Foreclosures in South Lake Tahoe

Lake Tahoe Real Estate Statistics for June 2010

June was a great month for Real Estate in South Lake Tahoe. There were 53 single family homes that closed escrow in June, more than any other month so far this year. The increase in the number of home sales was partially driven by the expiration of the first time home buyer tax credit which expired on June 30. Another factor was that there were a lot of short sales that had been in escrow for a long period of time that ended up closing in June. Almost half of the homes sold last month were distress sales. There were 14 bank owned foreclosures and 12 short sales that were sold. That is a substantial increase from May when 9 foreclosures and 7 short sales were sold.

South Lake Tahoe Real Estate Statistics for June 2010

There were 53 single family homes in South Lake Tahoe that sold in June, up from 42 sales in May.
26 of the sold homes were distress sales (14 foreclosures and 12 short sales).
The median sales price of the sold homes was $319,000, down from $322,000 in May.
The average sales price of the sold homes was $416,292, down from $462,367 in May. The average sales price in May drops down to $387,667 if the $3,525,000 lakefront Tahoe Keys home is removed from the average.
The average days on the market was 179 and the median days on the market was 114.
The average price per square foot was $209, down from $216 in May.

Prices for single family homes actually went up in June 2010 compared to June 2009. The median sales price was up 6% from $300,000 in 2009. The average sales price was up was up 17% from $346,317 in 2009. And the number of single family home sales was up 23% from 41 in 2009. The number of distress sales was up in 2010 as well. There were 26 distress sales in June 2010 compared to 16 in June 2009.

Distress sales continue to bring down the average and median sale prices of the homes sold in Tahoe. The foreclosures in South Lake Tahoe that sold in June had a very low average price per square foot of $157. The median sales price of the foreclosures was only $198,000, the average sales price was $255,107. The low prices of the foreclosures are reflective of the condition of the properties. Many of the foreclosures sold in June were in need of repairs. The distress sales will continue to drive down the median and average sales prices as long as they are around.

Currently there are 512 single family homes listed on the South Lake Tahoe MLS, 70 of those homes are in escrow. There are 33 bank owned foreclosures for sale in South Lake Tahoe, 9 are in escrow. There are 77 short sales listed on the MLS and 35 of them are in escrow.

May South Tahoe Real Estate Stats

May was a much better month for the South Lake Tahoe real estate market than it was for the stock market! There were 42 single family homes that closed escrow in South Tahoe during the month in May 2010. This is a significant increase from the 27 homes that closed escrow in May 2009. The stock market did not fair nearly as well!

Distress sales were once again on the decline. Distress sales only accounted for 38% (16) of the sales in May, down from 48% in April, and down from 58% in March. Foreclosures accounted for only 9 of the closed sold homes, short sales accounted for the other 7.

May South Tahoe Real Estate Statistics

There were 42 single family homes reported as sold on the South Lake Tahoe mls in the month of May. This is up from 27 in May 2009 and down from 46 in April 2010.
The average price of the homes sold was $462,367 (The average drops to$387,669 if I take out the lakefront Keys sale for $3,525,000) The average sales price was $386,177 in April and $355,633 in May 2009.
The median sales price of the homes sold in May was $322,000. This is down from $329,163 in April and up from $315,000 in May 2009.
The average price per square foot was $216. The average price per square foot was $211 in April and $222 in May 2009.
The average days on the market was 145, down from 158 in April and down from 147 in May 2009.
The median days on the market was 99, down from 112 in April and down from 137 in May 2009.

The distress sales that sold in May had a very low price per square foot compared to the non-distress sales. The foreclosures that sold had an average price per square foot of $165 and the short sales had an average price per square foot of $170. The price per square foot for the non-distress sales was $245.

Here are some other interesting statistics for the distress sales sold in May:

Including the escrow period, the foreclosures had an average days on the market of 66. The sold short sales averaged 286 days!
The foreclosures had a median days on the market of 76 days including the escrow period. The sold short sales had a median days on the market of 204!
The average sales price of the foreclosures was $257,156. The average sales price was $479,857 for the short sales.
The median price of the sold foreclosures was $229,900. The median sales price was $525,000 for the short sales.

There were only two lots in South Lake Tahoe that sold in May. Both lots that sold were in the North Upper Truckee area. One was a lot in the burn area that sold for $145,000 and one was a 10,511 square foot lot that sold for $95,000.

There was one condo that sold in May. This was a 2 bedroom 1.5 bath unit in the Tahoe Keys that sold for $290,000.

There was also only one multi family unit that sold in May. This was a property that had 2 houses on one lot in the Tahoe Island Drive area. These homes sold for $240,500.

