South Lake Tahoe Real Estate Update

As South Lake Tahoe businesses prepare for what is expected to be a busy summer tourist season home sellers seem to be getting ready as well. Although the inventory of homes for sale in South Lake Tahoe is still low compared to historic levels, some sellers are taking advantage of the rising prices and low inventory by listing their homes for sale. There are now 302 single family homes and condos listed on the South Lake Tahoe MLS. Out of the 302 listings over 1/3 of the properties are currently in escrow. There are 102 properties in escrow and 200 that are still active (many of the active listings have offers pending).

In the last 14 days there have been 62 new single family and condo/townhouse listings in the city and county areas of South Lake Tahoe. Only 3 of the new listings were short sales and only 2 were bank owned foreclosures. All 3 of the new short sale listings have already gone into escrow.

The distress sale inventory on the South Lake Tahoe mls continues to decline has it has over the last 12 months. There are currently 22 short sale listings on the MLS and every single one is currently in escrow. There are currently NO active short sales in the South Lake Tahoe M LS! There are currently only 10 bank owned foreclosures on the MLS, 4 of the foreclosures are still active and 6 of the foreclosures are in escrow.

South Lake Tahoe Real Estate Statistics for April

• There were 60 single family homes on the South Lake Tahoe MLS that were sold in April, up from 51 in March and up from 47 in April 2012.
• The average sales price was $443, 983, up from $360,000 in March and up from $288,032 in April 2012.
• The median sales price was $267,500 up from $260,000  in March and up from $237,500 in April 2012.
• The average price per square foot was $227, down from $223 in March and up from $168 in April 2012.
• The average days on the market was 145 and the median days on the market was only 69.

Foreclosures in South Lake Tahoe

• There are currently10 foreclosures on the South Lake Tahoe MLS. 4 of the foreclosures are active and 6 are currently in escrow.
• There were only 4 foreclosures that closed escrow in April, up from 3 in March and down from 18 in April 2012.
• The average sales price of the foreclosures was $260,513.
• The median sales price of the foreclosures was $248,750.
• The average sales price per square foot was $155.
• The average days on the market was 48.
• The median days on the market was 46.

Short Sales in South Lake Tahoe

• There are currently 22 short sales on the South Lake Tahoe MLS and all of them are currently in escrow.
• There were 4 short sales that closed escrow in April, up from 3 sales in March and down from 6 sales in April 2012.
• The average sales price for the short sales was $361,400.
• The median sales price for the short sales was $352,000.
• The average price per square foot was $188.
• The average days on the market was 389.
• The median days on the market was 328.

We should continue to see a steady flow of new listings coming on the market which is great for buyers who have been looking for the right property. Although the new listings are giving buyers more of a selection, home prices are still on the rise and buyers seem to be gobbling up the new listings almost as fast as they are coming on the market.