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Foreclosures in South Lake Tahoe

July South Lake Tahoe Real Estate Review

With another 70 single family homes and condos that were sold on the South Lake Tahoe MLS in July, the Tahoe Real Estate market continues to move at a quick pace. There were 7 less property sales in July than there were last month, but there were 22 more sales than there were in July 2011. The inventory of properties for sale on the MLS remains similar to what it was last month with 269 active listings and 145 active pending listings. Currently 35% of the single family homes and condos listed on the mls are in escrow.

The inventory of bank owned foreclosures in South Lake Tahoe is very low compared to what it has been over the last several years. There are26 foreclosure listings on the mls, 18 of the foreclosures are in escrow and only 8 of the foreclosures are still available. There are a total of 61 short sale listings, 49 of the short sale listings are in escrow and only 12 are still available.

July South Lake Tahoe MLS Statistics

  • There were 70 single family homes and condos that were sold on the South Lake Tahoe MLS in July, down from 77 sales in June, and up from 48 sales in July 2011.
  • The Median sales price was $236,500, up from $225,000 in June, and down from $237,500 in July 2011. (The median sales price for only single family homes was $291,000 in July 2011)
  • The average sales price was $337,596, up from $279,311 in June, and up from $293,785 in July 2012.
  • The average price per square foot was $193, up from $177 in June.
  • The average days on the market was 140 and the median days on the market was 82.

South Lake Tahoe Foreclosures

  • There were 11 foreclosures in South Lake Tahoe that were sold in July, down from 18 in June.
  • The average sales price of the foreclosure sales was $228,023, up from $200,036 in June.
  • The median sales price of the foreclosure sales was $220,000, up from $174,000 in June.
  • The average price per square foot was $138, down from $140 in June.
  • Tha average days on the market was 177.

South Lake Tahoe Short Sales

  • There were 13 short sales that were sold on the South Lake Tahoe MLS in July, down from 16 in June.
  • The average sales price was $177,596, down from $279,188 in June.
  • The median sales price was $165,000, down from $230,500 in June.
  • The average price per square foot was $125, down from $168.
  • The average days on the market was $239 and the median days on the market was 213.

The Tahoe Keys area had a great month of sales with 12 single family homes sold on the MLS. The average sales price of the Tahoe Keys sales was $784,600. The median sales price in the Keys was $686,500 and the average price per square foot was $325. The Tahoe Keys Homes that were sold, sold quickly. The average days on the market was 94 and the median days on the market was only 60. None of the Tahoe Keys homes  that were sold in July were foreclosures or short sales.

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

 

June South Tahoe Real Estate

The South Lake Tahoe Real Estate market had an excellent month in terms of transactions closed in June. There were 77 single family homes and condos that were reported as sold on the South Lake Tahoe MLS. The number of homes sold in June was up from 66 sales in May and well above June 2011 when 59 properties were sold. 

 The real estate market continues to be very active, but we are still struggling with a low inventory of homes for sale. There are currently only 234 single family homes that are listed on the MLS as “active” listings in the city and county areas of South Lake Tahoe. There are 365 total single family listings, but 130 of them are in escrow (36%). With the low inventory of properties for sale in South Lake Tahoe, buyers are still dealing with multiple offer situations on homes that are priced to sell. There were as many as 13 offers on some of the foreclosures that were priced below market value. Not all of the properties are getting buyer activity though. There are still properties on the MLS that have been listed for a few years now that are not priced where they need to be.

June South Tahoe Real Estate Statistics

  • There were 77 single family homes and condos that were sold on the South Lake Tahoe MLS in June 2012, up from 66 in May and up from 59 in June 2011.
  • The median sales price was $225,000, down from $247,775  in May and down from $280,000 in June 2011.
  • The average sales price was $279,311, down from $349,102 in May and down from $374,119 in June 2011.
  • The average price per square foot was $177, down from $190 in May and down from $196 in June 2011.
  • The average days on the market was 146 and the median days on the market was only 91.

Foreclosures in South Lake Tahoe

  • There were 18 bank owned foreclosures in South Lake Tahoe that were sold in June, up from 17 in May.
  • The average sales price of the foreclosures was $200,036, down from $211,258  in May.
  • The median sales price was $174,000, down from $193,800 in May.
  • The average days on the market was 73 and the median days on the market was 65.
  • The average price per square foot was $140, down from $142 in May.

Short Sales in South Lake Tahoe

  • There were 16 Short Sales in South Lake Tahoe that were sold in June, up from 12 in May.
  • The average sales price of the short sales was $279,188, up from $256,611 in May.
  • The median sales price of the short sales was $230,500, up from $226,668 in May.
  • The average price per square foot was $168, the same as it was in May.
  • The average days on the market was 206 and the median days on the market was 193.

With 130 properties still in escrow on the South Lake Tahoe MLS, July should be another good month for closings. For more information about the South Lake Tahoe Real Estate market, please call Brent Johnson at (530) 416-2625!

