South Lake Tahoe Real Estate Blog

March South Lake Tahoe Real Estate Update

Although there were 53 homes in South Lake Tahoe that were sold during the month of March, it was the first month in the last 14 that the median sales price did not increase. The median sales price of single family homes in March remained the same as the previous month, $334,000 which is up 28.5% from March, 2013.

There are currently 272 total single family and condo listings on the South Lake Tahoe MLS. Out of the 272 listings, 193 are active and 79 are active pending (in escrow). The 79 escrows represent 29% of the total inventory. Distress sales account for 20.3% of the properties currently in escrow (11 short sales and 5 bank owned listings).

So far this year there have been 143 single family homes and condos that have closed escrow in South Lake Tahoe. Bank owned foreclosures have accounted for 3.5% of the sales (5) and short sales have accounted for 8.4% of the sales (12).

South Lake Tahoe Real Estate Statistics for March

There were 53 homes and condos sold on the South Lake Tahoe MLS in March, up from 38 in February and up from 51 in March, 2013.
The median sales price in March was $334,000, the same as last month and up from $260,000 from March, 2013.
The average sales price was $474,950, up from $369,079 last month, and up from $389,702 in March, 2013.
There were only 3 short sales that closed escrow in March and there were NO foreclosures that were sold.
The median days on the market was 83 days and the average days on the market was 123 days.

The South Lake Tahoe Real Estate market should continue to be active as the summer approaches. We are already noticing an increase in listings as we usually do this time of year. Last month there were only 150 active single family and condo listings and we are now up to 193 active listings!

If you would like more information regarding the South Lake Tahoe Real Estate market, please call Brent Johnson at (530) 416-2625 or email me at bjohnson@chaseinternational.com today!

South Lake Tahoe Real Estate Statistics for January, 2014

The South Lake Tahoe Real Estate market is off to a solid start so far in 2014. There were 43 single family homes and condos that sold on the South Lake Tahoe MLS which was up one unit from December. The inventory of homes for sale on the South Lake Tahoe MLS remains tight. There are now currently 169 total active single

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family and condo/townhouses listed on the MLS. Single family homes account for 141 of the active listings and there are 28 condo/townhouse listings. There are now 73 homes and condos listed as “Active Pending” and are currently in escrow.

Distress sales still account for a very small percentage of the active inventory. There are only 4 short sales and 3 bank owned foreclosures that are currently active on the MLS which is 4% of the total inventory.

South Lake Tahoe Real Estate Statistics

There were 43 single family homes and condos sold in January, up from 42 in December, and down from 44 in January, 2013.
The median sales price was $331,500, up from $329,500 in December, and up 33.1% from $249,000 in January, 2013.
The average sales price was $335,593, down from $428,552, in December, and up from $324,531 in January, 2013.
The average price per square foot was $228, down from $236 in December, and up from $198 in January, 2013.
The average days on the market was 167 and the median days on the market was 135, up from an average of 136 and a median of 105.

The average and median days on the market increased because there were fewer new listings to choose from. Buyers that wanted to purchase homes had to choose from existing listings that had been listed for a longer period of time. The longer the properties were listed, the more that the sellers had to come down in price. The listings that were sold in the first 30 days of being listed sold for 100.11% of asking price. The listings that were on the market for over 120 days sold for only 95.29% of asking.

Short sales accounted for 7 of the 43 home sales in January, up from 4 short sales in December and down from 8 sales in January, 2013. The short sales that sold in January sold at a discount. The average price per square foot for the short sales that were sold was only $174 per square foot. There was only 1 bank owned foreclosure that was sold in January, down from 5 foreclosures in December, and down from 5 foreclosure sales in January, 2013.

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

South Lake Tahoe Demographics

If you are in the South Lake Tahoe Real Estate market it is important to have some understanding of the demographics in South Lake Tahoe. The demographic information can be easily found on the United States Census Bureau website or at the following link: http://quickfacts.census.gov/qfd/states/06/0673108.html#.UvKI1_VrwRs.email

Being a Real Estate agent in South Lake Tahoe, many buyers ask me about the demographics of the area. Now that I have done some research on the subject I can answer most of the questions accurately.

