After a very long winter here in Lake Tahoe the weather is finally warming up and Highway 50 is busy with visitors looking to escape the heat of the valley. The South Lake Tahoe Real Estate market should heat up this summer as well now that home prices are the lowest that they have been in years.
In May there were 35 homes in South Lake Tahoe that were sold on the South Tahoe MLS. Distress sales accounted for 22 of the 35 home sales. Short sales accounted for 8
of the distress sales and foreclosures accounted for the other 14.
Both the average sales price and the median sales prices were down sharply last month. The average price per square foot was only down slightly.
South Lake Tahoe Real Estate Statistics
- The average price per square foot of the sold houses in South Lake Tahoe in May was $183 per square foot, down from $186 per square foot in April.
- The average sales price was $316,777, down from $342,063 in April.
- The median sales price was $285,000, down from $314,500.
- The average days on the market was 163 and the median days on the market was 114.
- There were 8 short sales in South Lake Tahoe that were sold in May, the same number of short sales that were sold in April.
- There were 14 foreclosures in South Lake Tahoe that were sold in May, the same number of foreclosures that were sold in April.
The foreclosures in South Lake Tahoe that were sold in May had an average price per square foot of $153 and the short sales had an average price per square foot of $173. The non distress sale properties that sold had an average price per square foot of $221. The average sales price of the foreclosures was $262,193 vs $400,963 for the non distress sales. The median sales price of the foreclosures in South Lake Tahoe that were sold was $$205,000 vs $360,000 for the non distress sales.
The short sales in South Lake Tahoe that were sold had an average price per square foot of $173, a median sales price of $244,000 and an average sales price of $275,000.
As you can see, the distress sales continue to bring down the average sales price, median sales price, and average price per square foot of the home sales in South Lake Tahoe.
Tahoe Keys Real Estate
Spring is the time of year when the homes in the Tahoe Keys begin to sell as well. This year the lake is almost full and the water levels in the Tahoe Keys look Great! There were 6 Tahoe Keys properties that were sold in May. There were 2 Tahoe Keys condos that were sold and 4 homes that were sold. Two of the homes that sold were foreclosures and one was a short sale.
Leave a Reply