The South Lake Tahoe Real Estate market continues to show signs of improvement as well as stabilization. The median sales price for single family homes in South Lake Tahoe has now gone up for the 9th month in a row. The median sales price in October was $320,000 which is up 33.6% from October of 2012.

 The decreasing inventory of distress sales is one factor that has contributed to the stabilization of the real estate market in South Tahoe. There are now currently only 3 active short sales listed on the South Tahoe MLS and 17 short sales that are currently in escrow. There are only 8 active foreclosure listings on the mls and only one foreclosure that is currently in escrow. Apparently the banks are in no hurry to unload their REO properties because they are pricing them much higher than they were in the past and are not willing to negotiate much on price.

South Lake Tahoe Real Estate Statistics for October, 2013

• The median sales price for single family homes was $320,000, up from $312,000 in September and up from $239,450 in October, 2012.
• There were 62 single family homes and condo/townhouses that were sold in October, down from 65 in September and up from 59 in October, 2012.
• The average sales price for the single family homes was $420,820, up from $375,436 in September and up from $345,867 in October, 2012.
• The average price per square foot was $242, up from $235 in September and up from $189 in October, 2012.
• The average days on the market was 117 and the median days on the market was 97.

There were only 2 short sales that closed escrow in October on the South Lake Tahoe mls which was down significantly from the 12 short sales that were sold in October of 2012. There were 5 foreclosures that closed escrow which was actually up from the 3 that closed last year.

The number of days on the market again played a factor on how much negotiating room there was on the price. The longer the property was on the market, the more the sellers came down in price.

• 0 to 30 Days on the market, 2 properties were sold at an average of 96.39% of the listing price.
• 31 to 60 Days on the market, 18 properties were sold at an average of 98.31% of the listing price.
• 61 to 90 Days on the market, 9 properties were sold at an average of 95.63% of the listing price.
• 91 to 120 Days on the market, 11 properties were sold at an average of 94.98% of the listing price.
• 120+ Days on the market, 22 properties sold t an average of 94.68% of the listing price.

For more information regarding the South Lake Tahoe Real Estate market or to set up an appointment to look at properties in the Tahoe area please call Brent Johnson at (530) 416-2625 today! I am happy to discuss any properties that are currently listed on the South Lake Tahoe MLS as well as to discuss what you are looking for so that I can send you new listings as they hit the market. You can also sign up for new listing notifications on my website by clicking on the following link: https://www.johnsonstahoerealestate.com/new-listings-watch/. Just fill in your size requirements, area, and price range and you will receive an email when a property comes on the market that fits your criteria!