South Lake Tahoe MLS

South Lake Tahoe Real Estate Statistics

Here are the current South Lake Tahoe real estate statistics from the South Lake Tahoe MLS.

The following statistics are for residential (single family, condo, and town houses) located in the City and County areas of South Lake Tahoe:

Total listings: 520

Active listings: 408

In Escrow: 112

Of the 112 single family homes that are in escrow 52 are short sales and 15 are bank owned foreclosures.

The 112 escrows represent 21.5% of the total inventory in escrow.

Breakdown by price range of the 112 escrows

Under $200,000-18 escrows
$200,001 to $300,000-36 escrows
$300,001 to $400,000-25 escrows
$400,001 to $500,000-5 escrows
$500,001 to $600,000-10 escrows
$600,001 to $700,000-2 escrows
$700,001 to $800,000-9 escrows
$800,001 to $999,999-4 escrows
Over $1,000,000- 3 escrows

There have been a total of 198 single family properties sold so far this year in South Lake Tahoe. Bank owned foreclosures have accounted for 35.7% (71) of the sales, and short sales have accounted for 16.2% (32). The total percentage of distress sales (short sales and foreclosures) sold so far this year is 52%. That means that over half of the single family sales in South Lake Tahoe have been distress sales.

Single family sold statistics from the South Lake Tahoe mls:

Average price per square foot:

$241 for non distress sales
$207 for short sales
$172 for foreclosures

Median sales price:

$313,750 for all single family sales
$326,250 for short sales
$235,000 for foreclosures

Median days on the market

107 days for all single family sales
229 days for short sales
74 for foreclosures

Below is a graph of the median sales price for South Lake Tahoe for the last year from Trulia.com , which is also great source for local real estate statistics. I love Trulia for statistics, but I would not use it for searching for properties.

South Lake Tahoe median sales prices

I hope that you have found these most recent South Lake Tahoe Real Estate Statistics helpful. For more information regarding the South Lake Tahoe real estate market, please call Brent Johnson today!

April South Lake Tahoe Real Estate Statistics

As usual, when the weather warms up in South Lake Tahoe, the real estate market follows. Home sales continued their upward trend and rose from 40 houses sold in March, to 46 houses sold in April. This is a huge jump from April 2009 when only 26 houses closed escrow. The continuing improvements in the economy, low interest rates, low prices, and the first time home buyer tax credits stimulated the increase in sales. There are currently 438 listings on the South Lake Tahoe MLS, and 108 of them are in escrow.

Distress sales dropped from 58% of the sales in March to 48% in April. There were 18 bank owned foreclosures and 4 short sales that sold in April. Currently there are 30 bank owned foreclosures listed on the South Lake Tahoe MLS, and 15 are in escrow. There are 79 short sale listings, and 50 of the short sales are in escrow.

April South Lake Tahoe Real Estate Statistics

There were 46 single family home sales in April, up from 40 in March, and up from 26 in April 2009.
The average price of the homes sold in South Lake Tahoe was $386,177, down from $404,053 in March, and up from $327,342 in April 2009.
The median sales price was $329,163, down from $350,500 in March, and up from $295,000 in April 2009.
The average price per square foot was $211 which was down from $221 in March, and up from $204 in April 2009.
The average days on the market was 158 which was up from 141 in March, and down from 190 in April 2009.
The median days on the market was 112 which was up from 111 in March, and up from 108 in April.
There were 18 bank owned foreclosures that sold in April, up from 16 in March, and up from 7 in April 2009.
There were 4 short sales that sold in April which was down from 7 in March, and up from the 2 that sold in April 2009.

Spring and Summer is also the time that the Tahoe Keys Real Estate typically begins to pick up. In April there were 5 houses that sold in the Tahoe Keys area. One of the houses sold was a foreclosure and one was a short sale. There are currently 66 listings in the Tahoe Keys on the South Lake Tahoe MLS and only 9 are in escrow. The least expensive single family home listing on the water is my listing at 2213 Texas. This is a 3 bedroom, 2 bath, 2 car garage house that has been completely remodeled and has great views.

