South Lake Tahoe Real Estate Update for May, 2014

The South Lake Tahoe Real Estate market is following a normal seasonal pattern of increasing inventory. The inventory of homes for sale in South Lake Tahoe usually experiences about a 20% increase in single family housing inventory in the springtime.

There are now 370 total single family and condo listings on the South Lake Tahoe MLS in the City and County areas. Just a month ago there were only 300 listings.  Out of the 370 MLS listings, 295 of the properties are active and 75 are currently in escrow. The 75 escrows represent 20.3% of the total inventory. During the same time in 2013 there were 335 total listings, 224 active listings, and 111 that were in escrow.

Although there are fewer properties currently in escrow than there were in 2013, prices are higher. The median sales price of the single family homes that were sold in May was $335,000, up 24.1% from $270,000 year to date.

South Lake Tahoe Real Estate Statistics

• There were 49 single family homes and condos that were sold in May, down from 53 sales in April, and down from 75 sales in May of last year.
• The median sales price in May was $335,000, up from $331,500 in April, and up from $270,000 in May of last year.
• The average sales price in May was $370,318, down from $405,587 in April, and down from $385,508 in May of last year.
• The average price per square foot was $242, down from $257 in April, and down from $227 in May of last year.
• The average days on the market was 113 and the median days on the market was only 54.

There were only 2 short sales and 3 bank owned foreclosures that were sold in May on the South Lake Tahoe MLS. In May of last year there were 8 short sales and 4 bank owned foreclosures that were sold. Year to date there have been only 13 bank owned property sales which accounts for 5.2% of the total closings. There have been 17 short sales that have sold accounting for 6.7% of the total closings. There have been 252 single family home and condo sales reported on the South Lake Tahoe mls so far this year (as of 6/17/14).

If you would like more information about the South Lake Tahoe Real Estate market you can reach Brent Johnson at (530) 416-2625 or email me at bjohnson@chaseinternational.com.