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South Lake Tahoe MLS

South Lake Tahoe Real Estate November Review

The South Lake Tahoe real estate market experienced a slight slowdown in November, 2018. The median sales price slipped to $469,900 in November from $475,000 in October, but was still 6.8% higher than it was in November, 2017. The number if single family homes and condos in escrow on the South Lake Tahoe MLS also decreased slightly from 59 in October to 53 in November. 

There are currently 221 active single family and condo listings on the South Lake Tahoe MLS which is up from 213 in October and up from

South Lake Tahoe Real Estate listing
1609 Sitka offered at $589,000!

190 in November 2017. The 59 escrows represent 21.1% of the total inventory in escrow. There are no active or pending foreclosures and there is only short sale which is in the Fallen Leaf Lake area.

The majority of the activity is currently in the $300,000 to $500,000 range and a handful of escrows between $700,000 and $800,000.

Below is a breakdown of the current escrows by price range:

  • Under $200,000- 1  1.9%
  • $201,000 to $300,000- 5  11.3%
  • $301,000 to $400,000- 10  30.2%
  • $401,000 to $500,000- 10  
  • $501,000 to $600,000- 5
  • $601,000 to $700,000- 8
  • $701,000 to $800,000- 7
  • $801,000 to $999,000- 2
  • Over $1 Million- 5

There has been some concern that the recent vacation rental limitations imposed by Measure T are going to affect the South Lake Tahoe real estate market, slow the local economy, affect local business, and cause job loss. Are worries about the affects of Measure T causing a slight slowdown in the Real Estate market?

A local group of property owners and business owners called the South Lake Tahoe Property Owners Group has recently filed a lawsuit against South Lake Tahoe calling Measure T ‘unconstitutional and unenforceable’. To read more about the lawsuit in a recent Tahoe Tribune article click on the following link: Court Hearing for Measure T lawsuit delayed in South Lake Tahoe.

At this time one can only speculate if Measure T will affect property values in South Lake Tahoe. For now, buyers that would like to be able to rent out their properties for periods of 30 days or less will want to concentrate in the County areas or within the very small tourist core area within the city of South Lake Tahoe. 

For more information about the South Lake Tahoe real estate market please contact your local South Lake Tahoe real estate expert Brent Johnson at bjohnson@chaseinternational.com or (530) 416-2625 today!

 

South Lake Tahoe Real Estate Update as of 5/26

The following South Lake Tahoe Real Estate market update are for residential (single family and condo/townhouse) properties located in the City and County areas.

There are currently 386 total single family and condo/townhouse listings on the South Lake Tahoe MLS. This number is up from 300 year to date. Currently 301 of the listings are active and 85 are in escrow. In May, 2014 there were 228 active listings and 72 properties in escrow. As you can see, the inventory is currently higher and there are 13 more properties in escrow.

Distress sales only account for 2.3% of the current active inventory and 10.6% of the properties currently in escrow. There are 4 active short sale listings and 3 active bank owned foreclosure listings on the South Lake Tahoe MLS. There are 6 short sale listings and 3 bank owned foreclosures that are currently under contract.

The most active price range in South Lake Tahoe continues to be under $400,000.  Almost half of the current pending properties are under $400,000. Below is a breakdown by price of the 85 escrows:

Price                                      Number of Properties

Under $200,000              6

$201k-$300,000              16

$301k-$400,000              20

$401k-$500,000              14

$501k-$600,000              13

$601k-$700,000              6

$701k-$800,000              4

$801k-$999,000              2

Over 1 Million                   4

So far this year there have been 193 total closings reported on the South Lake Tahoe MLS. Last year during the same period there were 194 sales reported. There have only been 8 bank owned foreclosures that have sold and 4 short sales that have sold this year accounting for 8% of the sales.

The average price per square foot for all single family homes sold in South Lake Tahoe has been $258 per square foot. The Median sales price is $355,000 which is up 7.3% from $330,750 in April 2014. The average days on the market for the single family homes was 121 days.

Properties continue to sell close to the asking price when selling within the first few months of being listed.

Properties that sold within the first 30 days of being listed sold for an average of 98.78% of the listing price.

Properties that sold between 31 and 60 days of being listed sold for an average of 97.91% of the listing price.

Properties that sold after 120 days of being listed sold for an average of 95.9% of the listing price.

 

If you would like more information about the South Lake Tahoe Real Estate market or details on the current South Lake Tahoe Real Estate statistics please call Brent Johnson at (530) 416-2625 today!

 

 

South Lake Tahoe Real Estate Update as of February 10, 2015

The South Lake Tahoe Real Estate market continues to show growth in the Median sales price despite one of the worst snow fall years in Tahoe history. I was born and raised here on the South Shore and I can not remember not being able to find snow on the ground at lake level.

There are a couple of main factors that are contributing to the active real estate market. Low interest rates and a low inventory of houses listed for sale on the South Lake Tahoe MLS has kept the real estate market moving all winter long. The median sales price for single family houses sold is now $350,000 which is up 5.6% from $331,500 year to date. The graph below shows the increase in the median sales price over the last 3 years. The market bottomed out around mid 2012 and has shown an upward trend since that time.

In January there were 45 single family homes that were reported as sold on the South Lake Tahoe MLS. Out of the 45 single home sales, 3 were bank owned foreclosures and there were none were short sales.

The current inventory of homes for Sale in South Lake Tahoe remains low. There are now only 150 active single family listings, 2 of the listings are short sales and 5 are foreclosures.  There are currently 63 properties currently in escrow accounting for 25.5% of the total inventory of available homes. Distress sales make up 12.7% of the properties that are in escrow (6 short sales and 2 bank owned foreclosures).