For more information about the South Lake Tahoe real estate market, please call California and Nevada real estate agent Brent Johnson today!!!

Tahoe Keys Real Estate

Tahoe Keys real estate is the South Shores premier area for buyers looking for waterfront property. The Tahoe Keys is a 740 acre private marina community located on 11 miles of inland waterways that lead to the emerald waters of Lake Tahoe. There are about 1250 homes and 350 condominiums located within the Tahoe Keys area. Most of the properties in the Tahoe Keys are waterfront properties that have private boat docks and easy access to boating on Lake Tahoe.

The Tahoe Keys offers some of the best mountain, meadow, and water views in Lake Tahoe. The utilities are underground and there is a building height code that keeps the views breathtaking and unobstructed.

Homeowners in the Tahoe Keys have access to private amenities including tennis courts, an indoor and outdoor pool, spa, park, private beach, marina, and launch ramp The Tahoe Keys HOA also provides security, waterway maintenance, and has its own water company. The Tahoe Keys Property Owners Association is the Tahoe Keys HOA. HOA fees are $1919 annually for houses and from $1000 to $1400quarterly for condos depending on their location with-in the Tahoe Keys.

Single family home property values generally range from the $500,000′s to $3,ooo,ooo, but there have been a few foreclosures in the Tahoe Keys that have sold for under $400,000, and some luxury lakefront homes that have sold well over that range. Tahoe Keys condos range from $250,000 for a one bedroom, to over $1,000,000+ for a lakefront.

February Real Estate In South Lake Tahoe Review

The inventory of active single family homes for sale in South Lake Tahoe remained relatively low in February. There are now 401 houses listed on the South Lake Tahoe MLS, 298 of the homes are active and 103 of the homes are in escrow. Distress sales are still the most active part of the real estate market in South Lake Tahoe. Out of the 103 houses in escrow, 51 are short sales and 22 are bank owned foreclosures.

There were 23 single family homes that closed escrow in February, down from 29 in February 2009, and also down from 32 in January. The difficulty with getting short sales closed is one of the reasons that the number of houses sold was down in February. There are currently 51 short sales that are in escrow, and only 4 short sales closed escrow last month! Each monthmore short sales go into escrow, and only a few end up closing. In January there were 40 short sales in escrow, and in December 2009 there were 38. With 51 short sales tied up in escrow, the number of closings is going to be negatively affected. As soon as some of the short sales that are in escrow start closing, the number of sold houses should get back on track.

February Statistics for the South Lake Tahoe Real Estate Market

There were 23 single family homes in South Lake Tahoe that sold in February, down from 32 in January, and down from 29 in February 2009.
The average sales price of the homes sold was $405,461, up from $348,328 in January, and down from $411,156 in February 2009.
The Median sales price of the homes sold was $312,500, down from $317,250 in January, and down from $319,000 in February 2009.
The average price per square foot was $213, up from $209 in January, and down from $231 in February 2009.
The average days on the market was 176, up from 162 in January, and up from 167 in February 2009.
The median days on the market was 119, up from 127 in January, and down from 125 in February 2009.
There were 11 bank owned foreclosures in South Lake Tahoe that sold, there were also 11 foreclosures sold in January, and there were 12 foreclosures that sold in February 2009.
There were 4 short sales that closed escrow in February, down from 8 sold short sales in January, and up from 1 sold in February 2009.

The percentage of distress sale closings has also continued to increase. In February 65% of the houses sold in South Lake Tahoe were either foreclosures or short sales. This percentage is up from 59% in January.

The foreclosures in South Lake Tahoe that sold in February had a very low average price per square foot of $171. The average sales price for the 11 foreclosures sold was $334,100 and the median sales price was $258,000. The foreclosures had an average days on the market of 79 including the escrow period.

When looking to purchase a foreclosure in South Lake Tahoe, the best advise that I have for home buyers is to act quickly. Most of the foreclosures go into escrow very quickly and have multiple offers in on them. There are many investors and home buyers that are currently in the market looking for deals. There are also many buyers looking to take advantage of the home buyer tax credit that expires on April 30th. If you see a foreclosure on the South Lake Tahoe MLS that you are interested in, make sure to call me before it is too late!

