South Lake Tahoe real estate

August South Tahoe Real Estate Update

August ended up being another great month for sales of single family homes and condos in South Lake Tahoe. There were 76 single family homes and condos that were reported as sold on the South Lake Tahoe MLS. Although buyer traffic was heavy and the inventory of available homes was low, the median price and average price per square foot remained steady.

August Single Family and Condo Statistics

There were 76 single family homes and condos sold in August, up from 70 in July.
The average price per square foot was $188, down from $193 in July.
The median sales price was $235,000, down from $236,500 in July.
The average sales price was $294,090, down from $337,956 in July.
The average days on the market was 147 and the median days on the market was 85

The inventory of homes for sale in South Lake Tahoe remained low. There are currently 388 total single family home and condo listings on the MLS and 143 of them are in escrow. With 37% of the inventory in escrow, many buyers are getting involved in multiple offer situations, especially on properties priced under $300,000. One of the reasons that our inventory is so low is that we are not seeing many distress sales coming on the market. Currently there are only 6 active foreclosures and 14 active short sales listed on the South Lake Tahoe MLS.

Foreclosures in South Lake Tahoe

There are currently 15 foreclosure listings on the MLS, 6 of the foreclosures are active and 9 of the foreclosures are in escrow.
There were 19 bank owned foreclosures that were sold on the MLS in August, up from 11 foreclosure sales in July.
The median sales price of the foreclosures was $175,000, down from $220,000 in July.
The average sales price was $214,576, down from 228,023 in July.
The average price per square foot was $143, up from $138 in July.
The median days om the market was 84.

Short sales in South Lake Tahoe

There are currently 56 total short sales on the South Lake Tahoe MLS
43 of the short sales are in escrow and only 14 are still active.
There were 6 short sales that closed escrow in August, down from 13 in July.
The median sales price of the short sales was $220,000, up from $165,000.
The average sales price of the short sales was $211,667, up from $177,596 in July.
The average days on the market was 218 and the median days on the market was 216.

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

July South Lake Tahoe Real Estate Review

With another 70 single family homes and condos that were sold on the South Lake Tahoe MLS in July, the Tahoe Real Estate market continues to move at a quick pace. There were 7 less property sales in July than there were last month, but there were 22 more sales than there were in July 2011. The inventory of properties for sale on the MLS remains similar to what it was last month with 269 active listings and 145 active pending listings. Currently 35% of the single family homes and condos listed on the mls are in escrow.

The inventory of bank owned foreclosures in South Lake Tahoe is very low compared to what it has been over the last several years. There are26 foreclosure listings on the mls, 18 of the foreclosures are in escrow and only 8 of the foreclosures are still available. There are a total of 61 short sale listings, 49 of the short sale listings are in escrow and only 12 are still available.

July South Lake Tahoe MLS Statistics

There were 70 single family homes and condos that were sold on the South Lake Tahoe MLS in July, down from 77 sales in June, and up from 48 sales in July 2011.
The Median sales price was $236,500, up from $225,000 in June, and down from $237,500 in July 2011. (The median sales price for only single family homes was $291,000 in July 2011)
The average sales price was $337,596, up from $279,311 in June, and up from $293,785 in July 2012.
The average price per square foot was $193, up from $177 in June.
The average days on the market was 140 and the median days on the market was 82.

South Lake Tahoe Foreclosures

There were 11 foreclosures in South Lake Tahoe that were sold in July, down from 18 in June.
The average sales price of the foreclosure sales was $228,023, up from $200,036 in June.
The median sales price of the foreclosure sales was $220,000, up from $174,000 in June.
The average price per square foot was $138, down from $140 in June.
Tha average days on the market was 177.

South Lake Tahoe Short Sales

There were 13 short sales that were sold on the South Lake Tahoe MLS in July, down from 16 in June.
The average sales price was $177,596, down from $279,188 in June.
The median sales price was $165,000, down from $230,500 in June.
The average price per square foot was $125, down from $168.
The average days on the market was $239 and the median days on the market was 213.

The Tahoe Keys area had a great month of sales with 12 single family homes sold on the MLS. The average sales price of the Tahoe Keys sales was $784,600. The median sales price in the Keys was $686,500 and the average price per square foot was $325. The Tahoe Keys Homes that were sold, sold quickly. The average days on the market was 94 and the median days on the market was only 60. None of the Tahoe Keys homes that were sold in July were foreclosures or short sales.

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

Tahoe Island Park Listing With a Boat Dock!!!

806 Jeffery Street

Offered at $299,000!

This well kept ranch style home backs to the meadow and has a BOAT DOCK in the Marina! This 3 bedroom, 2 bath, 2 car garage home backs to open meadow and forest land owned by the California Conservancy. Many recent upgrades include a newer roof, double pane windows, newer furnace and water heater, and a brand new TRPA approved wood stove. The kitchen has Corrian countertops and a Travertine back splash, recessed lighting, and a gas stove, The garage has been insulated and has brand new sheet rock. This is a clean meadow front property on a nice quiet street!

Boat Slip # F-7 is Included
Newer Comp Roof
Newer Forced Air Heater
Backs to a beautiful meatow
New TRPA Approved wood stove
Gas Range
Single Level living
Close to the lake and beaches!!!

For more information about this listing in Tahoe Island Park, please call South Tahoe Realtor Brent Johnson at (530) 416-2625! This great meadow front listing in South Lake Tahoe will not last long!

Charming Cabin in Meyers For Sale!

1953 Cherokee Street

Offered at $199,000!

