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South Lake Tahoe real estate

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.

Mortgage Interest Deduction Lives!

 

Homeowners and future homeowners can now breath a little easier now that congress has reached an agreement in the “fiscal cliff” negotiations and that President Obama signed the American Taxpayers Relief act into law. Below are some of the housing-related provisions included in the federal law provided by the California Association of Realtors.

 

  • Mortgage Forgiveness Debt Relief Act extended for one year
  • The “Pease Limitations” that reduced the value of itemized deductions, including the mortgage interest deduction, are permanently repealed for most taxpayers but will be reinstituted for high income filers.  This provision reduces a taxpayer’s itemized deductions by 3 percent of the amount of his or her adjusted gross income (AGI) that exceeds the threshold amount.  Under the new law, the Pease thresholds are $300,000 for married taxpayers filing jointly and $250,000 for single taxpayers (i.e., a married couple with an AGI of $400,000 would be $100,000 over the threshold; the couple’s deductions would be reduced by $3,000 which is 3% of $100,000).  No matter how high a taxpayer’s AGI, the Pease reduction cannot exceed 20 percent of the amount of itemized deductions otherwise allowable for the year. 
  • The restoration of a tax deduction for mortgage-insurance premiums, including premiums paid to the Federal Housing Administration and private mortgage insurers.  This provision expired at the end of 2011 but has now been retroactively extended for all of 2012 as well as 2013.
  • 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.
  • Capital gains rates will remain at 15 percent for those earning less than $400,000 (individual) and $450,000 (joint).   Gains above those income levels will be taxed at 20 percent.  Gains on the sale of principal residences will remain unchanged and continues to exclude the first $250,000 for single taxpayers and $500,000 taxpayers filing jointly.

 

The extension of the Mortgage Forgiveness Debt Relief Act will give homeowners on the brink of foreclosure much needed debt relief. This extension will forgive the taxation of mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale or a loan modification.

The California Association of Realtors and its members worked very hard to maintain the mortgage interest deduction. The mortgage interest deduction is just one of the many benefits of owning your own home. For more information on purchasing a house here in South Lake Tahoe please call South Lake Tahoe real estate  agent Brent Johnson at (530) 416-2625.

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!

Great Opportunity in Montgomery Estates!

 

2481 Bernice Lane

Montgomery Estates, South Lake Tahoe Ca

Offered at:

Coming Soon!

 Virtual Tour

Location, Location, Location! This open and bright 2 bedroom, 2 bath, 2 car garage home in Montgomery Estates has the location you have been waiting for. Surrounded by large newer homes, this property has a great setting with filtered mountain and forest views. Tall vaulted ceilings with exposed wood beams give this home a very open feeling with lots of natural sunlight. Well built with nice tile counter tops and flooring, this property has tons of potential.   A little updating would go a long way with this property!

  • Built in 1992
  • Pellet Stove
  • Double Pane Windows
  • 1429 Square Feet
  • Upstairs Living
  • Large Lot
  • Great Montgomery Estates Location!

This property will be coming on the market soon. For more information about this property and pricing,  please call South Lake Tahoe Real Estate Agent Brent Johnson at (530) 416-2625.

South Lake Tahoe Real Estate Update for November 2012

The month of November was a solid month for the South Lake Tahoe Real Estate  market as well as the National Housing market. There were 71 single family homes and condos that were reported as sold on the South Lake Tahoe MLS. This is a significant increase from the 57 properties that were sold in October and the 46 that were sold in November 2011. As well as the increase of units sold, the median sales price, average sales price, and the sales price per square foot was up from October.

The inventory of houses for sale in South Lake Tahoe continued a steady decline which is a factor causing prices to increase.  There are currently 264 total single family and condo listings on the South Lake Tahoe MLS in the city and county areas of South Tahoe.  Out of the 264 listings, 95 are in escrow and only 169 are still active.

 In October 2012 there were 317 total listings and 207 active listings.

In September 2012 there were 351 total listings and 234 active listings.

November South Lake Tahoe Real Estate Statistics

  • There were 71 single family homes and condos that were sold in South Lake Tahoe in November, up from 57 in October and up from 46 in 2011.
  • The median sales price for the properties is South Lake Tahoe that were sold was $285,000, up from $265,000 in October and up from $228,400 in 2011.
  • The average sales price was $397,279, up from $350,336  in October and up from $256,558 in November 2011.
  • The average price per square foot was $204, up from $189 in October and up from $165 in November 2011.
  • The median days on the market was 113 and the average days on the market was 162.

The South Lake Tahoe foreclosure market has contributed to the change in the real estate market. There are currently only 19 single family and condo foreclosure listings on the South Lake Tahoe MLS. Out of the 19 foreclosure listings, 13 are in escrow and only 6 are active.  In October there were 22 foreclosure listings and 9 were active.

South Lake Tahoe Foreclosure Statistics

  • There were 10 bank owned foreclosures on the South Lake Tahoe MLS that were sold in November, up from 3 that were sold in October.
  • The median sales price for the foreclosures that were sold was $259,900, up from $176,000 in November.
  • The average sales price was $298,527, up from $173,967 in October.
  • The average days on the market was 82 and the median days on the market was 64.
  • The average price per square foot was $169,  up from $143 in October.

Short Sales In South Lake Tahoe

  • There are currently only 34 single family and condo short sale listings on the South Lake Tahoe MLS in the City and County areas and only 5 of the listings are active.
  • There were 8 short sale listings that closed escrow in November, down from 12 in October.
  • The median sales price of the short sale listings was $$245,050, up from $242,500.
  • The average sales price was $335,875, up from $250,599 in October.
  • The average price per square foot was $189, up from $155.
  • The average days on the market for the short sales was 179 and the median days on the market was 180.

