Foreclosures in South Lake Tahoe

November South Tahoe Real Estate Stats

In November there were 43 single family properties in South Lake Tahoe that were sold on the South Tahoe MLS. Out of the 43 sales, 40 were single family homes and 3 were condos. Although the number of home sales was down from October which had 61 sales, it was up from last November which had 42 sales. There were 26 distress sales which accounted for 63% of the properties that were sold in November. There were 16 bank owned foreclosure sales and 10 short sales that were sold.

November South Lake Tahoe Real Estate Statistics

There were 43 single family homes and condos in South Lake Tahoe that were sold in November.
The average price per square foot of all of the homes sold was $163, down from $188 in October.
The average sales price was 258,806, down from $293,666 in October.
The median sales price was $228,800, down from $229,000 in October.
There were 16 bank owned foreclosure sales, up from 14 in October.
There were 10 short sales that were sold, up from 6 in October.
The average days on the market was 158 and the median days on the market was 126.

November Statistics for Foreclosures in South Lake Tahoe

There were 16 bank owned foreclosures sold on the South Lake Tahoe MLS.
The average price per square foot was $152, down from $162 in October.
The median sales price was $189,000, up from $179,750 in October.
The average sales price was $274,594, up from $243,457 in October.
The average days on the market for the foreclosures was 106 and the median days on the market was 114.

November Statistics for Short Sales in South Lake Tahoe

There were 10 short sales that were sold on the South Tahoe MLS.
The average price per square foot for the short sales was $146, down from $154 in October.
The average sales price was $222,787, down from $276,833 in October.
The median sales price was $204,936, down from $272,500.
The average days on the market was 268 and the median days on the market was 234.

The resale homes that were sold last month (non-distress sales) sold with an average price per square foot of $182 which was higher than both the bank owne foreclosures and the short sales. There are currently 298 active single family homes and condos that are available on the mls and there are 117 that are in escrow. December should be another good winter month for closings with 117 properties still in escrow. Now all we need is

South Tahoe Real Estate Inventory

The number of available homes for sale on the South Lake Tahoe MLS continues to decrease as buyer activity remains steady. The inventory of available homes for sale in South Tahoe usually declines this time of year as many sellers take their homes off of the market for the winter. This season seems to be a little different. With 116 single family homes currently in escrow, the buyers are the ones that are decreasing the inventory.

There are currently 444 total single family listings on the South Lake Tahoe MLS including both houses and condos. Out of the 444 listings, 116 are in escrow and 328 are available active listings. The 116 properties in escrow represent 26.1% of the total inventory in escrow. Distress sales account for 68.1% of the properties that are currently in escrow. There are 25 bank owned foreclosures and 54 short sales that are in escrow. Distress sales only account for 25.9% of the active listings. There are 43 bank owned foreclosures and 42 short sales that are currently active on the MLS (not in escrow).

Here is a breakdown by price range of the 116 escrows:

38 properties under $200,000
29 properties from $201-$300,000
22 properties from $310-$400,000
13 properties from $401-$500,000
6 properties from $501-$600,000
2 properties from $601-700,000
2 properties from $701-800,000
0 properties from $801-900,000
4 properties over 1 million

So far this year there have been 504 single family homes and condos that have been sold in the city and county areas of South Lake Tahoe on the South Tahoe MLS. Bank owned foreclosures have accounted for 158 (31.3%) of the closings and short sales have accounted for 81 (16.1%) of the closings.

October South Lake Tahoe Real Estate Statistics

Buyer activity remained strong in October with 61 single family properties reported as sold on the South Lake Tahoe MLS. There were 62 single family properties that were sold in September, only one more than October. Of the 61 single family properties that were sold, 54 were detached single family homes and 7 were condos.

Distress sales accounted for 20 of the properties in South Lake Tahoe that were sold in October. There were 14 bank owned foreclosures and 6 short sales that were sold last month. This is down from 27 distress sales in September when 17 foreclosures and 10 short sales were sold.

There were two lakefront sales, one for $3,700,000 and one for $4,200,000 that really skewed the average price per square foot and average sales price. Using the lakefront sales the average price per square foot was $227, without the lakefront sales the average price per square foot was $188. For the following statistics I have excluded the lakefront sales.