The most active area of the South Lake Tahoe real estate market continues to be the single family homes. It is great to see that the percentage of short sale and foreclosure sales has continued to decline for the third consecutive month. The percentage of distress sale closings has gone down to 38% from 65% in February. This is another sign of stabilization in the housing market. I hope that it continues!

April South Lake Tahoe Real Estate Statistics

As usual, when the weather warms up in South Lake Tahoe, the real estate market follows. Home sales continued their upward trend and rose from 40 houses sold in March, to 46 houses sold in April. This is a huge jump from April 2009 when only 26 houses closed escrow. The continuing improvements in the economy, low interest rates, low prices, and the first time home buyer tax credits stimulated the increase in sales. There are currently 438 listings on the South Lake Tahoe MLS, and 108 of them are in escrow.

Distress sales dropped from 58% of the sales in March to 48% in April. There were 18 bank owned foreclosures and 4 short sales that sold in April. Currently there are 30 bank owned foreclosures listed on the South Lake Tahoe MLS, and 15 are in escrow. There are 79 short sale listings, and 50 of the short sales are in escrow.

April South Lake Tahoe Real Estate Statistics

There were 46 single family home sales in April, up from 40 in March, and up from 26 in April 2009.
The average price of the homes sold in South Lake Tahoe was $386,177, down from $404,053 in March, and up from $327,342 in April 2009.
The median sales price was $329,163, down from $350,500 in March, and up from $295,000 in April 2009.
The average price per square foot was $211 which was down from $221 in March, and up from $204 in April 2009.
The average days on the market was 158 which was up from 141 in March, and down from 190 in April 2009.
The median days on the market was 112 which was up from 111 in March, and up from 108 in April.
There were 18 bank owned foreclosures that sold in April, up from 16 in March, and up from 7 in April 2009.
There were 4 short sales that sold in April which was down from 7 in March, and up from the 2 that sold in April 2009.

Spring and Summer is also the time that the Tahoe Keys Real Estate typically begins to pick up. In April there were 5 houses that sold in the Tahoe Keys area. One of the houses sold was a foreclosure and one was a short sale. There are currently 66 listings in the Tahoe Keys on the South Lake Tahoe MLS and only 9 are in escrow. The least expensive single family home listing on the water is my listing at 2213 Texas. This is a 3 bedroom, 2 bath, 2 car garage house that has been completely remodeled and has great views.

For more information about the South Lake Tahoe real estate market, please call California and Nevada real estate agent Brent Johnson today!!!

March South Lake Tahoe Real Estate Review

Single family home sales in South Lake Tahoe jumped from 23 sales in February to 40 home sales in March. Distress sales accounted for 23 of the 40 homes sold. There were 16 bank owned foreclosures and 7 short sales that closed escrow in March. The total inventory of homes on the South Lake Tahoe MLS remained stable with 412 single family listings. 302 of the listings are active and 110 are active pending. At the end of February there were 401 listings and 103 were in escrow. In the current inventory there are 110 short sale listings and 42 bank owned foreclosures. 87 of 110 short sales are in escrow and 21 of the 42 foreclosures are in escrow.

South Lake Tahoe MLS Statistics for March

40 Single family homes in South Lake Tahoe sold in March, up from 23 in February 2010, and up from 28 in March 2010.
The average sales price for the homes in South Lake Tahoe that sold was $404,053, down from $405,461 in February, and down from $445,679 in March 2009.
The median sales price of the homes sold was $350,500, up from $312,500 in February, and down from $366,250 in March 2009.
The average sales price per square foot was $221, up from $213 in February, and down from $222 in March 2009
The average days on the market was 141, down from 176 in February.
The median days on the market was 111, down from 119 in February.
There were 16 bank owned foreclosures in South Lake Tahoe that sold, up from 11 in February, and up from 9 in March 2009.
There were 7 short sales that closed escrow, up from 4 in February, and up from 4 in March 2009.

Distress sales accounted for 58% of the single family houses sold in March. This is down from 65% in February. In March 2009 the percentage of distress sales was 46%.

The foreclosures in South Lake Tahoe that sold in March sold for a very low price per square foot of $190. This is much lower than the non-distress sale price per square foot which was $249. The median days on the market for the foreclosures was 88.

Although home prices in South Lake Tahoe have not started to increase, buyer activity has. Home buyers are finding great prices on homes throughout South Lake Tahoe. For more information regarding South Lake Tahoe real estate please call Brent Johnson today!