For more information regarding the South Lake Tahoe real estate market please call Brent Johnson at (530) 416-2625. To view a list of properties for sale in South Lake Tahoe, Foreclosures for sale in South Lake Tahoe, Short Sales for sale in South Lake Tahoe, or Tahoe Keys Real Estate for sale please click on the previous links.

California Pending Home Sales On The Rise and Distress Sales Decline

The California Association of Realtors  recently published a positive article about the California housing market. The article is about the statewide rise in pending home sales as well as the decrease in distress sales. The South Lake Tahoe real estate market is following the same trend as most of the state of California.

In October there were only 3 foreclosures and 12 short sales that had closed escrow on the South Lake Tahoe MLS. With 57 properties in South Lake Tahoe that were sold, only 26% were distress sales. In October 2010 distress sales accounted for 34% of the sales and in 2011 33% of the sales.

OctpendingLOS ANGELES (Nov. 21) – California pending home sales rose both from the previous month and year in October for the first time in seven months, while the share of equity sales grew slightly, marking a four-year high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

Pending home sales data:

C.A.R.’s Pending Home Sales Index (PHSI)* rose 4.3 percent from a revised 115.2 in September to 120.2 in October, based on signed contracts.  Pending sales were up 3.6 percent from the 116.1 index recorded in October 2011.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

“The strong pace of pending sales in October is a continuation of what we’ve experienced for most of 2012, with demand remaining robust across all parts of the state,” said 2013 C.A.R. President Don Faught.  “Non-distressed sales – which are up nearly 50 percent from a year ago – are especially strong, while REO sales are down more than 51 percent, primarily due to a short supply of REOs.  The significant increase in non-distressed sales has driven the share of equity sales to its highest level in more than four years.”

Distressed housing market data:

• The share of equity sales – or non-distressed property sales – compared with total sales expanded slightly in October.  The share of equity sales in October increased to 63.4 percent, up from 63 percent in September, the highest level since June 2008.  Equity sales made up about half (49 percent) of all sales in October 2011.
• The share of REO sales statewide contracted in October, while the share of short sales essentially was unchanged.  The combined share of all distressed property sales dipped to 36.6 percent in October, down from 37 percent in September and down from 51 percent in October 2011.
• Of the distressed properties, the share of short sales was 24.4 percent in October and 22.6 percent a year ago.
• The share of REO sales fell further in October, dropping from 12.3 percent in September to 11.8 percent in October and was down from 28 percent in October 2011.
• The available supply of REOs tightened in October, with the Unsold Inventory Index for REOs falling from 2.2 months in September to 1.9 months in October.  The Unsold Inventory Index for short sales was 3.1 months and was 3.2 months for equity sales.

Charts:

• Closed housing sales in October by sales type (equity, distressed).
• Pending sales compared with closed sales.
• Historical trend in the share of equity sales compared with distressed sales.
• Housing supply of REOs, short sales, and equity sales in October.
• A historical trend of REO, short sale, and equity sales housing supply.
• Year to year change in sales by property type.

Share of Distressed Sales to Total Sales
(Single-family)

Type of Sale Oct. 2011 Sept. 2012 Oct. 2012
Equity Sales 49.0% 63.0% 63.4%
Total Distressed Sales 51.0% 37.0% 36.6%
     REOs 28.0% 12.3% 11.8%
     Short Sales 22.6% 24.3% 24.4%
     Other Distressed Sales (Not Specified) 0.4% 0.4% 0.4%
All Sales  100.0% 100.0% 100.0%

Single-family Distressed Home Sales by Select Counties
(Percent of total sales)

County Oct.
2011		 Sept. 2012 Oct.
2012
Alameda NA 28% 21%
Amador 46% 38% 38%
Butte 43% 36% 35%
Contra Costa NA 29% 26%
El Dorado 48% 38% 36%
Fresno 61% 51% 48%
Humboldt 28% 28% 20%
Kern 67% 45% 41%
Kings NA 39% 42%
Lake 78% 47% 50%
Los Angeles 48% 37% 37%
Madera 89% 60% 55%
Marin 26% 24% 21%
Mendocino 49% 47% 43%
Merced 58% 46% 47%
Monterey 61% 40% 45%
Napa 46% 37% 30%
Orange 36% 25% 28%
Placer 58% 43% 40%
Riverside 63% 50% 50%
Sacramento 64% 50% 47%
San Benito 72% 55% 58%
San Bernardino 65% 45% 46%
San Diego 28% 15% 14%
San Joaquin 63% 52% 49%
San Luis Obispo 46% 28% 29%
San Mateo 23% 20% 17%
Santa Clara 34% 22% 22%
Santa Cruz 40% 31% 28%
Siskiyou 37% 40% 32%
Solano 72% 59% 62%
Sonoma 51% 37% 29%
South Lake Tahoe 31% 33% 25%
Stanislaus 67% 57% 55%
Tehama 49% 49% 43%
Tulare NA NA 46%
Yolo 61% 51% 45%
California 51% 37% 37%

**Note:  C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state.  Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market.  A sale is listed as pending after a seller has accepted a sales contract on a property.  The majority of pending home sales usually becomes closed sales transactions one to two months later.  The year 2008 was used as the benchmark for the Pending Homes Sales Index.  An index of 100 is equal to the average level of contract activity during 2008.