Here are some of the highlights:

People QuickFacts	South Lake Tahoe	California
Population, 2012 estimate	21,286	37,999,878
Population, 2010 (April 1) estimates base	21,403	37,253,959
Population, percent change, April 1, 2010 to July 1, 2012	-0.5%	2.0%
Population, 2010	21,403	37,253,956
Persons under 5 years, percent, 2010	6.3%	6.8%
Persons under 18 years, percent, 2010	20.6%	25.0%
Persons 65 years and over, percent, 2010	9.8%	11.4%
Female persons, percent, 2010	46.8%	50.3%

White alone, percent, 2010 (a)	73.5%	57.6%
Black or African American alone, percent, 2010 (a)	0.9%	6.2%
American Indian and Alaska Native alone, percent, 2010 (a)	1.1%	1.0%
Asian alone, percent, 2010 (a)	5.5%	13.0%
Native Hawaiian and Other Pacific Islander alone, percent, 2010 (a)	0.2%	0.4%
Two or More Races, percent, 2010	3.7%	4.9%
Hispanic or Latino, percent, 2010 (b)	31.1%	37.6%
White alone, not Hispanic or Latino, percent, 2010	59.9%	40.1%

Living in same house 1 year & over, percent, 2008-2012	80.2%	84.2%
Foreign born persons, percent, 2008-2012	21.4%	27.1%
Language other than English spoken at home, pct age 5+, 2008-2012	35.3%	43.5%
High school graduate or higher, percent of persons age 25+, 2008-2012	84.0%	81.0%
Bachelor’s degree or higher, percent of persons age 25+, 2008-2012	20.8%	30.5%
Veterans, 2008-2012	1,387	1,952,910
Mean travel time to work (minutes), workers age 16+, 2008-2012	14.3	27.1
Housing units, 2010	15,087	13,680,081
Homeownership rate, 2008-2012	44.3%	56.0%
Housing units in multi-unit structures, percent, 2008-2012	31.4%	30.9%
Median value of owner-occupied housing units, 2008-2012	$334,500	$383,900
Households, 2008-2012	8,497	12,466,331
Persons per household, 2008-2012	2.51	2.93
Per capita money income in past 12 months (2012 dollars), 2008-2012	$22,829	$29,551
Median household income, 2008-2012	$41,445	$61,400
Persons below poverty level, percent, 2008-2012	17.5%	15.3%

Business QuickFacts	South Lake Tahoe	California
Total number of firms, 2007	2,580	3,425,510
Black-owned firms, percent, 2007	1.6%	4.0%
American Indian- and Alaska Native-owned firms, percent, 2007	S	1.3%
Asian-owned firms, percent, 2007	S	14.9%
Native Hawaiian and Other Pacific Islander-owned firms, percent, 2007	F	0.3%
Hispanic-owned firms, percent, 2007	S	16.5%
Women-owned firms, percent, 2007	S	30.3%

Manufacturers shipments, 2007 ($1000)	0¹	491,372,092
Merchant wholesaler sales, 2007 ($1000)	31,304	598,456,486
Retail sales, 2007 ($1000)	326,234	455,032,270
Retail sales per capita, 2007	$13,951	$12,561
Accommodation and food services sales, 2007 ($1000)	146,073	80,852,787

Geography QuickFacts	South Lake Tahoe	California
Land area in square miles, 2010	10.16	155,779.22
Persons per square mile, 2010	2,106.4	239.1
FIPS Code	73108	06
Counties	El Dorado County

The population of South Lake Tahoe in 2012 was estimated at 21,286, down .5% from 21,403 in 2010. There were a total of 15,087 housing units and the homeownership rate was 44.3% compared to a statewide average of 56%. 55.7% of the occupied housing units in South Lake Tahoe are occupied by long term tenants and the vacancy factor is 8.3%. Multi-unit structures account for 31.4% of the housing units in the area.

Housing units used as seasonal, recreational, or occasional use account for around 30% of the housing units in the South Lake Tahoe area.

Some of the other interesting demographic facts are:

The median travel time to work is only 14.3 minutes compared to the statewide average of almost 30 minutes.
Only 9.8% of the population is 65 and older compared to the statewide average of 11.4%.
The population of White alone residents is 73.5% compared to the statewide average of 57.6%
Males account for 53.2% of the population and females account for 46.8%
The median resident age is 35.6 compared to the statewide average of 45.6.

More demographic information can be found at http://www.city-data.com/city/South-Lake-Tahoe-California.html or by calling South Lake Tahoe Real Estate agent Brent Johnson at (530) 416-2625.

