South Tahoe Real Estate Statistics for September

As usual, September was a busy month in terms of closed escrows in South Lake Tahoe. According to the South Lake Tahoe MLS there were 61 single family homes that had closed escrow in September, up from 49 homes sold in August. The median and average sale prices were up as well.

The average percentage of list price to sales price was also up. This is bad news for buyers who think that they can still make “low ball” offers, but good news for sellers who are probably already taking a huge loss.

Average days on market Breakdown and Average % of List Price Received on Solds by Market time:

• 0-30 days on the market, 2 listings sold for an average of 99.86% of the listing price.
• 31-60 days on the market, 10 listings sold for an average of 96.22% of the listing price.
• 61-90 days on the market, 20 listings sold for an average of 95.93% of the listing price.
• 91-120 days on the market, 9 listings sold for an average of 92.89% of the listing price.
• 120+ days on the market, 20 listings sold for an average of 93.26% of the listing price.

The longer that the homes were on the market, the more flexible the sellers were. The houses that were new on the market sold for very close to asking price. The days on the market includes the days that the homes were in escrow as well.

September South Tahoe Real Estate Statistics

• There were 61 homes that sold in September on the South Lake Tahoe mls, up from 49 sales in August.
• There were 16 bank owned foreclosures that closed escrow in September, the same number that sold in August.
• There was only one short sale that closed escrow last month, down from 7 in August.
• The median price of the sold homes was $330,500, up from $289,000 in August.
• The average price of the sold homes was $445,254, up from $355,002 in August.
• The average days on the market was 144 and the median days on the market was 88.
• The average price per square foot was $219, up from $207 in August.

The bank owned properties that sold in September had a very low price per square foot of only $152. Most of the foreclosures that had sold were fixer-uppers that needed work. The average sales price of the foreclosures was $257,875 and the median sales price was $232,500.

One statistic that was surprising to me was that 72% of the houses sold in September were regular sales. Only 28% of the sold homes were foreclosures or short sales.  Regular sellers are now having much better luck competing with the REO’s now that they have priced their homes competitively.