owned foreclosures that are currently under contract.

The most active price range in South Lake Tahoe continues to be under $400,000.  Almost half of the current pending properties are under $400,000. Below is a breakdown by price of the 85 escrows:

Price                                      Number of Properties

Under $200,000              6

$201k-$300,000              16

$301k-$400,000              20

$401k-$500,000              14

$501k-$600,000              13

$601k-$700,000              6

$701k-$800,000              4

$801k-$999,000              2

Over 1 Million                   4

So far this year there have been 193 total closings reported on the South Lake Tahoe MLS. Last year during the same period there were 194 sales reported. There have only been 8 bank owned foreclosures that have sold and 4 short sales that have sold this year accounting for 8% of the sales.

The average price per square foot for all single family homes sold in South Lake Tahoe has been $258 per square foot. The Median sales price is $355,000 which is up 7.3% from $330,750 in April 2014. The average days on the market for the single family homes was 121 days.

Properties continue to sell close to the asking price when selling within the first few months of being listed.

Properties that sold within the first 30 days of being listed sold for an average of 98.78% of the listing price.

Properties that sold between 31 and 60 days of being listed sold for an average of 97.91% of the listing price.

Properties that sold after 120 days of being listed sold for an average of 95.9% of the listing price.

If you would like more information about the South Lake Tahoe Real Estate market or details on the current South Lake Tahoe Real Estate statistics please call Brent Johnson at (530) 416-2625 today!