    Breakdown by price range of the 63 escrows

       Price range                               Number of homes

  • Under $200,000                                       8
  • $201- $300,000                                        15
  • $301- $400,000                                        15
  • $401- $500,000                                         5
  • $501-$600,000                                          4
  • $601- $700,000                                         7
  • $701- $800,000                                         6
  • $801- $999,000                                         1
  • Over 1 Million                                             2

For more information about the South Lake Tahoe Real Estate market please contact Brent Johnson at (530) 416-2625 or email him at Bjohnson@chaseinternational.com today!

 

 

 

 

July South Lake Tahoe Real Estate Snapshot

The South Lake Tahoe Real Estate market saw another slight increase in the median sales price in July, 2014.  The median sales price ticked up to $345,000 in July from $335,000 in June. This is a 18.2% increase from a median sales price of $292,000 in July, 2013. There were 57 single family homes and condos that were sold on the South Lake Tahoe MLS in July, up from 54 in June, and down from 76 in July, 2013.

South Lake Tahoe Real Estate Statistics

  • There were 57 single family homes and condo/townhouses that were sold in July, Up from 54 in June and down from 76 in July, 2013.
    2681 Genoa Offered at $295,000!
    2681 Genoa Offered at $295,000!
  • The median sales price according to the South Lake Tahoe MLS was $345,000, up from $335,000 in June and up from $292,000 in July, 2014.
  • The average sales price was $549,999, up from $362,923 in June and up from $352,402 in July, 2014.
  • The average price per square foot was $267, up from $249 in June and up from $218 in July, 2014.
  • The average days on the market was 98 and the median days on the market was 69.

There were only 3 short sales that closed escrow on the South Lake Tahoe MLS and there were no foreclosures that were sold. In July, 2013 there were 6 short sales and 4 bank owned foreclosures that were sold.

The Tahoe Keys Real Estate market started to heat up in July as well with 7 single family home sales and one townhouse that was sold. The highest sale was 16 Lighthouse Shores which was sold by our office for $5,750,000!

For more information about the South Lake Tahoe Real Estate market please call Brent Johnson at (530) 416-2625 today!

 

 

South Lake Tahoe Real Estate Snapshot for June 2014

South Lake Tahoe Real Estate
1843 High Meadows Trail Offered at $539,000!

The South Lake Tahoe Real Estate market was quite active in June with 56 single family homes and condo/townhouses sold on the South Lake Tahoe MLS. Although the market was quite active the median sales price remained the same as the previous month at $335,000. This is an 18% increase in the median sales price year to date.

South Lake Tahoe Real Estate Statistics

  • There were 56 single family homes and condos sold in June, 2014, up from 49 in May and up from 54 in June, 2013.
  • The median sales price for the single family homes that were sold in June was $335,000, the same as May and up 18% from $284,000 in June, 2013.
  • The average sales price was $362,923, down from $370,318 in May and down from $389,611 in June, 2013.
  • The average price per square foot was $249, up from $242 in May and up from $222 in June, 2013.
  • The average days on the market was 88 and the median days on the market was only 62 including the escrow period.

There were five bank owned foreclosures that were sold in June and there were no short sales that closed escrow. In May there were 3 bank owned properties that were sold and 6 short sales that closed escrow.

The quicker the houses were selling the closer to asking price the sellers were able to obtain. There were 5 homes that sold within the first 30 days on the market and they sold for an average of 98.15% of the listing price. There were 22 homes that were sold from 31-60 days on the market and they sold for an average of 98.5% of the list price. The houses that sat on the market for over 120 days had more wiggle room and sold for an average of 92.56% of the listing price.

For more information about the South Lake Tahoe Real Estate market or to set up an appointment to view any of the homes for sale in South Lake Tahoe please call Brent Johnson at (530) 416-2625 today!

South Lake Tahoe Real Estate Update for May, 2014

The South Lake Tahoe Real Estate market is following a normal seasonal pattern of increasing inventory. The inventory of homes for sale in South Lake Tahoe usually experiences about a 20% increase in single family housing inventory in the springtime.

There are now 370 total single family and condo listings on the South Lake Tahoe MLS in the City and County areas. Just a month ago there were only 300 listings.  Out of the 370 MLS listings, 295 of the properties are active and 75 are currently in escrow. The 75 escrows represent 20.3% of the total inventory. During the same time in 2013 there were 335 total listings, 224 active listings, and 111 that were in escrow.

Although there are fewer properties currently in escrow than there were in 2013, prices are higher. The median sales price of the single family homes that were sold in May was $335,000, up 24.1% from $270,000 year to date.

South Lake Tahoe Real Estate Statistics

  • There were 49 single family homes and condos that were sold in May, down from 53 sales in April, and down from 75 sales in May of last year.
  • The median sales price in May was $335,000, up from $331,500 in April, and up from $270,000 in May of last year.
  • The average sales price in May was $370,318, down from $405,587 in April, and down from $385,508 in May of last year.
  • The average price per square foot was $242, down from $257 in April, and down from $227 in May of last year.
  • The average days on the market was 113 and the median days on the market was only 54.

There were only 2 short sales and 3 bank owned foreclosures that were sold in May on the South Lake Tahoe MLS. In May of last year there were 8 short sales and 4 bank owned foreclosures that were sold. Year to date there have been only 13 bank owned property sales which accounts for 5.2% of the total closings. There have been 17 short sales that have sold accounting for 6.7% of the total closings. There have been 252 single family home and condo sales reported on the South Lake Tahoe mls so far this year (as of 6/17/14).

If you would like more information about the South Lake Tahoe Real Estate market you can reach Brent Johnson at (530) 416-2625 or email me at bjohnson@chaseinternational.com.