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South Lake Tahoe MLS

South Lake Tahoe Real Estate Review for April, 2014

The month of April is a period when the Lake Tahoe basin experiences quite noticeable changes. The snow begins to melt, the native vegetation comes to life, and the wildlife comes out of hibernation.

There is also a noticeable change in the South Lake Tahoe Real Estate market during this period. Home sellers also come out of hibernation. Many sellers take their properties off of the market during the winter months and others wait for the spring and summer to list their homes when they are clear of snow and looking their best.

The inventory of homes for sale in South Lake Tahoe is just starting to increase. The number of single family homes and condo/townhouses listed on the South Lake Tahoe MLS is now at 300, up from 272 in March. Out of the 300 listings, 228 are active and 72 are currently in escrow.

The typical increase in inventory in the spring is around 20%, so we should continue to see an increase of inventory over the next few months.  With the interest rates remaining low and the number of home buyers looking to purchase in Tahoe it should be a very busy market this summer.

Buyers just coming in to the South Lake Tahoe real estate market should keep in mind that foreclosures and short sales are getting very hard to come by. Short sales and foreclosures only account for 1.8% of the active inventory of homes for sale in South Lake Tahoe. There are 2 active shorts sales and 2 active foreclosures currently listed on the South Lake Tahoe MLS. The other thing to keep in mind is that the low end price range is beginning to disappear. The inventory of properties for sale under $200,000 is extremely low, in fact there are only two decent single family properties listed under $200,000 that would even qualify for any kind of financing.

Here is a breakdown by price range of the properties that are currently in escrow:

  • Under $200,000- 2 properties
  • $201,000 to $300,000- 26 properties
  • $301,000 to $400,000- 14 properties
  • $401,000 to $500,000- 15 properties
  • $501,000 to $600,000- 5 properties
  • $601,000 to $700,000- 6 properties
  • $701,000 to $800,000- 3 properties
  • $801,000 to $999,000- 0 properties
  • Over One Million- 1 property

South Lake Tahoe Real Estate Statistics

  • There were 53 homes and condos that were sold on the South Lake Tahoe MLS in April, the same number of properties sold in March, and down from 60 sales in April, 2013.
  • The median sales price was $331,500, down from $334,000 in March and up from $267,500 in April, 2013.
  • The average price of the homes that were sold was $405,587, down from $474,950 in March and down from $443,983 in April, 2013.
  • The average price per square foot was $257, up from $227 in April, 2013.
  • The average days on the market was 128 and the median days on the market was 84.
  • There were 3 short sales and 3 bank owned foreclosures that were sold in April, down from 4 foreclosures and 4 short sales in April, 2013.

If you are thinking of getting into the South Lake Tahoe Real Estate market, now may be as good of a time as ever. Interest rates are still low and with slight increase of inventory there are a few more properties to choose from. If you have any questions about the South Lake Tahoe Real estate market or would like to set up an appointment to look at properties you can call Brent Johnson at (530) 416-2625 or email me at bjohnson@chaseinternational.com!

 

 

 

 

March South Lake Tahoe Real Estate Update

Although there were 53 homes in South Lake Tahoe that were sold during the month of March, it was the first month in the last 14 that the median sales price did not increase. The median sales price of single family homes in March remained the same as the previous month, $334,000 which is up 28.5% from March, 2013.

There are currently 272 total single family and condo listings on the South Lake Tahoe MLS. Out of the 272 listings, 193 are active and 79 are active pending (in escrow). The 79 escrows represent 29% of the total inventory. Distress sales account for 20.3% of the properties currently in escrow (11 short sales and 5 bank owned listings).

So far this year there have been 143 single family homes and condos that have closed escrow in South Lake Tahoe. Bank owned foreclosures have accounted for 3.5% of the sales (5) and short sales have accounted for 8.4% of the sales (12).

South Lake Tahoe Real Estate Statistics for March

  • There were 53 homes and condos sold on the South Lake Tahoe MLS in March, up from 38 in February and up from 51 in March, 2013.
  • The median sales price in March was $334,000, the same as last month and up from $260,000 from March, 2013.
  • The average sales price was $474,950, up from $369,079 last month, and up from $389,702 in March, 2013.
  • There were only 3 short sales that closed escrow in March and there were NO foreclosures that were sold.
  • The median days on the market was 83 days and the average days on the market was 123 days.

The South Lake Tahoe Real Estate market should continue to be active as the summer approaches. We are already noticing an increase in listings as we usually do this time of year. Last month there were only 150 active single family and condo listings and we are now up to 193 active listings!

If  you would like more information regarding the South Lake Tahoe Real Estate market, please call Brent Johnson at (530) 416-2625 or email me at bjohnson@chaseinternational.com  today!

