Foreclosures in South Lake Tahoe

South Lake Tahoe Real Estate Review for February 2009

The South Lake Tahoe real Estate market rebounded a bit in February as single family home sales increased 43% from the previous month. There were 28 single family homes that sold in February, up from the 16 homes sold in January. February 2009 single family home sales were also up 43% from February 2008 which had 16 sold single family homes.

Although the number of South Lake Tahoe homes that sold in February increased from last year, as expected, the median sales price was down. This February the median sales price was $329,500, 20% less than February 2008 which had a median sales price of $412,500.

Out of the 28 single family homes in South Lake Tahoe that sold last month, 13 were foreclosures and 1 was a short sale. With half of the home sales being distress sales, the decrease in sales price is to be expected. Here are the February single family home February sales statistics for both foreclosures in South Lake Tahoe and non-foreclosure homes:

• Average price per square foot was $229 (down 18% from February 2008 which was $279)
• Average list price was $444,529
• Median list price was $356,950 (up 7% from January 2009 which was $332,000)
• Average sales price was $418,161
• Median sales price was $329,500 (up 6% from January 2009 which was $310,000)
• Median days on market was 120
• Average square feet was 1832
• Median square feet was 1612

Foreclosures in South Lake Tahoe are still in a high demand and are selling for less than the non-foreclosure homes. Non-foreclosure sellers are having to adjust their home prices to compete with the foreclosures. Here are the statistical differences between the foreclosures and non-foreclosure houses that sold in February:

• The average price per square foot for foreclosures in South lake Tahoe was $196 (24% less than non-foreclosures which had an average price per square foot of $259)
• The average listing price for the foreclosures in South Lake Tahoe was $308,952 (40% less than non-foreclosures which had an average listing price of $515,750)
• The median listing price for the foreclosures in South Lake Tahoe was $284,500 (24% less than non-foreclosures which had a median listing price of $374,000)
• The average sales price for the South Lake Tahoe foreclosures was $289,917 (41% less than non-foreclosures which had an average sales price of ($487,550)
• The median sales price for the South Lake Tahoe foreclosures was $274,750 (20% less than non-foreclosures which had an median sales price of $345,000)

The foreclosures not only sold for less than the non-foreclosure homes, but much quicker also. The median days on the market for the foreclosures was only 83 days, but it took a median of 172 days for the non-foreclosures to sell.

One of the foreclosures that sold was 2419 Lupine in Montgomery Estates. This home was a “gutted” fixer-upper with plans for a 4,000 square foot remodel and was in a great area on a 12,475 square foot lot. This property received a lot of attention and sold for $190,000.      

953 Star Lake was another foreclosure that sold in February. This was a 2 bedroom, 1464 square foot log home that sold for $297,000 which was above the list price of $279,000.                                

Although the number of single family homes sold in February increased significantly, the number of new pendings (escrows) was down. In February there were 22 houses that were reported pending on the South Lake Tahoe mls compared with 35 in January. Out of the 22 new escrows, 6 were foreclosures, and 5 were short sales. The average listing price per square foot for the new pending homes was $230, the median list price was $352,625, the median days on market was 71 and the median square footage was 1540.

Here are some of the South Lake Tahoe homes that sold in February from the South lake Tahoe mls.

If you would like to see more South Lake Tahoe real estate statistics that I have not posted on my blog, please let me know what you would like to see. If you have any further questions regarding the South Lake Tahoe Real Estate market, South Lake Tahoe foreclosures, or questions about properties on the South Lake Tahoe mls, please contact Brent and Jill Johnson.

This South Lake Tahoe real estate blog was posted by Brent Johnson.