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Short Sales in South Lake Tahoe

January South Tahoe Real Estate Statistics

Distress sales accounted for a large portion of the South Lake Tahoe real estate market during the first month of the New Year. There were 44 single family homes and condos that were reported as sold on the South Lake Tahoe MLS, 30 of the sales were distress sales. With 68% of the home sales in South Tahoe being distress sales,  prices were negativily affected. The average price per square foot, median sales price, and the average sales price were down sharply in January from what they were in December.

January South Lake Tahoe Real Estate Statistics

  • There were 44 single family homes and condos that were sold on the South Lake Tahoe MLS in January 2012, down from 63 in December 2011.
  • There were 30 distress sales which accounted for 68% of the January sales, there were 34 distress sales in December which accounted for 54% of the sales that month.
  • The average sales price of the South Tahoe homes sold was $257,174, down from $379,393 in December.
  • The median sales price was $250,000, down from $265,000 in December and down from $319,500 (21.8%) from what it was in January 2011.
  • The average price per square foot was $160, down from $189 in December.
  • The average days on the market including the escrow period was 140 and the median days on the market was 135.

Foreclosures in South Lake Tahoe

  • There were 21 bank owned foreclosures in South Lake Tahoe that were sold in January, up from 20 in December.
  • The average price per square foot for the foreclosures that were sold on the South Lake Tahoe MLS was $135, down from $163 in December.
  • The average sales price of the foreclosures was $196,650, down from $235,370 in December.
  • The median sales price of the foreclosures was $168,500, down from $169,000 in December.
  • The average days on the market for the foreclosures was 123 and the median days on the market was 119

Short Sales in South Lake Tahoe

  • There were 9 short sales in South Lake Tahoe  that were sold in January, down from 14 in December.
  • The average price per square foot for the short sales was $183, up from $181 in December.
  • The average sales price of the short sales was $348,556, up from $316,311 in December.
  • The median sales price of the short sales was $279,000, up from $225,500 in December.
  • The average days on the market for the short sales was 153 and the median days on the market was 273.

The current inventory of single family homes and condos on the South Lake Tahoe MLS is very low. The inventory is actually lower than it has been since January of 2006. There are currently only 372 single family homes and condos listed on the MLS.

Out of the 372 listings, 103 of them are in escrow and 269 are still available. Included in the current inventory are 57 bank owned foreclosures. Out of the 57 bank owned listings, 23 are in escrow, and 34 are still available.

There are now 78 short sales listed on the South Tahoe MLS. Of the 78 short sale listings, 44 are in escrow and 34 are still available.

For more information regarding real estate in South Lake Tahoe, or to set up an appointment to view any of the properties that are for sale, please contact me by email at BjJohnson@ChaseInternational.com or on my cell phone at (530) 416-2625.

November South Tahoe Real Estate Stats

In November there were 43 single family properties in South Lake Tahoe that were sold on the South Tahoe MLS. Out of the 43 sales, 40 were single family homes and 3 were condos. Although the number of home sales was down from October which had 61 sales, it was up from last November which had 42 sales. There were 26 distress sales which accounted for 63% of the properties that were sold in November. There were 16 bank owned foreclosure sales and 10 short sales that were sold.

November South Lake Tahoe Real Estate Statistics

  • There were 43 single family homes and condos in South Lake Tahoe that were sold in November.
  • The average price per square foot of all of the homes sold was $163, down from $188 in October.
  • The average sales price was 258,806, down from $293,666 in October.
  • The median sales price was $228,800, down from $229,000 in October.
  • There were 16 bank owned foreclosure sales, up from 14 in October.
  • There were 10 short sales that were sold, up from 6 in October.
  • The average days on the market was 158 and the median days on the market was 126.

November Statistics for Foreclosures in South Lake Tahoe

  • There were 16 bank owned foreclosures sold on the South Lake Tahoe MLS.
  • The average price per square foot was $152, down from $162 in October.
  • The median sales price was $189,000, up from $179,750 in October.
  • The average sales price was $274,594, up from $243,457 in October.
  • The average days on the market for the foreclosures was 106 and the median days on the market was 114.

November Statistics for Short Sales in South Lake Tahoe

  • There were 10 short sales that were sold on the South Tahoe MLS.
  • The average price per square foot for the short sales was $146, down from $154 in October.
  • The average sales price was $222,787, down from $276,833 in October.
  • The median sales price was $204,936, down from $272,500.
  • The average days on the market was 268 and the median days on the market was 234.