South Lake Tahoe Real Estate Statistics for January, 2014

The South Lake Tahoe Real Estate market is off to a solid start so far in 2014. There were 43 single family homes and condos that sold on the South Lake Tahoe MLS which was up one unit from December. The inventory of homes for sale on the South Lake Tahoe MLS remains tight. There are now currently 169 total active single

1953 Cherokee Reduced to $269,000!

family and condo/townhouses listed on the MLS. Single family homes account for 141 of the active listings and there are 28 condo/townhouse listings. There are now 73 homes and condos listed as “Active Pending” and are currently in escrow.

Distress sales still account for a very small percentage of the active inventory. There are only 4 short sales and 3 bank owned foreclosures that are currently active on the MLS which is 4% of the total inventory.

South Lake Tahoe Real Estate Statistics

  • There were 43 single family homes and condos sold in January, up from 42 in December, and down from 44 in January, 2013.
  • The median sales price was $331,500, up from $329,500 in December, and up 33.1% from $249,000 in January, 2013.
  • The average sales price was $335,593, down from $428,552, in December, and up from $324,531 in January, 2013.
  • The average price per square foot was $228, down from $236 in December, and up from $198 in January, 2013.
  • The average days on the market was 167 and the median days on the market was 135, up from an average of 136 and a median of 105.

The average and median days on the market increased because there were fewer new listings to choose from. Buyers that wanted to purchase homes had to choose from existing listings that had been listed for a longer period of time. The longer the properties were listed, the more that the sellers had to come down in price. The listings that were sold in the first 30 days of being listed sold for 100.11% of asking price. The listings that were on the market for over 120 days sold for only 95.29% of asking.

Short sales accounted for 7 of the 43 home sales in January, up from 4 short sales in December and down from 8 sales in January, 2013. The short sales that sold in January sold at a discount. The average price per square foot for the short sales that were sold was only $174 per square foot. There was only 1 bank owned foreclosure that was sold in January, down from 5 foreclosures in December, and down from 5 foreclosure sales in January, 2013.

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 Statistics for December, 2013

1953 Cherokee Street Offered at $279,000!

The South Lake Tahoe Real Estate market finished out the year with a strong month of sales in December. Although the number of single family home and condo sales was down slightly from the previous year, both the total volume in dollars and the median sales price increased substantially. There were 42 single family homes and condo/townhouses that were reported as sold on the South Lake Tahoe MLS, down from 51 sales in December, 2012 and down from 49 sales in November, 2013.

The median price of the single family home sales increased from $245,000 in 2012 to $329,950 which was a 34.7% increase in a 12 month period. The median sales price is also up from $325,000 from the previous month.

South Lake Tahoe Real Estate Stats for December, 2013

  • There were 42 single family homes and condos that were reported as sold on the South Lake Tahoe MLS in December, down from 49 in November and down from 51 in December, 2012.
  • The median sales price was $329,950 in December, up from $325,000  in November and up from $245,000 in December, 2012.
  • The average sales price was $428,252, up from $420,686 in November and up from $312,159 in December, 2012.
  • The average sales price per square foot was $236, up from $235 in November and up from $188 in December, 2012.
  • The average days on the market was 136 and the median days on the market was 105.
  • There were 4 short sales that closed escrow, up from 3 sold short sales in November and down from 7 in December, 2012.
  • There were 5 bank owned foreclosures that were sold in November, up from 1 in November, and down from 9 in December, 2012.

There are currently only 169 active single family homes and condos available on the South Lake Tahoe MLS for buyers to choose from. With the low number of properties for sale, new listings are really getting a lot of attention and activity.  Out of the 169 properties that are currently active, 142 are single family homes and 27 are condo/townhouses.

Distress sales only account for 3% of the active inventory of properties currently on the market. There are 2 active short sale listings and 3 active bank owned foreclosures listed on the South Lake Tahoe MLS.

There are currently 74 homes/condos that are in escrow which accounts for 30.5% of the total inventory, up from 67 escrows last year to date. There are 16 short sales in escrow and 3 bank owned properties which accounts for 25.7% of the current pending sales.

South Lake Tahoe Real Estate Activity by Price Range

                Price range                                   Number of Escrows

  • Under $200,000                                       16
  • $201- $300,000                                        20
  • $301- $400,000                                       22
  • $401- $500,000                                        7
  • $501-$600,000                                         3
  • $601- $700,000                                        3
  • $701- $800,000                                        0
  • $801- $999,000                                        0
  • Over 1 Million                                           3

 

As you can see the majority of the current activity in the South Lake Tahoe Real Estate market is in the under $400,o00 range. The number of escrows in the under $200,000 drops off only because the inventory in that price range is disappearing. With only 3 homes in escrow over $700,000, the upper end market, especially in the Tahoe Keys is light.

For more information about the South Lake Tahoe real estate please call me at (530) 416-2625 to discuss!

 

 

 

South Lake Tahoe Real Estate Update for November, 2013

The South Lake Tahoe Real Estate market continues to stabilize as inventory levels decrease and as the median sales price increases. There are now only 160 active single family homes and 27 active condo/townhouses listed on the South Lake Tahoe MLS. There are 265 total single family homes and condos that are currently listed and 78 of the properties are in escrow. The 78 escrows represent 29.4% of the inventory.

