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homes for sale in south lake tahoe

Gardner Mountain Cabin with a Great Yard!

806 Taylor Way

Offered at $219,000!

Click Here to see the Virtual Tour!

Completely rebuilt in 1990 this clean Gardner Mountain home is close to the bike trail, beaches, and Fallen Leaf Lake. The spacious fenced yard has a newer wood deck, paving stone walkway, and even a hot tub to soak in after a day on the mountain! One of the two full bathrooms has been recently remodeled with travertine tile floors and a granite tile shower. The low maintenance laminate flooring throughout gives this open floor plan a very open feeling. The insulated and finished one car garage is deep enough for a full size car and all of the toys. The subfloor has recently been re-insulated for energy conservation. This house is a must see! To set up an appointment to see this fabulous Gardner Mountain home, please call South Lake Tahoe Real Estate agent Brent Johnson today!

Additional Features Include

  • Double pane windows
  • Remodeled Bathroom
  • Deep Garage
  • Huge fenced yard
  • Hot tub
  • Much more!
If you would like a list of additional houses for sale in South Lake Tahoe or if you would like more information about South Lake Tahoe Real Estate call Brent Johnson at (530) 416-2625!

The Changing Real Estate Market in South Tahoe

What a difference a year makes! The housing inventory in South Lake Tahoe is substantially lower than what it was last year at this time. Typically the housing inventory is at its highest level in South Tahoe during the Spring and early Summer. Sellers that have taken their homes off of the market for the winter time and sellers that have waited for the snow to melt feel that the spring time is the time to sell. This year not as many sellers are listing their homes and there are not as many bank owned foreclosures on the market.

Last year at this time there were 503 total single family and condo listings in the city and county areas of South Lake Tahoe. This year there are only 419 total listings (this includes both active listings and listings that are in escrow).

There are currently only 249 active single family and condo listings on the South Lake Tahoe MLS. Last year there were 414 active listings. With 165 less active listings to choose from and more buyer activity, home buyers are required to be more aggressive in their offerand bidding stratigies.

Out of the 249 current active listings on the market, only 17 are short sales and 14 are bank owned foreclosures. Distress sales account for 12.4% of the current active inventory.  Last year there were 52 active short sales and 34 active bank owned foreclosures which was 20.8% of the active inventory.

Currently there are 170 single family homes and condos that are in escrow on the South Lake Tahoe MLS which is 40.6% of our inventory. Last year there were only 90 properties that were in escrow which accounted for only 17.9% of the inventory.

Distress sales account for 55.3% of the current listings that are in escrow. There are 65 short sales and 29 bank owned foreclosures that are in escrow. Last year distress sales accounted for 65.6% of the properties that were in escrow. There were 36 short sales and 23 bank owned properties that were in escrow.

So far this year there have been 271 total home/condo sales in South Lake Tahoe. During the same period last year there were 237 total closings. There have been 98 bank owned foreclosure sales (36.2% of closings) and 46 short sale closings (17% of closings). Last year there were 74 bank owned foreclosure sales (31.2% of closings) and 43 short sale closings (18.1% of closings).

Here is a breakdown by price range of the current escrows and the escrows in 2011 for the same period

  • Under $200,000             61 properties  (25 in 2011)
  • $201- $300,000             52 properties (25 in 2011)
  • $301-$400,000              22 properties (15 in 2011)
  • $401-$500,000              19 properties (13 in 2011)
  • $501-$600,000               7 properties (2 in 2011)
  • $601-$700,000               2 properties (4 in 2011)
  • $701-$800,000               0 properties (3 in 2011)
  • $801- $999,000               3 properties (1 in 2011)
  •  Over $1,000,000            4 properties (2 in 2011)

For more information about houses for sale in South Lake Tahoe 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.

Has California’s Housing Market Hit the Bottom?

Has California’s housing market hit the bottom? According to an article in the Wall Street journal by Jim Carlton, “California’s inventory of unsold, previously owned homes shrank to a five-year low in December, in another sign that the state may be coming out of its worst housing slump in decades.”

The supply of unsold single-family homes dropped to 3.8 months from 5.6 months a year ago and 16.6 months in January 2008, when inventories were at a peak, according to estimates by the California Association of Realtors. The inventory levels are now at their lowest levels since 2005, resulting in frenzied sales with multiple offers in some cities.

The current inventory rate is running well under California’s historical average since the 1980s of about an eight month supply of existing homes on the market. That’s partly because a once huge supply of foreclosures in the state has dwindled. In November, foreclosed properties accounted for 40% of all single family sales, new and used, in California, compared with 58% in January, according to the most recent estimates by Zillow.com a market tracker.