South Lake Tahoe Real Estate Statistics for December, 2013

The South Lake Tahoe Real Estate market finished out the year with a strong month of sales in December. Although the number of single family home and condo sales was down slightly from the previous year, both the total volume in dollars and the median sales price increased substantially. There were 42 single family homes and condo/townhouses that were reported as sold on the South Lake Tahoe MLS, down from 51 sales in December, 2012 and down from 49 sales in November, 2013.

The median price of the single family home sales increased from $245,000 in 2012 to $329,950 which was a 34.7% increase in a 12 month period. The median sales price is also up from $325,000 from the previous month.

South Lake Tahoe Real Estate Stats for December, 2013

There were 42 single family homes and condos that were reported as sold on the South Lake Tahoe MLS in December, down from 49 in November and down from 51 in December, 2012.
The median sales price was $329,950 in December, up from $325,000 in November and up from $245,000 in December, 2012.
The average sales price was $428,252, up from $420,686 in November and up from $312,159 in December, 2012.
The average sales price per square foot was $236, up from $235 in November and up from $188 in December, 2012.
The average days on the market was 136 and the median days on the market was 105.
There were 4 short sales that closed escrow, up from 3 sold short sales in November and down from 7 in December, 2012.
There were 5 bank owned foreclosures that were sold in November, up from 1 in November, and down from 9 in December, 2012.

There are currently only 169 active single family homes and condos available on the South Lake Tahoe MLS for buyers to choose from. With the low number of properties for sale, new listings are really getting a lot of attention and activity. Out of the 169 properties that are currently active, 142 are single family homes and 27 are condo/townhouses.

Distress sales only account for 3% of the active inventory of properties currently on the market. There are 2 active short sale listings and 3 active bank owned foreclosures listed on the South Lake Tahoe MLS.

There are currently 74 homes/condos that are in escrow which accounts for 30.5% of the total inventory, up from 67 escrows last year to date. There are 16 short sales in escrow and 3 bank owned properties which accounts for 25.7% of the current pending sales.

South Lake Tahoe Real Estate Activity by Price Range

Price range Number of Escrows

Under $200,000 16
$201- $300,000 20
$301- $400,000 22
$401- $500,000 7
$501-$600,000 3
$601- $700,000 3
$701- $800,000 0
$801- $999,000 0
Over 1 Million 3

As you can see the majority of the current activity in the South Lake Tahoe Real Estate market is in the under $400,o00 range. The number of escrows in the under $200,000 drops off only because the inventory in that price range is disappearing. With only 3 homes in escrow over $700,000, the upper end market, especially in the Tahoe Keys is light.

For more information about the South Lake Tahoe real estate please call me at (530) 416-2625 to discuss!

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South Lake Tahoe Real Estate Recovery

The South Lake Tahoe Real Estate market is following the rest of the nation and is recovering from a sharp downturn quickly. According to the California Association of Realtors: “The year 2013 can be categorized by a significant turnaround in the housing market across the nation.”

The lack of homes available for sale is beginning to constrain home sales but is contributing to a substantial increase in home prices. Existing single family sales for 2013 are predicted to fall 2.1% short of 2012, yet median home prices are expected to show a 28% improvement over 2012. The South Lake Tahoe Real Estate market is a great example. The median sales price is up 32.7% in the last 12 months according to the South Lake Tahoe MLS.

The increase in home prices along with a slight increase in mortgage interest rates has led to a decrease in affordability. According to CAR the current market conditions still warrant buying a home sooner than later.

Why buy now?

Interest rates are still at historical lows but are poised to increase in 2014. Over the last 12 months interest rates have risen about 1% from 3.5% to 4.5%. On average , a .5% increase in the mortgage interest rate increases the payment by about $100 a month on a $400,000 home. Most of the predictions for the 30 year fixed mortgage are at about 5.3%.

Interest rates have come down since their spike during the summer but the uncertainty over the Fed’s policies makes it unlikely for any improvements in rates.

Another reason to purchase a home in South Lake Tahoe sooner than later has to do with the new lending rules that go into effect on January 1, 2014 which are set to raise the cost of borrowing. The ability-to-repay rule and the associated qualified-mortgage definition will raise the cost of home loans and borrowers will be stuck with most of the costs.