Distress sales now only account for 4.8% of the active South Lake Tahoe Real Estate inventory (3 short sales and 6 bank owned properties). Distress sales account for 26.9% of the inventory that is currently in escrow (18 are short sales and 3 are bank owned properties). The percentage if distress sales is deceivingly high because many short sales seem to be endlessly in escrow and accumulate over time. So far this year there have been 43 bank owned properties sold which accounts for only 6.4% of the closings. In 2012 there were 172 bank owned properties sold which was 23.2% of the closings. There have been 50 short sales sold so far this year on the South Lake Tahoe MLS which accounts for 7.5% of our closings. Last year there were 124 short sales sold which accounted for 16.8% of total closings.

The most active price range in the South Lake Tahoe Real Estate market continues to be under $400,000. There are 56 properties in South Lake Tahoe that are in escrow under $400,000. There are only 8 properties in escrow that are listed over $600,000 including 5 that are over $1,000,000. The most active price range is $200,000 to $300,000 which has 24 single family houses and condos currently in escrow.

South Lake Tahoe Real Estate Statistics for November, 2013

  • There were 49 single family homes and condos that were sold on the South Lake Tahoe MLS, down from 62 in October and down from 71 in November, 2012.
  • The median sales price rose to $325,000 from $320,000 in October and up from $245,000 in November, 2012 (a 32.7% increase in 12 months).
  • The average sales price was $420,686, down from $420,820 last month and up from $397,279 last November.
  • The average price per square foot was $235, down from $242 last month and up from $204 last November.
  • The average days on the market was 101 and the median days on the market was 129.

There were only 3 short sales and 1 bank owned foreclosure that were sold on the South Lake Tahoe mls in November. There were 10 bank owned foreclosures and 8 short sales that were sold in November, 2012.

Although the inventory of homes for sale in South Lake Tahoe is currently on the low side, it can still be a great time to be on the lookout for a property. Sellers that keep their houses on the market throughout the winter are real sellers and have a reason for selling. The same thing goes for new listings. If you see a new listing coming on the market during the winter in Lake Tahoe there is a good chance that the seller is motivated. If you have any questions about the South Lake Tahoe Real Estate market or if you would like to set up an appointment to see some of the properties currently for sale please call Brent Johnson at (530) 416-2625!

 

South Lake Tahoe Real Estate Statistics for October, 2013

The South Lake Tahoe Real Estate market continues to show signs of improvement as well as stabilization. The median sales price for single family homes in South Lake Tahoe has now gone up for the 9th month in a row. The median sales price in October was $320,000 which is up 33.6% from October of 2012.

 The decreasing inventory of distress sales is one factor that has contributed to the stabilization of the real estate market in South Tahoe. There are now currently only 3 active short sales listed on the South Tahoe MLS and 17 short sales that are currently in escrow. There are only 8 active foreclosure listings on the mls and only one foreclosure that is currently in escrow. Apparently the banks are in no hurry to unload their REO properties because they are pricing them much higher than they were in the past and are not willing to negotiate much on price.

South Lake Tahoe Real Estate Statistics for October, 2013

  • The median sales price for single family homes was $320,000, up from $312,000 in September and up from $239,450 in October, 2012.
  • There were 62 single family homes and condo/townhouses that were sold in October, down from 65 in September and up from 59 in October, 2012.
  • The average sales price for the single family homes was $420,820, up from $375,436 in September and up from $345,867 in October, 2012.
  • The average price per square foot was $242, up from $235 in September and up from $189 in October, 2012.
  • The average days on the market was 117 and the median days on the market was 97.

There were only 2 short sales that closed escrow in October on the South Lake Tahoe mls which was down significantly from the 12 short sales that were sold in October of 2012. There were 5 foreclosures that closed escrow which was actually up from the 3 that closed last year.

The number of days on the market again played a factor on how much negotiating room there was on the price. The longer the property was on the market, the more the sellers came down in price.

  • 0 to 30 Days on the market, 2 properties were sold at an average of 96.39% of the listing price.
  • 31 to 60 Days on the market, 18 properties were sold at an average of 98.31% of the listing price.
  • 61 to 90 Days on the market, 9 properties were sold at an average of 95.63% of the listing price.
  • 91 to 120 Days on the market, 11 properties were sold at an average of 94.98% of the listing price.
  • 120+ Days on the market, 22 properties sold t an average of 94.68% of the listing price.

For more information regarding the South Lake Tahoe Real Estate market or to set up an appointment to look at properties in the Tahoe area please call Brent Johnson at (530) 416-2625 today! I am happy to discuss any properties that are currently listed on the South Lake Tahoe MLS as well as to discuss what you are looking for so that I can send you new listings as they hit the market. You can also sign up for new listing notifications on my website by clicking on the following link: https://www.johnsonstahoerealestate.com/new-listings-watch/. Just fill in your size requirements, area, and price range and you will receive an email when a property comes on the market that fits your criteria!