South Lake Tahoe MLS

Keeping Interest Rates in Mind

Interest rates are an important factor to take into consideration when deciding when to purchase real estate in South Lake Tahoe. An increase in mortgage interest rates means that your payments will increase, or that you may need to lower your price range. Currently 30 year fixed interest rates are very low, and have dropped to 5.43%, and 15 year fixed rates are now at 4.91%

Lets say that you are considering purchasing a $300,000 home with 20% down ($60,000), lets look at what the payments would be at various 30 year fixed interest rates.

At today’s current interest rate of 5.43 %, a $300,000 home with 20% down would cost $1,352 per month for principle and interest. The total monthly payment for principle, interest, taxes, and insurance would be $1664.

If interest rates increase to 6%, the principle and interest monthly payment would go up to $1439, and P.I.T.I. would now be $1751.

At 6.5%, the principle and interest monthly payment would be $1517, and the P.I.T.I would be $1829.

For buyers looking to purchase a primary residence using an FHA loan, interest rates are currently 5.375% with one point. A $300,000 house with 5% down ($15,000) using an FHA loan would cost $1620 per month for P.I., and $2063 per month for P.I.T.I.

If interest rates were to go up to 6%, the P.I. monthly payment would be $1734, and P.I.T.I. would be $2177.

At 6.5%, the P.I. monthly payment would go up to $1828, and P.I.T.I. would now be $2271.

South Lake Tahoe real estate buyers should keep interest rates in mind when deciding when the right time to buy. With 93 single family houses now in escrow on the South Lake Tahoe mls, many home buyers are thinking that now is the time to buy!

South Lake Tahoe Real Estate Market Update

June is starting off to be a great month for the South Lake Tahoe real estate market. Although the weather has been hit or miss, the South Shores home sales have been stable. So far this month there have been 26 single family homes in South Lake Tahoe that have gone into escrow, and 15 homes that have sold.

With the 26 new houses in escrow this month, the total number of single family homes on the South Lake Tahoe mls now in escrow is up to 96. There are 498 total single family listings on the mls, and with 96 of them in escrow, 19% of the current inventory is in escrow.

The statistics for the houses that have gone into escrow so far this month are as follows:

The median list price for the new escrows is $365,423
The median days on the market was 58
The median square footage is 1,739
The average price per square foot is $255
5 of the new escrows were bank owned foreclosure listings
4 of the new escrows were short sales

In June of 2008 the median sales price for single family homes in South Lake Tahoe was $415,000

In June of 2007 the median sales price for single family homes in South Lake Tahoe was $465,000

In June of 2006 the median sales price for single family homes in South Lake Tahoe was $485,000

In June of 2005 the median sales price for single family homes in South Lake Tahoe was $425,000

In June of 2004 the median sales price for single family homes in South Lake Tahoe was $340,000

The South Lake Tahoe real estate market is on track to match or exceed the sales and escrows that were reported in May. I will post the end of the month South Lake Tahoe real estate review on the first of July, and I am looking forward to another great month!

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!

House for sale in South Lake Tahoe — 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.

New house for sale in South Lake Tahoe — 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!

Tahoe Keys Open House Extravaganza!

This weekend, Chase International South Tahoe Realty kicks off its summer Tahoe Keys Homes Open House Extravaganza! Chase International real estate agents will be holding open houses throughout the summer on Saturdays from 3:00-6:00 p.m.. Open houses are a great place to meet different real estate agents, and to find an agent who you will feel comfortable working with to find a home.

Brent and Jill will be holding 2205 Venice Drive open on Saturday, May 30th from 10:00 a.m. until 6:00 p.m.

2205 Venice is a newer 4 bedroom, 2.5 bathroom, 2 car garage 2467 square foot home that was built in 1993. This house is being sold as a short sale and is subject to lender approval of any offers. This beautiful waterfront home is being offered at $995,000.

Some of the other Tahoe Keys homes that will be having open house are:

There are now 52 available houses for sale in The Tahoe Keys area and 10 homes that are currently in escrow. Prices for single family homes in the Tahoe Keys range from $495,000 for a 3 bedroom home on the sailing lagoon all the way to $5,950,000 for a 4 bedroom 6500 square foot lakefront home on Lighthouse Shores Drive. The lease expensive home on the water withlake access in the keys is a 2 bedroom, 1.75 bath, 2 car garage home priced at $595,000.

If you will be looking at real estate in the Tahoe Keys area this weekend, here are some quick statistics regarding single family homes.