The current inventory of houses for sale in South Lake Tahoe is also down to its lowest level in January since 2007. There are currently 389 active listings on the South Lake Tahoe mls, 83 of the listings are in escrow and 306 of the listings are available. In January 2009 there were 403 active listings and only 36 were in escrow leaving 367 available homes. In January 2008 there were 399 active listings on the South Lake Tahoe mls and only 33 were in escrow leaving 366 available homes. In 2007 there were fewer active homes on the market (368), but still only 37 were in escrow making the inventory of available homes 331, more than the current inventory of 306.

Jim Carlton also points out that prices are also stabilizing. “Although most home prices remain well below their pre-bust highs of three years ago, California’s overall housing markets has shown stabilizing since early last year. The median price of an existing, single family home rose 8.4% from a year ago to $306,820, marking the second consecutive year-over-month jump, according to estimates by the state Realtors‘ association.

The median price of single family homes in South Lake Tahoe was much different than state of California’s median price. The median price of homes in South Lake Tahoe fell 22% in 2009 from 2008. The median sales price dropped from $407,000 to $318,000.  This drop in the median sales price of single family homes can be interpreted in many ways. I do not think that the 22% decrease from 2008 means that property values fell 22%.  There were 137 foreclosures in South Lake Tahoe that sold in 2009, almost double the amount of foreclosures that sold in 2008 (69 sold foreclosures in South Lake Tahoe were sold in 2008). Most of the foreclosures sold in South Lake Tahoe were in need of some kind of work or repairs. Although the increase in foreclosure sales did help bring down the median sales price in South Lake Tahoe, property values did also decline. The amount that property values declined is debatable.

Weather California’s housing market has hit the bottom or not, property values and interest rates are enticingly low. Adding the first time home buyer incentives and the existing home owner incentives from the government there may not be a better time to buy real estate in South Lake Tahoe!

Newer Homes in South Lake Tahoe Selling now Selling at $226 Per Square Foot!

Newer homes in South Lake Tahoe are now selling for an average of $226 per square foot. That is just about the price that contractors were charging to build custom homes back in 2005 and 2006, not including the cost of land, permits, and plans!

840 Boulder Mountain

The recent sale of two of my newer home listings prompted me to look further into newer home prices compared to previous years.

I just sold a custom home built in 2006 for $565,000. 840 Boulder Mountain was a 2671 square foot 4 bedroom, 2.5 bath, 2 car garage home that sold for $211.53 a square foot. Located in the Angora Fire area of North Upper Truckee, this home has great views, but was a tough sale due to the fire damage to the surrounding landscape.

 

 

1140 Sioux

1140 Sioux is a listing that I was just able to get into escrow. Sioux is one of the nicest quality newer houses for sale in South Lake Tahoe. With 4 bedrooms, 3 full bath rooms, and a 2 car garage, this 2828 square foot home is gorgeous. There is a National Forest lot on each side and across the street, giving this home a very private setting. The only thing holding this home back was that it was located in the Meyers area where there is not a lot of newer homes. With a list price of $579,000, this house had a list price per square foot of only $205!

 

So far this year there have been 14 houses sold in South Lake Tahoe that that are less than 4 years old. According to the South Lake Tahoe mls, the average price per square foot for the sold newer homes was $226. The Median sales price was $575,000 and the median square footage was 2,646. It seems like when a new or newer large house was reduced to under $600,000, it would sell quickly.

When you look at the newer houses that sold in 2006, the numbers are quite different. In 2006 the average price per square foot for the sold newer homes was $328! The median sales price was $800,000 and the median square footage of the sold homes was 2,584. The average price per square foot has declined over 31% and the median sales price has declined 28% on newer homes since 2006.

As of today, there are 68 newer homes for sale in South Lake Tahoe that are less than 4 years old. The average list price per square foot is $299, and the median list price is $793,500. It is the newer homes that are priced less than the competition, or have had major price reductions are the homes that are now selling. Location has also been very important. Newer homes in more reputable areas, with views, or near open land are also selling much more quickly than the average locations.

Once the current inventory of newer houses for sale in South Lake Tahoe decreases, we may see a need for spec home builders to get back into the market. Right now, with the large selection of newer homes on the market, it is till too tough for builders to compete with the current prices.

Foreclosures have not really affected the new home market as much as they have other areas of the market. There has only been two newer bank owned foreclosures in South Lake Tahoe that have been for sale on the mls. 1818 Jack Bell Ct. was a 4 bedroom, 2622 square foot foreclosure that was built in 2006 which sold for $500,000. 581 Gardner is a 4 bedroom, 4028 square foot bank owned foreclosure that is currently in escrow. The asking price for 581 Gardner was $629,900.

For a list of the new houses for sale in South Lake Tahoe, please call Brent and Jill Johnson today!