South Lake Tahoe Real Estate Update for November, 2013
The South Lake Tahoe Real Estate market continues to stabilize as inventory levels decrease and as the median sales price increases. There are now only 160 active single family homes and 27 active condo/townhouses listed on the South Lake Tahoe MLS. There are 265 total single family homes and condos that are currently listed and 78 of the properties are in escrow. The 78 escrows represent 29.4% of the inventory.
Distress sales now only account for 4.8% of the active South Lake Tahoe Real Estate inventory (3 short sales and 6 bank owned properties). Distress sales account for 26.9% of the inventory that is currently in escrow (18 are short sales and 3 are bank owned properties). The percentage if distress sales is deceivingly high because many short sales seem to be endlessly in escrow and accumulate over time. So far this year there have been 43 bank owned properties sold which accounts for only 6.4% of the closings. In 2012 there were 172 bank owned properties sold which was 23.2% of the closings. There have been 50 short sales sold so far this year on the South Lake Tahoe MLS which accounts for 7.5% of our closings. Last year there were 124 short sales sold which accounted for 16.8% of total closings.
The most active price range in the South Lake Tahoe Real Estate market continues to be under $400,000. There are 56 properties in South Lake Tahoe that are in escrow under $400,000. There are only 8 properties in escrow that are listed over $600,000 including 5 that are over $1,000,000. The most active price range is $200,000 to $300,000 which has 24 single family houses and condos currently in escrow.
South Lake Tahoe Real Estate Statistics for November, 2013
- There were 49 single family homes and condos that were sold on the South Lake Tahoe MLS, down from 62 in October and down from 71 in November, 2012.
- The median sales price rose to $325,000 from $320,000 in October and up from $245,000 in November, 2012 (a 32.7% increase in 12 months).
- The average sales price was $420,686, down from $420,820 last month and up from $397,279 last November.
- The average price per square foot was $235, down from $242 last month and up from $204 last November.
- The average days on the market was 101 and the median days on the market was 129.
There were only 3 short sales and 1 bank owned foreclosure that were sold on the South Lake Tahoe mls in November. There were 10 bank owned foreclosures and 8 short sales that were sold in November, 2012.
Although the inventory of homes for sale in South Lake Tahoe is currently on the low side, it can still be a great time to be on the lookout for a property. Sellers that keep their houses on the market throughout the winter are real sellers and have a reason for selling. The same thing goes for new listings. If you see a new listing coming on the market during the winter in Lake Tahoe there is a good chance that the seller is motivated. If you have any questions about the South Lake Tahoe Real Estate market or if you would like to set up an appointment to see some of the properties currently for sale please call Brent Johnson at (530) 416-2625!