Statistic for Tahoe Keys homes on the South Lake Tahoe mls

10 Tahoe Keys homes are currently in escrow
The average list price of the Tahoe Keys homes in escrow is $863,300
The median list price of the Tahoe Keys homes in escrow is $757,500
The average days on the market for the Tahoe Keys homes in escrow is 335
There are 52 houses for sale in the Tahoe Keys that are still available
The average list price of the houses for sale in the Tahoe Keys is $1,545,726
The median list price of the houses for sale in the Tahoe Keys is $1,147,500
The average days on the market for the houses for sale in the Tahoe Keys is 119

I hope to see you at my open house to talk about Tahoe Keys properties and have some snacks. If you would rather set up an appointment to view houses for sale in the Tahoe Keys area than just going to the homes that are being held open, call Brent and Jill Johnson at (530) 416-2625 today!

The South Lake Tahoe Housing Market Keeps Improving!

As of May 25th, there are currently 483 single family homes listed on the South Lake mls, and 95 of them are now in escrow. Now that 20% of our current single family inventory is in escrow, the South Lake Tahoe real Estate market is continuing to show improvements in buyer activity.

There has been a decrease of foreclosures in South Lake Tahoe that have been coming onto the market, andbuyers are now making offers short sales and the existing re-sale inventory. There are now 22 single family foreclosure listings on the South Lake Tahoe mls, and all but 2 are in escrow. Another reason for buyers now buying the non-foreclosure inventory is to avoid competition from other buyers. Many of the recent new foreclosure listings in South Lake Tahoe have had multiple buyers writing offers on them. Buyers who are not writing full list price offers, or close to list price offers on the foreclosure listings are missing out on the deals.

Out of the 95 single family homes that are in escrow on the South Lake Tahoe mls, 33 are short sales and 20 are bank owned foreclosures.

Statistics for the 95 pending single family homes in South Lake Tahoe

The average listing price for the South Lake Tahoe homes in escrow is $418,608
The median listing price is $359,900
The average listing price per square foot is $244
The average square footage is 1,757
The median days on the market was 141

Statistics for the 33 short sales in South Lake Tahoe currently in escrow

The average listing price for the short sales in escrow is $432,248
The median listing price is $375,000
The average listing price per square foot is $244
The average square footage is 1,812
The median days on the market was 195

Statistics for the 20 foreclosures in South Lake Tahoe currently in escrow

The average listing price for the bank owned foreclosures is $292,352
The median listing price is $267,500
The average listing price per square foot is $188
The average square footage is 1,658
The median days on the market was 68

Single family homes in escrow by South Lake Tahoe mls areas

Al Tahoe has 4 homes in escrow
Bijou has 10 homes in escrow
Black Bart has 1 home in escrow
Christmas Valley has 4 homes in escrow
Echo View Estates has 1 home in escrow
Elks Club has 8 homes in escrow
Gardner Mountain has 2 homes in escrow
Heavenly Valley has 2 homes in escrow
Highland Woods has 2 homes in escrow
Meyers has 3 homes in escrow
Montgomery Estates has 9 homes in escrow
North Upper Truckee has 8 homes in escrow
Pioneer Trail has 7 homes in escrow
Pioneer Village has 1 home in escrow
Sierra Tract has 7 homes in escrow
Tahoe Island Drive has 4 homes in escrow
Tahoe Island Park has 5 homes in escrow
Tahoe Keys has 9 homes in escrow
Tahoe Paradise has 4 homes in escrow
The Y Area has 4 homes in escrow

With the percentage of housing inventory that is in escrow increasing monthly, the South Lake Tahoe real estate market seems to be heading in the right direction. With more home buyers entering the market daily, the selection of available distress sales is on the decline. Could the bottom of the housing market bubble have passed? Only Time will tell. For more information about the South Lake Tahoe real estate market, call Brent and Jill Johnson.

South Lake Tahoe Foreclosure and Short Sale Listings Search on my Website!!!

There is a new search option now available on my website that enables you to search for foreclosures and short sale listings on the South Lake Tahoe MLS! This new search tool will enable buyers to search only for foreclosures and short sales. If you would like to sign up for new listing notifications just click on the link and create a new user. The South Lake Tahoe Foreclosure listing search and the South Lake Tahoe short sale listing search option will look just like this:

Including the above criteria, only show me properties that:

are Short Sales

are REO / Bank Owned (Foreclosures)

Be aware that if you check the boxes for either foreclosure or short sale listings, you will only receive new foreclosure listings and short sale listings. If you would like to receive all listings including foreclosure and short sale listings, you can either leave the boxes un-checked, or you can set up two separate searches. If you are already signed up for new listing notification, you can still log into your account and create another home search for foreclosures and short sales only.

With 25 foreclosure listings on the South Lake Tahoe mls and all but 4 in escrow, buyers are finding in important to act quickly when a foreclosure comes onto the market. This new foreclosure and short sale listing search tool on my website will enable you to act quicker and get a good buy on a foreclosure or short sale listing.

If you have any trouble with the new short sale and foreclosure search tool please call Brent Johnson at (530) 416-2625. I hope that you take advantage of this great new feature on my website!