The resale homes that were sold last month (non-distress sales) sold with an average price per square foot of $182 which was higher than both the bank owne foreclosures and the short sales. There are currently 298 active single family homes and condos that are available on the mls and there are 117 that are in escrow. December should be another good winter month for closings with 117 properties still in escrow. Now all we need is

October South Lake Tahoe Real Estate Statistics

Buyer activity remained strong in October with 61 single family properties reported as sold on the South Lake Tahoe MLS. There were 62 single family properties that were sold in September, only one more than October. Of the 61 single family properties that were sold, 54 were detached single family homes and 7 were condos.

Distress sales accounted for 20 of the properties in South Lake Tahoe that were sold in October. There were 14 bank owned foreclosures and 6 short sales that were sold last month. This is down from 27 distress sales in September when 17 foreclosures and 10 short sales were sold.

There were two lakefront sales, one for $3,700,000 and one for $4,200,000 that really skewed the average price per square foot and average sales price. Using the lakefront sales the average price per square foot was $227, without the lakefront sales the average price per square foot was $188. For the following statistics I have excluded the lakefront sales.

October South Tahoe Real Estate Statistics

  • There were 61 single family homes in South Lake Tahoe that were sold in October, down from 62 in September.
  • The average price per square foot of the home sold was $188, up from $183 in September.
  • The average sales price was $293,666, down from $306,721 in September. The average sales price was $415,938 including the two lakefront sales.
  • The median sales price was $229,000, down from $233,250.
  • There were 14 foreclosures in South Lake Tahoe that were sold on the South Lake Tahoe mls, down from 17 in September.
  • There were 6 short sales in South Lake Tahoe that were sold, down from 10 in September.
  • The average days on the market was 155 and the median days on the market was 114.

October Statistics for Foreclosures in South Lake Tahoe

  • There were 14 bank owned foreclosures that were sold on the South Lake Tahoe MLS in October, down from 17 in September.
  • The average price per square foot was $162, up from $145 in September.
  • The average sales price was $243,457, down from $$258,292 in September.
  • The median sales price was $178,750, down from $213,357 in September,
  • The average days on the market was 84 and the median days on the market was 83.

October Statistics for Short Sales in South Lake Tahoe

  • There were 6 short sales in South Lake Tahoe that were reported as sold on the South Lake Tahoe MLS, down from 10 in September.
  • The average price per square foot was $154, down from 193 in September.
  • The average sales price for the short sales was $276,833, down from $331,252 in September.
  • The median sales price for the short sales was $$272,500, up from $215,000 in September.
  • The average days on the market was 223 and the median days on the market was 204.

With current mortgage interest rates at all time lows and 110 properties currently in escrow on the South Lake Tahoe MLS we should another great month of closings in November!

August South Tahoe Real Estate Statistics

There was some improvement in the average sales price, median sales price, and price per square foot of the properties in South Lake Tahoe that were sold in August. For the first time since September 2010, the median sales price actually went up. The median sales price went from $291,000 in July to $295,000 in August. This was a very modest increase, but for the last 12 months there had been slight drops in the sales price each month.

The number of properties that were sold in August went down slightly as well. There were 44 single family homes and condos that were reported as sold on the South Lake Tahoe MLS, down only 3 units from 47 in July. 41 of the sold properties were single family homes and 3 were condos.

As of right now there are currently 504 single family homes listed on the MLS. There are 386 homes that are active and 118 homes that are in escrow.  Bank owned foreclosures account for 65 of the listings on the MLS. There are 26 bank owned foreclosures that are currently in escrow and 39 that are active. There are 71 short sales that are currently listed on the South Lake Tahoe MLS, 36 of the short sales are in escrow and 35 of the short sales are active.

Short sales and foreclosures are considered “distress sales”.  Although distress sales only account for 27% (136 properties) of the total listings in South Lake Tahoe, they account for 52% (61 properties) that are currently in escrow or “under contract”.

August South Tahoe Real Estate Statistics

  • There were 44 single family homes and condos that were sold in August, down from 44 in July.
  • The median sales price for the properties sold in August was $295,000, up from $291,000 in July and down 7.8%  from what it was in August 2010.
  • The average sales price was $343,558, up from $301,743 in July.
  • The average price per square foot was $192, up from $182 in July.
  • The median days on the market was 96 and the average days on the market was 139.
  • There were 11 bank owned foreclosures that were sold, down from 15 in July.
  • There were 6 short sales that were sold, down from 8 in July.