May South Tahoe Real Estate Statistics

It seems that many of  the South Lake Tahoe home buyers that have been waiting for the bottom of the market are now jumping in and making offers. The South Lake Tahoe real estate market was very active in May with 66 single family homes and condos closing escrow. There were also many multiple offer situations on properties that were priced correctly. I personally was involved with 9 properties with multiple offers, most of which sold at over asking price.

The current inventory of homes for sale in South Lake Tahoe remains low. There are now 368 single family homes listed on the mls adn 150 (41%)  of them are in escrow. With only 218 available listings, there is not a lot to choose from which is one reason that there has been so many multiple offer situations.

South Tahoe Real Estate Statistics for May 2012

  • There were 66 single family homes and condos that were sold in May, up from 46 sales in April and up from only 39 sales in May 2011.
  • The median sales price of the homes in South Lake Tahoe was $247,775, up from $222,000 in April and down from $285,000 in 2011.
  • The average sales price was $349,102, up from $285,620 in April and up from $309,595 in May 2011.
  • The average price per square foot was $190, up from $168 in April and up from $183 in 2011.
  • The average days on the market was 186 and the median days on the market was 132.

Bank owned foreclosures currently account for 43 of the current listings on the South Lake Tahoe MLS. Out of the 43 foreclosure listings, 25 are in escrow and 18 are still active. In May there were 17 foreclosures that were sold which had an average price per square foot of $142.

Bank Owned Foreclosure Statistics

  • There were 17 foreclosure sales in May, down from 18 sales in April.
  • The average sales price of the foreclosures in South Lake Tahoe was $$211,258, down from $252,833 in April.
  • The median sales price of the foreclosures was $193,800, up from $182,500 in April.
  • The average price per square foot was up to $142 from $140 in April.
  • The average days on the market was 93 and the median days on the market was only 92.

May was also a good month for Short Sales in South Lake Tahoe. There were 12 short sales that closed escrow in the month of May. This is double the number of short sales that were sold in April and is the highest number so far this year.

Short Sales in South Lake Tahoe

  • There were 12 short sales in South Lake Tahoe  that closed escrow in May, up from 6 in April.
  • The average sales price of the short sales was $256,611, up from $252,833 in April.
  • The median sales price of the short sales was $226,688, down from $230,000 in April.
  • The average price per square foot was $168, up from $167 in April.
  • The average days on the market was 211 and the median days on the market was 211.

For more information about the South Lake Tahoe real estate market, please call

March South Tahoe Real Estate Statistics

March was not only a great month for skiers and boarders, it was a great month for the South Tahoe Real Estate market. Many Tahoe locals call this month “Miracle March” during dry winters in hopes of some big snow storms. This March was not quite a “Miracle March”, but we did see some improvement in both our Sierra snow-pack and the Tahoe estate market. The number of homes sold, the average price, median price, and average price per square foot were all up from the last two months. The majority of the properties sold in March were non-distress sales for the first time this year as well. Only 49% of the home sales in South Lake Tahoe were distress sales, down from 66% in February.

March South Tahoe Real Estate Statistics

  • There were 55 single family homes/condos that were sold in March, up from 38 in February and up from 49 in March 2011.
  • The average sales price of the homes that were sold was $325,157, up from $246,326 in February and down from $359,201 in March 2011.
  • The median sales price was $255,000, up from $201,000 in February and down from $313,000 in March 2011.
  • The average price per square foot was $177, up from $161 in February and down from $211 in March 2011.
  • The average days on the market was 143 and the median days on the market was 108, down from an average of 157 and a median of 121.

Foreclosures in South Tahoe

  • There were 19 bank owned foreclosures in South Lake Tahoe that were sold in March, up from 17 that were sold in February.
  • The average sales price of the bank owned foreclosures was $231,838, up from $185,812 in February.
  • The median sales price of the bank owned foreclosures was $194,000, up from $185,000 in February.
  • The average price per square foot for the bank owned foreclosures was $138, the same as February.
  • The average days on the market was 98 and the median days on the market was 85 (including the escrow period).

Another interesting statistic that I noticed was that 13 of the 19 foreclosures that were sold last month sold for asking price or above asking price.

Short Sales in South Lake Tahoe

  • There were 8 short sales in South Lake Tahoe that were sold last month, the same number of short sales that were sold in February.
  • The average sales price of the short sales was $219,250, up from $212,763 in February.
  • The median sales price of the short sales was $193,500, up from $181,000 in February.
  • The average price per square foot was $155, down from $159 in February.
  • The average days on the market was 193 and the median days on the market was 149.

The buyer activity in South Lake Tahoe really picked up last month. It was amazing to see how many multiple offer situations that there was. Out of the 8 offers that I wrote last month, every one of them was in a multiple offer situation. Hopefully we will see an increase in the number of homes for sale in South Lake Tahoe to satisfy the needs of the increasing number of Tahoe  home buyers.

