South Tahoe Real Estate Stats for February

The South Lake Tahoe real estate market is still revolving around Short Sales and Foreclosures. In February, 25 of the 38 single family homes and condos that were sold were either short sales or foreclosures. There were 17 foreclosures, 8 short sales, and 13 equity sales that closed escrow on the South Lake Tahoe MLS. The percentage of distress sales in February was very close to what it was in January.  Distress sales accounted for 66% of the homes sold in February and 68% in January.

February South Tahoe Real Estate Statistics

• There were 38 single family homes and condos that were sold on the South Lake Tahoe MLS  in February, down from 44 in January.
• The average sales price for the homes that were sold was $246,326, down from $257,174 in January.
• The median sales price was $201,000, down from $250,000 in January and down from $315,500 in February 2011.
• The average price per square foot was $161, up from $160 in January and down from $195 in February 2011.
• The average days on the market was 157 days and the median days on the market was 121 days.
• There were 33 houses and 5 condos that were sold.

South Lake Tahoe Foreclosures

• There were 17 bank owned foreclosures that were sold in February, down from 21 in January.
• The average sales price of the foreclosures was $185,812, down from $196,650 in January.
• The median sales price for the foreclosures was $185,000, up from $168,500 in January.
• The average price per square foot in February was $138, up from $135 in January.
• The average days on the market was 95 and the median days on the market was 81.

South Lake Tahoe Short Sales

• There were 8 short sales in South Lake Tahoe that were sold on the South Lake Tahoe MLS in February.
• The average sales price for the short sales was $212,763, down from $348,556.
• The median sales price for the short sales was $181,000, down from $279,000.
• The average price per square foot was $159,000, down from $183,000.
• The average days on the market was 229 and the median days on the market was 180.

Current Inventory on the South Lake Tahoe MLS

The current inventory on the South Lake Tahoe MLS remains low, even for March. There are currently only 222 active single family listings avalible on the mls. There are 332 total single family listings and 110 of them are in escrow.  With 33% of the single family housing inventory being in escrow, our market is very active. Out of the four offers that I had written in the last 10 days on foreclosure listings, each one had multiple offers and sold over asking price.

Short sales and foreclosures account for 125 of the 332 total single family listings (38%) and account for 74 of the 110 listings that are in escrow (67%).

There are currently 78 short sale listings on the South Lake Tahoe MLS and 52 of the short sales are in escrow. There are 47 foreclosure listings on the MLS and 22 of the foreclosures are in escrow.

Please call Brent Johnson for more information regarding the South Lake Tahoe real estate market, or to set up an appointment to see some of the short sales and foreclosures that currently on the market.