November Real Estate Review for South Lake Tahoe
Although there was a slight decline in the number of single family homes sold in South Lake Tahoe, November still yielded 41 home sales. The single family home closings were only down 5 units from October
The number of distress sales in November was also down from October. There were 13 bank owned foreclosures that sold in November, down from 16 in October. There were 2 short sales that closed escrow in November, down from 4 in October. Distress sales accounted for 37% of the single family home closings in November compared to 43% in October.
November Statistics for South Lake Tahoe Single Family Home Sales
- There were 41 Single Family Homes sold in November
- The average sales price for the homes sold was $386,217 (Down from $440,393 in October)
- The median sales price for the homes sold was $$320,000 (Down from $323,500 in October)
- The average price per square foot for the homes sold was $222 (Down from $239 in October)
- The average days on the market was 158
- The median days on the market was 122
- There were 13 bank owned foreclosures in South Lake Tahoe that sold in November
- There were 2 short sales in South Lake Tahoe that sold in November
Real Estate agents in South Lake Tahoe are still struggeling with getting short sales closed. According to the South Lake Tahoe mls, there are now 40 short sales currently in escrow, and only 2 short sales actually closed escrow last month. There has been a total of 32 short sale closings so far this year on the South lake Tahoe mls compared to 124 bank owned foreclosures that have closed escrow.
The bank owned foreclosures in South Lake Tahoe are still selling quickly and for close to asking price. The foreclosures that sold within 31 to 60 days of being listed sold for 101.86% of the list price. That percentage dropped to 90.27% of the list price for the 5 foreclosures that were on the market for longer than 120 days.
South Lake Tahoe Foreclosure Statistics for November
- There were 13 bank owned foreclosures sold on the South Lake Tahoe mls in November
- The average selling price for the foreclosures was $263,838 (Down from $308,838 in October)
- The median selling price for the foreclosures was $189,900 (Down from $282,500 in October)
- The average price per square foot was $197 (Up from $184 in October)
- The 2 foreclosures that sold with in 30 days of being listed sold for 96.46% of the list price (including the escrow period)
- The 3 foreclosures that sold from 31 to 60 days of being listed sold for an average of 101.86% of the list price.
- The 3 foreclosures that sold from 61 to 90 days of being listed sold for an average of 100.5% of the list price.
- The 5 foreclosures that sold from 120+ days on the market sold for an average of 90.27% of the list price.
Currently on the South Lake Tahoe MLS there are 398 single family houses listed and 96 of them are currently in escrow. There are 75 short sale listings and 40 of the short sales are in escrow. Foreclosures account for 42 of the single family homes on the market and 20 of the foreclosures are currently in escrow.
With the extension of the $8,000 first time home buyer tax credit until April 30, 2010 and the addition of the $6500 current homeowner tax credit, it will be interesting to see what happens to the South Lake Tahoe Real Estate market during the rest of 2009 and beyond!