January South Tahoe Real Estate Statistics

Distress sales accounted for a large portion of the South Lake Tahoe real estate market during the first month of the New Year. There were 44 single family homes and condos that were reported as sold on the South Lake Tahoe MLS, 30 of the sales were distress sales. With 68% of the home sales in South Tahoe being distress sales,  prices were negativily affected. The average price per square foot, median sales price, and the average sales price were down sharply in January from what they were in December.

January South Lake Tahoe Real Estate Statistics

  • There were 44 single family homes and condos that were sold on the South Lake Tahoe MLS in January 2012, down from 63 in December 2011.
  • There were 30 distress sales which accounted for 68% of the January sales, there were 34 distress sales in December which accounted for 54% of the sales that month.
  • The average sales price of the South Tahoe homes sold was $257,174, down from $379,393 in December.
  • The median sales price was $250,000, down from $265,000 in December and down from $319,500 (21.8%) from what it was in January 2011.
  • The average price per square foot was $160, down from $189 in December.
  • The average days on the market including the escrow period was 140 and the median days on the market was 135.

Foreclosures in South Lake Tahoe

  • There were 21 bank owned foreclosures in South Lake Tahoe that were sold in January, up from 20 in December.
  • The average price per square foot for the foreclosures that were sold on the South Lake Tahoe MLS was $135, down from $163 in December.
  • The average sales price of the foreclosures was $196,650, down from $235,370 in December.
  • The median sales price of the foreclosures was $168,500, down from $169,000 in December.
  • The average days on the market for the foreclosures was 123 and the median days on the market was 119

Short Sales in South Lake Tahoe

  • There were 9 short sales in South Lake Tahoe  that were sold in January, down from 14 in December.
  • The average price per square foot for the short sales was $183, up from $181 in December.
  • The average sales price of the short sales was $348,556, up from $316,311 in December.
  • The median sales price of the short sales was $279,000, up from $225,500 in December.
  • The average days on the market for the short sales was 153 and the median days on the market was 273.

The current inventory of single family homes and condos on the South Lake Tahoe MLS is very low. The inventory is actually lower than it has been since January of 2006. There are currently only 372 single family homes and condos listed on the MLS.

Out of the 372 listings, 103 of them are in escrow and 269 are still available. Included in the current inventory are 57 bank owned foreclosures. Out of the 57 bank owned listings, 23 are in escrow, and 34 are still available.

There are now 78 short sales listed on the South Tahoe MLS. Of the 78 short sale listings, 44 are in escrow and 34 are still available.

For more information regarding real estate in South Lake Tahoe, or to set up an appointment to view any of the properties that are for sale, please contact me by email at BjJohnson@ChaseInternational.com or on my cell phone at (530) 416-2625.

December South Tahoe Real Estate Statistics

The South Lake Tahoe real estate market ended 2011 with a bang! There were 63 single family properties sold on the South Lake Tahoe MLS and the median sales price, average sales price, and price per square foot were up from what they were in November. Out of the 63 single family properties that were sold, 62 were free standing homes and only one was a condo. The condo that was sold was an end unit bank owned foreclosure by Heavenly Valley Ski resort which I had the buyer for. There were 34 distress sales last month which accounted for 54% of the December sales. There were 20 bank owned foreclosures that were sold and 14 short sales that were sold.

December South Tahoe Real Estate Statistics

  • There were 63 single family homes and condos that were sold in December, up from 43 in November.
  • The average price per square foot for the homes sold was $189, up from $163 in November.
  • The average sales price of the single family homes that were sold was $379,393, up from $258,806 in November.
  • The median sales price of the sold homes was $231,000, up from $228,800 in November.
  • There were 20 bank owned foreclosures in South Lake Tahoe that were sold, up from 16 in November.
  • There were 14 short sales in South Lake Tahoe that were sold, up from 10 in November.

South Lake Tahoe Foreclosure Statistics

  • There were 20 bank owned foreclosures sold in December.
  • The average price per square foot of the foreclosures that were sold was $163, up from $152 in November.
  • The average sales price of the foreclosures was $235,370, down from $274,594 in November.
  • The median sales price of the foreclosures was $169,000, down from $189,000 in November.
  • The average days on the market for the foreclosures was 101 days.

South Lake Tahoe Short Sale Statistics

  • There were 14 short sales in South Lake Tahoe that were sold in December on the South Lake Tahoe MLS.
  • The average price per square foot for the short sales was $181, up from $146 in November.
  • The average sales price  was $316,311, up from $222,787 in November.
  • The median sales price of the short sales was $225,500,  up from $204,936 in November.
  • The average days on the market was 224 days and the median days on the market was 204 days.

Currently there are 382 single family condos and  houses listed for sale in South Lake Tahoe on the MLS.  Out of the 382 listings, 105 are in escrow and 277 are still active. There are 63 Bank owned foreclosures on the MLS and 26 of the foreclosures are in escrow. Short sales account for 79 of the current listings and 50 of the short sales are currently in escrow.