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South Lake Tahoe MLS

May South Tahoe Real Estate Update

May was a big month for closings on the South Lake Tahoe MLS. There were 75 single family homes and condos reported as sold on the MLS from May 1st to the 31st. Closings were up from 60  in April and up from 68  in May 2012. 

 The inventory of homes for sale is also on the rise which is great news for home buyers looking for more of a selection of homes to choose from.  Inventory levels are still historicaly low in South Lake Tahoe but have gone up about 19% over the last few months.  There are currently 374 single family homes and condos listed on the South Lake Tahoe MLS which is up from 302 in April. Out of the 374 listings, 268 are active and 106 are currently in escrow.

According to the South Tahoe Association of Realtors the median sales price for single family homes has not gone up for 10 months in a row. The median sales price for single family homes sold on the MLS was $270,000 which is up from $267,500 in April and up 13.1% from what it was in May 2012.

South Lake Tahoe Real Estate Statistics

  • There were 75 single family homes and condos sold in May, up from 60 sales in April, and up from 68 sales in May 2012.
  • The median sales price in May was $270,000, up from $267,500 in April, and up from $238,668 in May 2012.
  • The average sales price in May was $385, 508, down from $443,983 in April, and up from $346,319 in May 2012.
  • The average price per square foot in May was $239, up from $227 in April, and up from $189 in May 2012.
  • The average days on the market was 133 and the median days on the market was only 62 including the escrow period.

Short Sales in South Lake Tahoe

  • There are currently only 21 short sale listings on the South Lake Tahoe MLS. 17 of the short sales are in escrow and 4 are active.
  • There were 8 short sales that closed escrow in May, up from 4 sales in April, and down from 14 sales in May 2012.
  • The average price per square foot for the short sales was $187, up from $155 in April.
  • The average sales price for the short sales was $237, 635, down from $361,4oo in April.
  • The median sales price for the short sales was $227,500, down from $352,000 in April.

There were only 4 foreclosures that were sold in May which was down from 17 foreclosure sales in May 2012. The average sales price of the foreclosures sold was $188,475 and the median sales price was $194,450. The average price per square foot of the foreclosure sales was at $206.

For more information about the South Lake Tahoe real estate statistics and information about properties for sale in the Tahoe area please call Brent Johnson at (530) 416-2625 today!

South Lake Tahoe Real Estate Update

1888 Osage offered at $979,000

As South Lake Tahoe businesses prepare for what is expected to be a busy summer tourist season home sellers seem to be getting ready as well. Although the inventory of homes for sale in South Lake Tahoe is still low compared to historic levels, some sellers are taking advantage of the rising prices and low inventory by listing their homes for sale. There are now 302 single family homes and condos listed on the South Lake Tahoe MLS. Out of the 302 listings over 1/3 of the properties are currently in escrow. There are 102 properties in escrow and 200 that are still active (many of the active listings have offers pending).

In the last 14 days there have been 62 new single family and condo/townhouse listings in the city and county areas of South Lake Tahoe. Only 3 of the new listings were short sales and only 2 were bank owned foreclosures. All 3 of the new short sale listings have already gone into escrow.

The distress sale inventory on the South Lake Tahoe mls continues to decline has it has over the last 12 months. There are currently 22 short sale listings on the MLS and every single one is currently in escrow. There are currently NO active short sales in the South Lake Tahoe M LS! There are currently only 10 bank owned foreclosures on the MLS, 4 of the foreclosures are still active and 6 of the foreclosures are in escrow.

South Lake Tahoe Real Estate Statistics for April

  • There were 60 single family homes on the South Lake Tahoe MLS that were sold in April, up from 51 in March and up from 47 in April 2012.
  • The average sales price was $443, 983, up from $360,000 in March and up from $288,032 in April 2012.
  • The median sales price was $267,500 up from $260,000  in March and up from $237,500 in April 2012.
  • The average price per square foot was $227, down from $223 in March and up from $168 in April 2012.
  • The average days on the market was 145 and the median days on the market was only 69.

Foreclosures in South Lake Tahoe

  • There are currently10 foreclosures on the South Lake Tahoe MLS. 4 of the foreclosures are active and 6 are currently in escrow.
  • There were only 4 foreclosures that closed escrow in April, up from 3 in March and down from 18 in April 2012.
  • The average sales price of the foreclosures was $260,513.
  • The median sales price of the foreclosures was $248,750.
  • The average sales price per square foot was $155.
  • The average days on the market was 48.
  • The median days on the market was 46.

