South Tahoe Real Estate Update for December 2012

The inventory of properties for sale in South Lake Tahoe has continued to decrease over the last 6 months. This inventory decrease is making it difficult for some buyers to locate a property that fits their needs. The total number of single family homes and condos has dropped to 217 from 264 just a month ago. There are more homes that are being sold than that are being listed for sale. There are only 144 active single family homes and condos in the city and county areas of South Lake Tahoe on the MLS, down from 169 in November. There are currently 73 single family homes and condos that are in escrow, up from 71 at the end of November.

The inventory of distress sales has remained on the low side as well. There are only 15 total foreclosure listings on the South Lake Tahoe MLS, 10 of the foreclosures are in escrow leaving only 5 active listings to choose from. There are 30 total short sales listed, 23 in escrow and 7 active short sale listings to choose from.

There were 49 single family houses and condos reported as sold on the South Lake Tahoe MLS in the city and county areas of South Lake Tahoe in December. Out of the 49 sales, 9 were foreclosures and 6 were short sales.

South Tahoe Real Estate Statistics for December

• There were 49 single family homes and condos that were reported as sold on the South Lake Tahoe MLS in the City and County areas, down from 71 in November and down from 64 in December 2011.
• The median sales price in December was $242,000, down from $265,000 in November and up from $235,450 in December 2011.
• The average sales price in December was $309,849, down from $379,297 in November and down from $378,777 in December 2011.
• The average price per square foot was $188, down from $204 in November and down from $189 in December 2011.
• The average days on the market was 109 and the median days on the market was only 68.

South Lake Tahoe Foreclosure Statistics

• There are currently 15 single family foreclosure listings on the South Lake Tahoe MLS, only 5 of the listings are active and 10 are in escrow.
• There were 9 foreclosures that were sold in December, down from 10 in November.
• The average sales price of the foreclosures was $198,446, down from $298,527 in November.
• The median sales price was $215,000, down from $259,900 in November.
• The average price per square foot was $133, down from $169 in November.
• The median days on the market was 56 and the average days on the market was 66.

South Lake Tahoe Short Sale Statistics

• There are currently 30 short sale listings on the South Lake Tahoe MLS in the City and County areas, 23 of the short sales are in escrow and 7 are still available.
• There were 6 short sales in South Lake Tahoe that were sold in December, down from 8 sales in November.
• The median sales price for the short sales was $192,500, down from $245,050 in November.
• The average sales price for the short sales was $232,567, down from $335,875 in November.
• The average price per square foot was $159, down from $189 in November.
• The average days on the market was 178 and the median days on the market was 170.

For more information about the South Lake Tahoe Real Estate market, please call Brent Johnson at (530) 416-2625 today!