October South Tahoe Real Estate Statistics

There were 61 single family homes in South Lake Tahoe that were sold in October, down from 62 in September.
The average price per square foot of the home sold was $188, up from $183 in September.
The average sales price was $293,666, down from $306,721 in September. The average sales price was $415,938 including the two lakefront sales.
The median sales price was $229,000, down from $233,250.
There were 14 foreclosures in South Lake Tahoe that were sold on the South Lake Tahoe mls, down from 17 in September.
There were 6 short sales in South Lake Tahoe that were sold, down from 10 in September.
The average days on the market was 155 and the median days on the market was 114.

October Statistics for Foreclosures in South Lake Tahoe

There were 14 bank owned foreclosures that were sold on the South Lake Tahoe MLS in October, down from 17 in September.
The average price per square foot was $162, up from $145 in September.
The average sales price was $243,457, down from $$258,292 in September.
The median sales price was $178,750, down from $213,357 in September,
The average days on the market was 84 and the median days on the market was 83.

October Statistics for Short Sales in South Lake Tahoe

There were 6 short sales in South Lake Tahoe that were reported as sold on the South Lake Tahoe MLS, down from 10 in September.
The average price per square foot was $154, down from 193 in September.
The average sales price for the short sales was $276,833, down from $331,252 in September.
The median sales price for the short sales was $$272,500, up from $215,000 in September.
The average days on the market was 223 and the median days on the market was 204.

With current mortgage interest rates at all time lows and 110 properties currently in escrow on the South Lake Tahoe MLS we should another great month of closings in November!

South Tahoe Real Estate for July 2011

As of July 31st there were 497 single family homes and condos listed on the South Tahoe MLS. Out of the 497 property listings, 85 were in escrow and 412 were active. Short sales accounted for 81 of the listings and foreclosures accounted for 63 of the listings. Although the Median sales price seemed to have leveled off from October through March, it began to slip again this summer. The Median sales price of the homes sold has gone down 10.9% from what it was in July 2010.

Distress sales accounted for 55% of the properties that were sold in July. There were 15 foreclosures that were sold and 8 short sales that were sold. The foreclosures had an average sales price per square foot of $150, the short sales had an average price per square foot of $199 and the non-distress sales had an average price per square foot of $199. All of the properties together had an average sales price per square foot of $182.

July 2011 South Lake Tahoe Real Estate Statistics

The median sales price of the properties in South Lake Tahoe that were sold in July 2011 was $291,000, down from $298,250 in June.
The average sales price of the properties that were sold in South Lake Tahoe was $301,743, down from $394,809 in June.
The average price per square foot was $182, down from $191 in June.
The average days on the market was 133 and the median days on the market was only 77.
There were 15 foreclosures in South Lake Tahoe that were sold in July, there were 16 foreclosures that were sold in June.
There were 8 short sales in South Lake Tahoe that were sold in July, there were 11 short sales that were sold in June.

There was more activity on Lots in South Lake Tahoe last month than there has been in a long time. There were 5 lots reported as sold on the South Lake Tahoe MLS, but there were 6 that were actually sold. The prices ranged from $25,000 all the way up to $200,000. Currently there are 162 lots listed on the MLS and only 9 of them are in escrow.

Tahoe Keys Condos accounted for 3 of the 5 condos that were sold in July. The least expensive Keys condo was a 3 bedroom, 2 bath condo with a boat dock that sold for $250,000. There are currently 63 condo listings on the South Tahoe MLS. There are 6 condos that are in escrow and 57 that are active.

Lake Tahoe Real Estate Statistics for June 2011

June ended up being a very busy month of closings for the South Lake Tahoe Real Estate market. There were 49 single family homes that were reported as sold on the South Lake Tahoe MLS which was up from 35 homes in May. Although the June median sales price increased from May, it was down 8.7% from what it was in June 2010.

The number of distress sales (short sales and foreclosures) that were sold in June was up from how many were sold in May, but the percentage of distress sales went down. In May, 22 of the 35 (63%) homes that were sold were distress sales. In June, 27 of the 49 (55%) homes that were sold were distress sales. Foreclosures accounted for 16 of the distress sales and short sales accounted for the other 11 distress sales that were sold in South Lake Tahoe.