Short Sales in South Lake Tahoe

  • There are currently 22 short sales on the South Lake Tahoe MLS and all of them are currently in escrow.
  • There were 4 short sales that closed escrow in April, up from 3 sales in March and down from 6 sales in April 2012.
  • The average sales price for the short sales was $361,400.
  • The median sales price for the short sales was $352,000.
  • The average price per square foot was $188.
  • The average days on the market was 389.
  • The median days on the market was 328.

We should continue to see a steady flow of new listings coming on the market which is great for buyers who have been looking for the right property. Although the new listings are giving buyers more of a selection, home prices are still on the rise and buyers seem to be gobbling up the new listings almost as fast as they are coming on the market.

February South Tahoe Real Estate Statistics

My monthly South Lake Tahoe real estate statistic updates are beginning to sound like a broken record, prices are going up and inventory is going down… The median and average sales price of the homes in South Lake Tahoe that were sold in February were up from January 2013 and up from February 2012. The inventory of condo/townhomes and single family homes for sale on the South Lake Tahoe MLS has fallen from 141 active listings to only 112 active listings in the City and County areas. The current inventory is now  less than half of what was for sale this time last year. Distress sale inventory is also at the lowest level it has been  in years. There are currently only 3 active single family short sale listings and only 5 active foreclosure listings on the mls.

The lack of distress sale listings as well as the lack of lower end listings is causing both the median and average sales prices in South Lake Tahoe to rise. In February the median sales price of the single family homes and condos was $277,600, up from $275,000 in January, and up from $205,000 in February of 2012. That is a $70,000 increase in the median sales price in just one year! The average sales price in February was $346,837, up from 334,531 in January, and up from $257,361 in February of 2012.

February South Lake Tahoe MLS Statistics

  • There were 38 homes and condos on the South Lake Tahoe MLS that were sold in February, down from 44 in January and up from 33 in February 2012.
  • The median sales price was $277,600, up from $275,000 in January and up from $205,000 in February 2012.
  • The average sales price was $$346,837, up from $334,531 in January and up from $257,361 in February 2012.
  • The average price per square foot was $198, the same as it was in January, and up from $163 in February 2012.
  • The average days on the market was 130 and the median days on the market was 107. In February 2012 the average days on the market was 150 and the median was 117.

The foreclosure inventory shrank from 17 total foreclosure listings to only 10 foreclosure listings. Out of the 10 foreclosure listings, 5 are currently active and 5 are in escrow.

Foreclosures in South Lake Tahoe

  • There are 10 total foreclosure listings for single family homes and condos on the South Tahoe MLS, 5 are active and 5 are in escrow.  At the end of January there were 17 total foreclosure listings and 5 of them were active.
  • There were 10 foreclosures in South Lake Tahoe that were sold on the mls in February, up from 5 in January and down from 15 in February 2012.
  • The average sales price of the foreclosure sales was $310,740, up from $244,350 in January and up from $185,283 in February 2012.
  • The median sales price of the foreclosures was $270,100, up from $215,000 in January and up from $170,000 in February 2012.
  • The average price per square foot was $178, up from $164 in January and up from $138 in February 2012.

The current inventory of short sale listings in South Lake Tahoe did not change much from what it was in January and remains low compared to what it has been the in the last few years. There are now only 23 total short sale listings for single family and condo/townhomes in South Lake Tahoe. Out of the 23 total short sale listings, 19 are in escrow and only 3 are still active.

Short Sales in South Lake Tahoe

  • There are currently 23 single family and condo short sale listings on the South Lake Tahoe MLS. Only 3 of the short sale listings are still active. In January there were 24 short sale listings and only 3 were active.
  • There were 6 short sales that were sold in February, down from 8 in January and up from 5 in February 2012.
  • The average sales price of the short sales was $296,780,  up from $145,55o in January and up from $242,920 in February 2012.
  • The median sales price of the short sales was $323,900, up from $148,650 in January and up from $200,000 in February 2012.
  • The average price per square foot was $176, up from $139 in January and up from $161 in February.