February Real Estate In South Lake Tahoe Review

The inventory of active single family homes for sale in South Lake Tahoe remained relatively low in February. There are now 401 houses listed on the South Lake Tahoe MLS, 298 of the homes are active and 103 of the homes are in escrow. Distress sales are still the most active part of the real estate market in South Lake Tahoe. Out of the 103 houses in escrow, 51 are short sales and 22 are bank owned foreclosures.

There were 23 single family homes that closed escrow in February, down from 29 in February 2009, and also down from 32 in January. The difficulty with getting short sales closed is one of the reasons that the number of houses sold was down in February. There are currently 51 short sales that are in escrow, and only 4 short sales closed escrow last month! Each monthmore short sales go into escrow, and only a few end up closing. In January there were 40 short sales in escrow, and in December 2009 there were 38. With 51 short sales tied up in escrow, the number of closings is going to be negatively affected. As soon as some of the short sales that are in escrow start closing, the number of sold houses should get back on track.

February Statistics for the South Lake Tahoe Real Estate Market

There were 23 single family homes in South Lake Tahoe that sold in February, down from 32 in January, and down from 29 in February 2009.
The average sales price of the homes sold was $405,461, up from $348,328 in January, and down from $411,156 in February 2009.
The Median sales price of the homes sold was $312,500, down from $317,250 in January, and down from $319,000 in February 2009.
The average price per square foot was $213, up from $209 in January, and down from $231 in February 2009.
The average days on the market was 176, up from 162 in January, and up from 167 in February 2009.
The median days on the market was 119, up from 127 in January, and down from 125 in February 2009.
There were 11 bank owned foreclosures in South Lake Tahoe that sold, there were also 11 foreclosures sold in January, and there were 12 foreclosures that sold in February 2009.
There were 4 short sales that closed escrow in February, down from 8 sold short sales in January, and up from 1 sold in February 2009.

The percentage of distress sale closings has also continued to increase. In February 65% of the houses sold in South Lake Tahoe were either foreclosures or short sales. This percentage is up from 59% in January.

The foreclosures in South Lake Tahoe that sold in February had a very low average price per square foot of $171. The average sales price for the 11 foreclosures sold was $334,100 and the median sales price was $258,000. The foreclosures had an average days on the market of 79 including the escrow period.

When looking to purchase a foreclosure in South Lake Tahoe, the best advise that I have for home buyers is to act quickly. Most of the foreclosures go into escrow very quickly and have multiple offers in on them. There are many investors and home buyers that are currently in the market looking for deals. There are also many buyers looking to take advantage of the home buyer tax credit that expires on April 30th. If you see a foreclosure on the South Lake Tahoe MLS that you are interested in, make sure to call me before it is too late!

South Lake Tahoe Foreclosure News

Foreclosures in South Lake Tahoe still seem to be the target for investors, speculators, and home buyers looking for good deals. There are currently 49 foreclosures listed on the South Lake Tahoe MLS and 26 of them are currently in escrow. Out of the 56 homes sold so far this year on the South Lake Tahoe MLS, 22 were bank owned foreclosures. With the recent steady incoming inventory of foreclosures, buyers have been ignoring most of the non-distress sale listings.

DIstress sales (foreclosures and short sales) currently account for 74 of the 104 single family homes that are currently in escrow. There may be some relief in sight for the non-distress sellers. According to the Mortgage Bankers Association the end of the foreclosure crisis may be near.

“The continued and sizable drop in the 30-day delinquency rate is a concrete sign that the end may be in sight,” says Jay Brinkmann, MBA’s chief economist, in a published statement.

Brinkmann said that normally there is a large spike in short-term mortgage delinquencies at the end of the year because of high heating bills and holiday expenditures. This year, there was not only no spike, but the 30-day delinquency rate actually fell from 3.79 percent to 3.63 percent.

Thirty-day delinquencies have historically been a leading indicator of serious delinquencies and foreclosures, Brinkmann said.

“[This] gives us growing confidence that the size of the problem now is about as bad as it will get,” he said.

The decrease in the delinquency rate is not the only sign that the foreclosure crises in ending. According to an article in The Wall Street Journal by James R. Hagerty (02/23/2010), home buyers that are looking for a steal on a foreclosure is not as easy as it used to be.

“Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.

The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.

Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.

Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.”

Home buyers in South Lake Tahoe are also finding that it is more difficult to find a bargon on an under priced foreclosure. In most cases, the foreclosures that have been listed on the South Lake Tahoe MLS are attracting multiple offers. Many buyers are getting beaten out of deals 3 or more times before they are able to purchase a foreclosure. If the inventory of foreclosure listings follows the decrease in delinquencies, it will only get tougher to find a steal on a foreclosure.