Menu
Menu
You are here: Home / Archives for bank owned foreclosures

bank owned foreclosures

The Changing Real Estate Market in South Tahoe

What a difference a year makes! The housing inventory in South Lake Tahoe is substantially lower than what it was last year at this time. Typically the housing inventory is at its highest level in South Tahoe during the Spring and early Summer. Sellers that have taken their homes off of the market for the winter time and sellers that have waited for the snow to melt feel that the spring time is the time to sell. This year not as many sellers are listing their homes and there are not as many bank owned foreclosures on the market.

Last year at this time there were 503 total single family and condo listings in the city and county areas of South Lake Tahoe. This year there are only 419 total listings (this includes both active listings and listings that are in escrow).

There are currently only 249 active single family and condo listings on the South Lake Tahoe MLS. Last year there were 414 active listings. With 165 less active listings to choose from and more buyer activity, home buyers are required to be more aggressive in their offerand bidding stratigies.

Out of the 249 current active listings on the market, only 17 are short sales and 14 are bank owned foreclosures. Distress sales account for 12.4% of the current active inventory.  Last year there were 52 active short sales and 34 active bank owned foreclosures which was 20.8% of the active inventory.

Currently there are 170 single family homes and condos that are in escrow on the South Lake Tahoe MLS which is 40.6% of our inventory. Last year there were only 90 properties that were in escrow which accounted for only 17.9% of the inventory.

Distress sales account for 55.3% of the current listings that are in escrow. There are 65 short sales and 29 bank owned foreclosures that are in escrow. Last year distress sales accounted for 65.6% of the properties that were in escrow. There were 36 short sales and 23 bank owned properties that were in escrow.

So far this year there have been 271 total home/condo sales in South Lake Tahoe. During the same period last year there were 237 total closings. There have been 98 bank owned foreclosure sales (36.2% of closings) and 46 short sale closings (17% of closings). Last year there were 74 bank owned foreclosure sales (31.2% of closings) and 43 short sale closings (18.1% of closings).

Here is a breakdown by price range of the current escrows and the escrows in 2011 for the same period

  • Under $200,000             61 properties  (25 in 2011)
  • $201- $300,000             52 properties (25 in 2011)
  • $301-$400,000              22 properties (15 in 2011)
  • $401-$500,000              19 properties (13 in 2011)
  • $501-$600,000               7 properties (2 in 2011)
  • $601-$700,000               2 properties (4 in 2011)
  • $701-$800,000               0 properties (3 in 2011)
  • $801- $999,000               3 properties (1 in 2011)
  •  Over $1,000,000            4 properties (2 in 2011)

For more information about houses for sale in South Lake Tahoe please call Brent Johnson at (530) 416-2625!

South Lake Tahoe MLS Statistics

South Lake Tahoe Home buyers looking for properties priced under $300,000 are finding that there is not much to choose from. Currently there are only 11 single family 3 bedroom, 2 bath, 2 car garage homes priced under $300,000 on the South Lake Tahoe MLS. There are 78 total single family listings under $300,000 including properties with less than 3 bedrooms, 2 bathrooms, and without garages.

The following statistics are for residential (single family and Condo/Townhouses) located in the City and County areas on the South Lake Tahoe MLS:

  • Total listings: 416
  • Active listings: 250
  • Listings in Escrow: 166

The 166 listings that are in escrow represent 39.9% of the total single family inventory in South Lake Tahoe.

Breakdown by price range of the 166 escrows:

  • Under $200,000    56 properties  33.7% of the inventory in escrow is under $200,000
  • $201-$300,000     47 properties  62% of the inventory in escrow is under $300,000
  • $301-$400,000     29 properties  79.5% of the inventory in escrow is under $400,000
  • $401-$500,000     16 properties
  • $501-$600,000       7 properties
  • $601-$700,000       3 properties
  • $701-$800,000       1 property
  • $801-$999,000       3 properties
  • Over 1 Million           4 properties

So far this year there have been 207 single family properties sold on the South Lake Tahoe MLS. Out of the 207 sales, 84 were bank owned foreclosures (40.5%) and 36 were short sales (17.4%).

South Lake Tahoe MLS Statistics

South Lake Tahoe MLS statistics as of July 18th

Here are the statistics for residential (single family and condo/town homes) located in the City and County areas of South Lake Tahoe:

There are curently 556 residential listings on the South Lake Tahoe MLS. 457 of the listings are Active and 99 of the listings are in escrow. Out of the 457 Active listings, 48 are short sales and 33 are bank owned foreclosures. Out of the 99 listings that are in escrow,  37 are short sales and 18 are bank owned foreclosures.  Although only 17.7% of our active listings are short sales or foreclosures, 55.6% of the listings that are in escrow are short sales or foreclosures. The 99 escrows  represent 17.8% of the total inventory in escrow.

Here is a breakdown by price range of the 99 escrows:

  • Under $200,000         26 properties
  • $201,000-$300,000   29 properties
  • $301,000-$400,000   14 properties
  • $401,000-$500,000   14 properties
  • $501,000-$600,000   4 properties
  • $601,000-$700,000   7 properties
  • $701,000-$800,000   3 properties
  • $801,000-$999,000   0 properties
  • Over 1 million              2 properties 

So far this year there have been 286 condos and houses in South Lake Tahoe that have sold. There were 95 bank owned foreclosures (33.2%) and 55 short sales (19.2%) that were sold. The total percentage of distress properties that have been sold so far this year is 52.4%