With only 200 total single family and condo/townhouses currently listed in the City and County areas of South Lake Tahoe and 88 of them in escrow I am hoping that we will see some new listings this spring. My best advice for buyers that are searching for a property in South Lake Tahoe is to keep in touch with your agent and make sure to look at the new listings on a daily basis. If a listing that interests you comes on the market, chances are that this listing will interest other buyers as well. Make sure that you are pre-approved so that you are ready to make an offer on the next listing that you have been waiting for before someone else does.

January South Tahoe Real Estate Statistics

I work with a lot of home buyers here in South Lake Tahoe and their biggest complaint seems to be the lack of current inventory. There are currently only 22 single family homes listed in the city and county areas of South Lake Tahoe under $300,000. There are only 3  houses under $300,000 that have at least 3 bedrooms, 2 bathrooms, and a 2 car garage.  There are a total of 218 single family condo and single family listings on the mls, 77 are in escrow and 141 are active.

The second complaint that I have been hearing is that prices seem to be going up! Rising prices are great for sellers but not so great for buyers. In January the median price, average sales price, and the sold price per square foot was up from December 2012 and up from what it was in January of 2012.

South Lake Tahoe MLS Statistics

  • There were 44 single family homes and condos on the South Lake Tahoe MLS that were sold in January, down from 49 in December and the same as January 2012.
  • The median sales price of the houses in South Lake Tahoe that were sold in January was $275,000, up from $242,000 in December,  and up from $222,500 in January 2012.
  • The average sales price was $334,531, up from $309,849 in December, and up from $257,174 in January 2012.
  • The average price per square foot was $198, up from $188 in December, and up from $160 in January 2012.
  • The average days on the market was 149 and the median days on the market was 110.

The distress sale inventory has continued to decline as well. There are now only17 foreclosure listings in South Lake Tahoe on the MLS. Out of the 17 foreclosure listings only 5 are available and 12 are currently in escrow. There were only 5 foreclosures that were sold on the mls in January which is down from 9 foreclosure sales in December and down from 21 foreclosure sales in January 2012.

Foreclosures in South Lake Tahoe

  • There are currently 17 (5 active) foreclosure listings on the South Lake Tahoe MLS.
  • There were 5 foreclosure sales in South Lake Tahoe in January, down from 9 in December and down from 21 in January 2012.
  • The average sales price was $244,340, up from $196,650 in January 2012.
  • The median sales price was $215,000, up from $168,500 in January 2012.
  • The average price per square foot was $164, up from $135 in January 2012.

There are currently only 20 short sales on the South Lake Tahoe MLS and only 3 of the short sales are still active. There were 8 short sales that closed escrow in January.

Short Sale Listings in South Lake Tahoe

  • There were 8 short sales that were sold in January, up from 7 short sales in December, and down from 9 short sales in January 2012.
  • The average sales price of the short sales was $145,550, down from $232,567 in December, and down from $348,556 in January 2012.
  • The median sales price of the short sales was $148,650, down from $192,500 in December, and down from $279,000 in January 2012.
  • The average price per square foot was $139, down from $159 in December , and down from $183 in January 2012.
  • The average days on the market was 248 and the median days on the market was 198.

 

 Tahoe Keys Real Estate

The Tahoe Keys Real Estate market had a great start to 2012 as well. There were 6 houses in the Tahoe Keys that were sold in January. There were 4 homes sold that were on the water with lake access and two houses that did not have lake access. The average sales price of the Keys homes was $628,917 and the median sales price was $670,000. The average price per square foot was $301. With currently only 20 houses for sale in the Tahoe Keys and spring quickly approaching, inventory shortage and rising prices are coming.

South Tahoe Foreclosure Inventory Continues to Shrink

The shrinking supply of foreclosure inventory appears to be a nationwide trend that is fueling the housing recovery. Low interest rates, motivated investors, and a tight inventory are the major factors contributing to the recovery of the housing market.

Supply of “Shadow” homes declines Again, an article in LATimes.com by Alejandro Lazo explains:

 “House hunters looking for bargain properties in the new year will probably be disappointed.

A new report by Santa Ana firm CoreLogic shows pending home supply declined again in October. This shadow inventory fell 12.3% from the year prior to stand at 2.6 million units, or a supply of about seven months.

The housing recovery that began last year was spurred by tight inventory and strong demand from investors and buyers motivated by record-low mortgage-interest rates.

Those factors have helped push up prices in recent months. In a news release announcing the new data, CoreLogic analysts said that given the strong demand from investors, and others, the current shadow supply is unlikely to drag down the market in 2013.

