South Lake Tahoe Real Estate Review for April, 2014

The month of April is a period when the Lake Tahoe basin experiences quite noticeable changes. The snow begins to melt, the native vegetation comes to life, and the wildlife comes out of hibernation.

There is also a noticeable change in the South Lake Tahoe Real Estate market during this period. Home sellers also come out of hibernation. Many sellers take their properties off of the market during the winter months and others wait for the spring and summer to list their homes when they are clear of snow and looking their best.

The inventory of homes for sale in South Lake Tahoe is just starting to increase. The number of single family homes and condo/townhouses listed on the South Lake Tahoe MLS is now at 300, up from 272 in March. Out of the 300 listings, 228 are active and 72 are currently in escrow.

The typical increase in inventory in the spring is around 20%, so we should continue to see an increase of inventory over the next few months.  With the interest rates remaining low and the number of home buyers looking to purchase in Tahoe it should be a very busy market this summer.

Buyers just coming in to the South Lake Tahoe real estate market should keep in mind that foreclosures and short sales are getting very hard to come by. Short sales and foreclosures only account for 1.8% of the active inventory of homes for sale in South Lake Tahoe. There are 2 active shorts sales and 2 active foreclosures currently listed on the South Lake Tahoe MLS. The other thing to keep in mind is that the low end price range is beginning to disappear. The inventory of properties for sale under $200,000 is extremely low, in fact there are only two decent single family properties listed under $200,000 that would even qualify for any kind of financing.

Here is a breakdown by price range of the properties that are currently in escrow:

• Under $200,000- 2 properties
• $201,000 to $300,000- 26 properties
• $301,000 to $400,000- 14 properties
• $401,000 to $500,000- 15 properties
• $501,000 to $600,000- 5 properties
• $601,000 to $700,000- 6 properties
• $701,000 to $800,000- 3 properties
• $801,000 to $999,000- 0 properties
• Over One Million- 1 property

South Lake Tahoe Real Estate Statistics

• There were 53 homes and condos that were sold on the South Lake Tahoe MLS in April, the same number of properties sold in March, and down from 60 sales in April, 2013.
• The median sales price was $331,500, down from $334,000 in March and up from $267,500 in April, 2013.
• The average price of the homes that were sold was $405,587, down from $474,950 in March and down from $443,983 in April, 2013.
• The average price per square foot was $257, up from $227 in April, 2013.
• The average days on the market was 128 and the median days on the market was 84.
• There were 3 short sales and 3 bank owned foreclosures that were sold in April, down from 4 foreclosures and 4 short sales in April, 2013.

If you are thinking of getting into the South Lake Tahoe Real Estate market, now may be as good of a time as ever. Interest rates are still low and with slight increase of inventory there are a few more properties to choose from. If you have any questions about the South Lake Tahoe Real estate market or would like to set up an appointment to look at properties you can call Brent Johnson at (530) 416-2625 or email me at bjohnson@chaseinternational.com!

March South Lake Tahoe Real Estate Update

Although there were 53 homes in South Lake Tahoe that were sold during the month of March, it was the first month in the last 14 that the median sales price did not increase. The median sales price of single family homes in March remained the same as the previous month, $334,000 which is up 28.5% from March, 2013.

There are currently 272 total single family and condo listings on the South Lake Tahoe MLS. Out of the 272 listings, 193 are active and 79 are active pending (in escrow). The 79 escrows represent 29% of the total inventory. Distress sales account for 20.3% of the properties currently in escrow (11 short sales and 5 bank owned listings).

So far this year there have been 143 single family homes and condos that have closed escrow in South Lake Tahoe. Bank owned foreclosures have accounted for 3.5% of the sales (5) and short sales have accounted for 8.4% of the sales (12).

South Lake Tahoe Real Estate Statistics for March

• There were 53 homes and condos sold on the South Lake Tahoe MLS in March, up from 38 in February and up from 51 in March, 2013.
• The median sales price in March was $334,000, the same as last month and up from $260,000 from March, 2013.
• The average sales price was $474,950, up from $369,079 last month, and up from $389,702 in March, 2013.
• There were only 3 short sales that closed escrow in March and there were NO foreclosures that were sold.
• The median days on the market was 83 days and the average days on the market was 123 days.

The South Lake Tahoe Real Estate market should continue to be active as the summer approaches. We are already noticing an increase in listings as we usually do this time of year. Last month there were only 150 active single family and condo listings and we are now up to 193 active listings!

If  you would like more information regarding the South Lake Tahoe Real Estate market, please call Brent Johnson at (530) 416-2625 or email me at bjohnson@chaseinternational.com  today!