South Lake Tahoe Real Estate Review for June

The South Lake Tahoe real estate market is continuing to attract buyers looking to purchase homes at values around 35% less than what they were in 2006! According to the South Lake Tahoe mls, there were 38 single family homes that sold in June with a median sales price was $310,000, 35% less than the median sales price was in June of 2006. The average price per square foot was also down 38% from $370 in 2006 to $229 in 2009.

The attractive home prices, low interest rates, and the $8,000 first time buyers tax credit contributed to an increase in sales from 26 homes sold in May to 38 homes sold in June. The number of bank owned foreclosures in South Lake Tahoe that sold in June dropped 2 units from 11 sales in May, to 9 sales in June. June also saw 5 short sale closings, no single family home short sales were reported in May on the South Lake Tahoe mls.

Statistics for the single family homes in South Lake Tahoe sold in June

• There were 38 houses in South Lake Tahoe that sold in June
• 9 of the houses sold were bank owned foreclosures
• 5 of the houses sold were short sales
• The average sales price was $352,555 (down 2% from $360,169 in May)
• The median sales price was $310,000 (down 2% from $315,000 in May)
• The average price per square foot was $229 (up 3% from $222 in May)
• The average days on the market was 184

The bank owned foreclosures that sold in June were a major contributor to the decline in the median and average sales prices. The average sales price for the 9 foreclosures that sold in June was $288,456, compared to an average sales price of $416,350 for the non-foreclosures. The median sales price for the foreclosures sold was $289,000, compared to $376,000 for non-foreclosures. Average price per square foot was only $176 for the foreclosures, and was $253 for the non foreclosures. Most of the foreclosure listings in South Lake Tahoe are in need of at least some kind of work which contributes to the lower sales prices.

With 31 short sales in South Lake Tahoe that are currently in escrow, it was great to see that 5 short sales closed escrow in June considering that there were no short sales that closed escrow in May. The short sale listings that closed escrow in June had an average sales price of $283,200, a median sales price of $290,000, and an average sales price per square foot of $212.

South Lake Tahoe home buyers also put 44 single family houses in escrow during the month of June. The number of June escrows is down from 56 in May, but up from 43 in April. The number of distress sales that went into escrow in June decreased with only 3 foreclosures and 8 short sales that went into escrow.

Statistics for the Single Family Homes in South Lake Tahoe went into Escrow in June

• There were 44 single family houses in South Lake Tahoe that went into escrow in June
• The average list price for the new escrows was $451,525
• The median list price was $304,500
• The average price per square foot was $277
• 8 of the homes are short sales
• 3 of the homes are bank owned foreclosures

Activity on lots in South Lake Tahoe picked up slightly in June with 5 lots sold, and 3 lots that went into escrow. 625 Tahoe Island Drive was a bank owned lot that had a list price of $74,900, received multiple offers and sold well above asking price at $125,000. There were also two lots in the Tahoe Keys on Venice Drive that sold with allocations.

Condos in South Lake Tahoe also improved with 8 new escrows and 3 sales. Two of the condos that went into escrow and one of the condos that sold were in the Tahoe Keys.

To find out more on how to take advantage of the low interest rates, the $8,000 first time home-buyer tax credit, and the low South Lake Tahoe real estate prices, call Brent and Jill Johnson at (530) 416-2625 today!