“The size of the shadow inventory continues to shrink from peak levels in terms of numbers of units and the dollars they represent,” CoreLogic Chief Executive Anand Nallathambi said in that release. “We expect a gradual and progressive contraction in the shadow inventory in 2013 as investors continue to snap up foreclosed and REO properties and the broader recovery in housing market fundamentals takes hold.”

CoreLogic estimates the supply of homes that are seriously delinquent, in foreclosure or held by lenders and not currently on the market. Investors and economists keep an eye on shadow inventory to get a sense of how many homes might be headed into foreclosure and hitting the market.

CoreLogic estimated the dollar amount of shadow inventory as $376 billion in October, a decline from $399 billion the same month a year before. Florida, California, Illinois, New York and New Jersey made up about 45% of the shadow supply reported by CoreLogic on Wednesday.”

 The inventory of foreclosures has steadly declined in South Lake Tahoe as well. There are currently only 16 single family foreclosure listings on the South Lake Tahoe MLS in the city and county areas. Out of the 16 foreclosure listings only 5 are active and the other 11 are in escrow.

 Foreclosure Inventory on the South Lake Tahoe MLS:

January 2013

  • 16 total foreclosure listings
  • 5 active foreclosure listings
  • 11 pending foreclosure listings

January 2012

  • 57 total foreclosure listings
  • 34 foreclosures were active
  • 23 foreclosures were in escrow

January 2011

  • 62 total foreclosure listings
  • 34 foreclosures were active
  • 28 foreclosures were in escrow

As Alejandro Lazo said in the article,  House hunters looking for bargain properties in the new year will probably be disappointed. It will become very important to have a hard working real estate agent working for you to notify you when good properties come on the market because they may be selling quickly!

 

South Tahoe Real Estate Update for December 2012

The inventory of properties for sale in South Lake Tahoe has continued to decrease over the last 6 months. This inventory decrease is making it difficult for some buyers to locate a property that fits their needs. The total number of single family homes and condos has dropped to 217 from 264 just a month ago. There are more homes that are being sold than that are being listed for sale. There are only 144 active single family homes and condos in the city and county areas of South Lake Tahoe on the MLS, down from 169 in November. There are currently 73 single family homes and condos that are in escrow, up from 71 at the end of November.

The inventory of distress sales has remained on the low side as well. There are only 15 total foreclosure listings on the South Lake Tahoe MLS, 10 of the foreclosures are in escrow leaving only 5 active listings to choose from. There are 30 total short sales listed, 23 in escrow and 7 active short sale listings to choose from.

There were 49 single family houses and condos reported as sold on the South Lake Tahoe MLS in the city and county areas of South Lake Tahoe in December. Out of the 49 sales, 9 were foreclosures and 6 were short sales.

South Tahoe Real Estate Statistics for December

  • There were 49 single family homes and condos that were reported as sold on the South Lake Tahoe MLS in the City and County areas, down from 71 in November and down from 64 in December 2011.
  • The median sales price in December was $242,000, down from $265,000 in November and up from $235,450 in December 2011.
  • The average sales price in December was $309,849, down from $379,297 in November and down from $378,777 in December 2011.
  • The average price per square foot was $188, down from $204 in November and down from $189 in December 2011.
  • The average days on the market was 109 and the median days on the market was only 68.

South Lake Tahoe Foreclosure Statistics

  • There are currently 15 single family foreclosure listings on the South Lake Tahoe MLS, only 5 of the listings are active and 10 are in escrow.
  • There were 9 foreclosures that were sold in December, down from 10 in November.
  • The average sales price of the foreclosures was $198,446, down from $298,527 in November.
  • The median sales price was $215,000, down from $259,900 in November.
  • The average price per square foot was $133, down from $169 in November.
  • The median days on the market was 56 and the average days on the market was 66.

South Lake Tahoe Short Sale Statistics

  • There are currently 30 short sale listings on the South Lake Tahoe MLS in the City and County areas, 23 of the short sales are in escrow and 7 are still available.
  • There were 6 short sales in South Lake Tahoe that were sold in December, down from 8 sales in November.
  • The median sales price for the short sales was $192,500, down from $245,050 in November.
  • The average sales price for the short sales was $232,567, down from $335,875 in November.
  • The average price per square foot was $159, down from $189 in November.
  • The average days on the market was 178 and the median days on the market was 170.

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