South Lake Tahoe Foreclosure News

Foreclosures in South Lake Tahoe still seem to be the target for investors, speculators, and home buyers looking for good deals. There are currently 49 foreclosures listed on the South Lake Tahoe MLS and 26 of them are currently in escrow. Out of the 56 homes sold so far this year on the South Lake Tahoe MLS, 22 were bank owned foreclosures. With the recent steady incoming inventory of foreclosures, buyers have been ignoring most of the non-distress sale listings.

DIstress sales (foreclosures and short sales) currently account for 74 of the 104 single family homes that are currently in escrow. There may be some relief in sight for the non-distress sellers. According to the Mortgage Bankers Association the end of the foreclosure crisis may be near.

“The continued and sizable drop in the 30-day delinquency rate is a concrete sign that the end may be in sight,” says Jay Brinkmann, MBA’s chief economist, in a published statement.

Brinkmann said that normally there is a large spike in short-term mortgage delinquencies at the end of the year because of high heating bills and holiday expenditures. This year, there was not only no spike, but the 30-day delinquency rate actually fell from 3.79 percent to 3.63 percent.

Thirty-day delinquencies have historically been a leading indicator of serious delinquencies and foreclosures, Brinkmann said.

“[This] gives us growing confidence that the size of the problem now is about as bad as it will get,” he said.

The decrease in the delinquency rate is not the only sign that the foreclosure crises in ending. According to an article in The Wall Street Journal by James R. Hagerty (02/23/2010), home buyers that are looking for a steal on a foreclosure is not as easy as it used to be.

“Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.

The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.

Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.

Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.”

Home buyers in South Lake Tahoe are also finding that it is more difficult to find a bargon on an under priced foreclosure. In most cases, the foreclosures that have been listed on the South Lake Tahoe MLS are attracting multiple offers. Many buyers are getting beaten out of deals 3 or more times before they are able to purchase a foreclosure. If the inventory of foreclosure listings follows the decrease in delinquencies, it will only get tougher to find a steal on a foreclosure.

Mortgage Rates and the Real Estate Market in South Lake Tahoe

There are many South Lake Tahoe home buyers taking advantage of the currently low mortgage interest rates and the homebuyer tax credit that expires on April 30th. According to an article written by Carolyn Said on SFGATE.com, the currently low mortgage rates will soon be on the rise.

After the credit crunch in 2008 when investors stopped buying mortgage-backed securities the Federal Reserve stepped in to ensure that money would keep flowing to home purchasers. The Fed began buying securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae in January 2009 and had planned to conclude the program at the end of the year. The program that has pumped more than $125 trillion into the mortgage market has been extended to March 31.

Experts agree that the expiration of the Fed’s program will cause interest rates to climb, but the amount of the rate increase is still in question.

According to Guy Cecala, publisher of Inside Mortgage Finance said “There is no question that interest rates have been kept artificially low by the Fed’s buying. My opinion is that rates will go up a full percentage initally.” That means that the current 30-year fixed rate mortgages that are around 5% will go up to 6%.

Keith Gumbinger, vice president of HSH Associates, which compiles mortgage data, thinks that rates will slowly rise to 5.75% when the Fed withdraws.

Julian Hebron, branch manager at RPM Mortgage’s San Fransisco office thinks that rates will bump up to about 5.5% with volatility all summer long.

I am optimistic that the Fed’s will see that if they stop buying mortgage backed securities it will decrease the housing affordability index percentage and make it harder for many home buyers to purchase homes. I would be surprised if the program is not extended again.

The low interest rates and the home buyers tax credit has been great for the South Lake Tahoe real estate market. The numer of homes sold in 2009 was up 22% from 2008 showing that home buyers are out there taking advantage of the current market conditions. For those home buyers that are on the fence about purchasing a home in South Lake Tahoe, now may be the best time before interest rates increase and the tax credit expires!

Make sure to see my current list of foreclosures in South Lake Tahoe that are listed on the South Lake Tahoe mls.