June Lake Tahoe Real Estate Statistics

The median sales price for the homes in South Lake Tahoe that were sold in June was $298,250 (up from $285,000 in May, but down from $326,250 in June 2010).
The average sales price for the homes in South Lake Tahoe that were sold in June was $394,809 (up from $316,777 in May).
The average price per square foot was $191 which was up from $183 in May.
The average days on the market was 194 and the median days on the market was 138.
There were 16 bank owned foreclosures in South Lake Tahoe that were sold in June.
There were 11 short sales in South Lake Tahoe that were sold in June.

The short sales in South Lake Tahoe that were sold in June has an average price per square foot of $187 while the foreclosures that were sold had an average price per square foot of $156.

The short sales had an average sales price of $365,091 and the foreclosures had an average sales price of $263,791.

The short sales had a median sales price of $232,000 and the foreclosures had an average sales price of $203,000.

The short sales had an average days on the market of 262 and the foreclosures had an average days on the market of only 82.

The 7 foreclosures in South Lake Tahoe that were sold within the first 60 days of being listed sold for an average of 102% of list price (2% over asking price). 61-90 days was 99.31% of the list price. 91-120 days was 96.08% of the list price. 120+ days on the market was 94.41% of the list price.

There were 8 condos in South Lake Tahoe that were reported as sold on the South Lake Tahoe MLS. There were 3 condos that were sold in the Tahoe Keys area. One of the condos that was sold was a short sale, and one of the condos was a foreclosure.

There were 4 multi-family properties that were sold in June. Three of the sold multi-family units were duplexes and one was a 6 unit apartment building that sold for $400,000. One of the duplexes that was sold was a short sale and one of the duplexes was a bank owned foreclosure.

There was only one lot sold in June and it was my listing on Panorama. This was a large 14,000 square foot lot that sold for $78,000.

Currently on the South Lake Tahoe MLS there are 474 single family homes in the City and County areas that are listed for sale. 81 of those listings are active pending.

South Tahoe Real Estate Review for May

After a very long winter here in Lake Tahoe the weather is finally warming up and Highway 50 is busy with visitors looking to escape the heat of the valley. The South Lake Tahoe Real Estate market should heat up this summer as well now that home prices are the lowest that they have been in years.

In May there were 35 homes in South Lake Tahoe that were sold on the South Tahoe MLS. Distress sales accounted for 22 of the 35 home sales. Short sales accounted for 8 of the distress sales and foreclosures accounted for the other 14.

Both the average sales price and the median sales prices were down sharply last month. The average price per square foot was only down slightly.

South Lake Tahoe Real Estate Statistics

The average price per square foot of the sold houses in South Lake Tahoe in May was $183 per square foot, down from $186 per square foot in April.
The average sales price was $316,777, down from $342,063 in April.
The median sales price was $285,000, down from $314,500.
The average days on the market was 163 and the median days on the market was 114.
There were 8 short sales in South Lake Tahoe that were sold in May, the same number of short sales that were sold in April.
There were 14 foreclosures in South Lake Tahoe that were sold in May, the same number of foreclosures that were sold in April.

The foreclosures in South Lake Tahoe that were sold in May had an average price per square foot of $153 and the short sales had an average price per square foot of $173. The non distress sale properties that sold had an average price per square foot of $221. The average sales price of the foreclosures was $262,193 vs $400,963 for the non distress sales. The median sales price of the foreclosures in South Lake Tahoe that were sold was $$205,000 vs $360,000 for the non distress sales.

The short sales in South Lake Tahoe that were sold had an average price per square foot of $173, a median sales price of $244,000 and an average sales price of $275,000.

As you can see, the distress sales continue to bring down the average sales price, median sales price, and average price per square foot of the home sales in South Lake Tahoe.

Tahoe Keys Real Estate

Spring is the time of year when the homes in the Tahoe Keys begin to sell as well. This year the lake is almost full and the water levels in the Tahoe Keys look Great! There were 6 Tahoe Keys properties that were sold in May. There were 2 Tahoe Keys condos that were sold and 4 homes that were sold. Two of the homes that sold were foreclosures and one was a short sale.