Enjoy Lake Tahoe in this charming and cozy Meyers cabin! This 3 bedroom and 1.5 bath cabin has an open living area with pine and rock interior accents. Newer double pane windows, a gas fireplace, and a paving stone driveway are just some of the great features that this property has to offer. This 1064 square foot cabin sits on an 8722 square foot, sunny, and flat lot. Located close to Tahoe Paradise Park and between Sierra At Tahoe and Heavenly Valley Ski Resort, this property would make a great vacation home or a primary residence. This cabin is being sold as a short sale and has only one lender.

Cedar Lap siding with Rock accents
Gas Fireplace
Landscaped front yard
Vinyl frame double pane windows
Hot tub
Storage Shed
Gas Range
Much More!

For more information regarding this property or to schedule a showing, please call South Lake Tahoe Real Estate agent Brent Johnson at (530) 416-2625!

June South Tahoe Real Estate

The South Lake Tahoe Real Estate market had an excellent month in terms of transactions closed in June. There were 77 single family homes and condos that were reported as sold on the South Lake Tahoe MLS. The number of homes sold in June was up from 66 sales in May and well above June 2011 when 59 properties were sold.

The real estate market continues to be very active, but we are still struggling with a low inventory of homes for sale. There are currently only 234 single family homes that are listed on the MLS as “active” listings in the city and county areas of South Lake Tahoe. There are 365 total single family listings, but 130 of them are in escrow (36%). With the low inventory of properties for sale in South Lake Tahoe, buyers are still dealing with multiple offer situations on homes that are priced to sell. There were as many as 13 offers on some of the foreclosures that were priced below market value. Not all of the properties are getting buyer activity though. There are still properties on the MLS that have been listed for a few years now that are not priced where they need to be.

June South Tahoe Real Estate Statistics

There were 77 single family homes and condos that were sold on the South Lake Tahoe MLS in June 2012, up from 66 in May and up from 59 in June 2011.
The median sales price was $225,000, down from $247,775 in May and down from $280,000 in June 2011.
The average sales price was $279,311, down from $349,102 in May and down from $374,119 in June 2011.
The average price per square foot was $177, down from $190 in May and down from $196 in June 2011.
The average days on the market was 146 and the median days on the market was only 91.

Foreclosures in South Lake Tahoe

There were 18 bank owned foreclosures in South Lake Tahoe that were sold in June, up from 17 in May.
The average sales price of the foreclosures was $200,036, down from $211,258 in May.
The median sales price was $174,000, down from $193,800 in May.
The average days on the market was 73 and the median days on the market was 65.
The average price per square foot was $140, down from $142 in May.

Short Sales in South Lake Tahoe

There were 16 Short Sales in South Lake Tahoe that were sold in June, up from 12 in May.
The average sales price of the short sales was $279,188, up from $256,611 in May.
The median sales price of the short sales was $230,500, up from $226,668 in May.
The average price per square foot was $168, the same as it was in May.
The average days on the market was 206 and the median days on the market was 193.

With 130 properties still in escrow on the South Lake Tahoe MLS, July should be another good month for closings. For more information about the South Lake Tahoe Real Estate market, please call Brent Johnson at (530) 416-2625!

A Lake Tahoe Home Rental Could be a Great Investment

According to an Economic and Housing Outlook that Freddie Mac just released for June, the housing rental market is strong and still improving. Although this is a National forecast and report, it seems to represent the South Lake Tahoe housing market well. According to Lake Valley Properties the rental market in South Lake Tahoe is “very strong” and the inventory of homes for rent is quite low.

The following article is good evidence that a rental home could be a great investment.

June 2012 U.S. Economic And Housing Market Outlook

Rental Markets: A Sign of Strength

MCLEAN, Va., June 19, 2012 /PRNewswire/ — Freddie Mac(OTC:FMCC) released today its U.S. Economic and Housing Market Outlook for June showing that rental market activity has been a bright spot for the housing market, and due to rental demand by those postponing homeownership, further increases are expected in the coming year.

Outlook Highlights

Over the year ending March 2012, an additional 1.5 million households moved into rental housing, a 4 percent increase in a single year.
Rental vacancy rates have dropped roughly 2 percentage points over the past two years.
While nominal rents rose (2 to 4 percent) during the year ending March 2012, average rent on an inflation-adjusted basis remained below where it had been for much of the decade prior to the Great Recession.
Multifamily property values are up on average about 25 percent during the past two years from their trough during the first quarter of 2010, according to the National Council of Real Estate Investment Fiduciaries index, but still about 14 percent below their peak prior to the Great Recession.
Starts of buildings with at least five apartments have jumped 48 percent in the first five months of this year when compared to the same period a year ago.

View the video overview and download the complete June 2012 U.S. Economic and Housing Market Outlook [PDF]. Freddie Mac compiles data on major economic and housing and mortgage market indicators and offers forecasts based on those indicators.

Quotes
Attributed to Frank Nothaft, Freddie Mac, vice president and chief economist.

“Further increases in rental demand are likely in the coming year as newly formed households postpone homeownership decisions until the economy strengthens and they have accumulated sufficient savings. Overall apartment market trends may show further vacancy declines and rent gains, with property values improving as well.”

Get the latest information from Freddie Mac’s Office of the Chief Economist on Twitter:@FreddieMac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.

SOURCE Freddie Mac

For further information: Chad Wandler, +1-703.903.2446, Chad_Wandler@FreddieMac.com

The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac’s future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company’s future results are discussed more fully in our reports filed with the SEC.

If you would like more information about purchasing an investment property here in South Lake Tahoe, please call South Lake Tahoe real estate agent Brent Johnson at (530) 416-2625!