There was a large increase in the sales price per square foot in the foreclosures that were sold in August. The average sales price per square foot  for the foreclosures was $171 in August, up from only $150 in July. The price per square foot of the short sales was $199, up from $198 in July.

With 118 properties in South Lake Tahoe currently in escrow on the South Lake Tahoe MLS, September and October should be solid months with respect to the number of properties sold. It will be interesting to see how the prices of the properties that sell compare to what they were in August.

Short Sale Listing in South Lake Tahoe

761 Modesto Ave

Offered at $179,000!

 

Al Tahoe at it’s best! This charming cabin is about as clean and as cute as it gets! With 3 bedrooms and 2 bathrooms, 1152 square foot single level home is the perfect Tahoe getaway. Relax on the large and sunny trex deck after a short walk back from the beach! This home is currently used as a vacation rental and is in a great location for both summer and winter rental income. The interior has newer carpet, a gas fireplace, and some furnishings included.  This is an excelent short sale opportunity with only one Wachovia loan. Do not miss out on this well maintained mountain theme home!!!

  • 3 bedrooms, 2 bathrooms, 1152 square feet
  • Forced Air Natural Gas Furnace
  • Washer and Dryer hookups
  • Double Pane Windows
  • Large sunny Trex deck
  • Gas Fireplace
  • Great Short Sale Opportunity!

Short sale listing in South Lake Tahoe
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 For more information regarding this short sale listing in South Lake Tahoe or to set up an appointment to see this property, please call South Lake Tahoe Real Estate Agent Brent Johnson at (530) 416-2625.

Lake Tahoe Real Estate Statistics for June 2011

June ended up being a very busy month of closings for the South Lake Tahoe Real Estate market. There were 49 single family homes that were reported as sold on the South Lake Tahoe MLS which was up from 35 homes in May. Although the June median sales price increased from May, it was down 8.7% from what it was in June 2010.

 The number of distress sales (short sales and foreclosures) that were sold in June was up from how many were sold in May, but the percentage of distress sales went down. In May, 22 of the 35 (63%) homes that were sold were distress sales. In June, 27 of the 49 (55%) homes that were sold were distress sales. Foreclosures accounted for 16 of the distress sales and short sales accounted for the other 11 distress sales that were sold in South Lake Tahoe.

June Lake Tahoe Real Estate Statistics

  • The median sales price for the homes in South Lake Tahoe that were sold in June was $298,250 (up from $285,000 in May,  but down from $326,250 in June 2010).
  • The average sales price for the homes in South Lake Tahoe that were sold in June was $394,809 (up from $316,777 in May).
  • The average price per square foot was $191 which was up from $183 in May.
  • The average days on the market was 194 and the median days on the market was 138.
  • There were 16 bank owned foreclosures in South Lake Tahoe that were sold in June.
  • There were 11 short sales in South Lake Tahoe that were sold in June.

The short sales in South Lake Tahoe that were sold in June has an average price per square foot of $187 while the foreclosures that were sold had an average price per square foot of $156.

The short sales had an average sales price of $365,091 and the foreclosures had an average sales price of $263,791.

The short sales had a median sales price of $232,000 and the foreclosures had an average sales price of $203,000.

The short sales had an average days on the market of 262 and the foreclosures had an average days on the market of only 82.

The 7 foreclosures in South Lake Tahoe that were sold within the first 60 days of being listed sold for an average of 102% of list price (2% over asking price). 61-90 days was 99.31% of the list price. 91-120 days was 96.08% of the list price. 120+ days on the market was 94.41% of the list price.

There were 8 condos in South Lake Tahoe that were reported as sold on the South Lake Tahoe MLS. There were 3 condos that were sold in the Tahoe Keys area. One of the condos that was sold was a short sale, and one of the condos was a foreclosure.

There were 4 multi-family properties that were sold in June. Three of the sold multi-family units were duplexes and one was a 6 unit apartment building that sold for $400,000. One of the duplexes that was sold was a short sale and one of the duplexes was a bank owned foreclosure.

There was only one lot sold in June and it was my listing on Panorama. This was a large 14,000 square foot lot that sold for $78,000.

Currently on the South Lake Tahoe MLS there are 474 single family homes in the City and County areas that are listed for sale. 81 of those listings are active pending.