South Lake Tahoe Foreclosure Statistics
So far this year almost one in three houses sold in South Lake Tahoe was a bank owned foreclosure. There have been 353 single family homes reported as sold on the South Lake Tahoe MLS, 109 of them were foreclosures. With a steady incoming inventory of foreclosure listings coming onto the market, buyers looking for deals still have a good selection to choose from. Although there is still a steady incoming inventory of foreclosure listings, there are more buyers in the real estate market competing for the deals.
The competition over the foreclosure listings has caused many multiple offer situations and has caused many homes to sell over the list price. The average list to sales price for the 30 foreclosure listings that sold from 31 to 60 days of being on the market was 103.47% of list price. The non foreclosures only sold for 96.8% of list price with the same days on the market.
Below is a graph showing the average list price to sales price for the foreclosure listings in South Lake Tahoe that have sold so far this year.
The bank owned foreclosures are also selling for a much lower price per square foot than the non-foreclosure listings. The 109 foreclosures have sold for an average price per square foot of $191 and the non-foreclosures have sold for an average price per square foot of $252. One thing to keep in mind is that most of the bank owned foreclosures needed some work. Weather it was carpet, paint, appliances, or a total remodel needed, there was usually some kind of work necessary for the foreclosure homes.
The average days on the market was much lower for the foreclosures also. The average days on the market for the foreclosures was 87 days. The average days on the market for the non foreclosures was 185 days.
Here are some more interesting comparisons between the foreclosures and non-foreclosures sold this year.
- The median price per square foot for the foreclosure listings was 1,520 and the median square footage for the non-foreclosures was 1,611.
- The median sales price for the sold foreclosures was $280,000 and the median sales price for the non-foreclosures was $352,000.
- The median days on the market for the sold foreclosures was 75 days and the median days on the market for the non-foreclosures was 147.
If you are interested in purchasing a foreclosure in South Lake Tahoe, here are some tips. Make sure that you sign up for new listing notification on my website so that new foreclosure listings are e-mailed to you as they come onto the market. Be sure to look at my current list of foreclosures in South Lake Tahoe for an updated list of what foreclosures are available and which foreclosures are in escrow. The most important thing to do is to get pre-approved from a mortgage broker. Many banks will not even look at an offer unless a pre-approval letter is included with the offer. When you find a foreclosure that you are interested in, be ready to act quickly. With multiple offer situations very common with foreclosure listings, time is of the essence!
If you have any further questions regarding foreclosures in South Lake Tahoe, please call Brent Johnson today!
7/13/2010
