South Tahoe Real Estate Review for November 2010
With 38 single family homes (excluding condos) sold on the South Lake Tahoe MLS in November, buyer activity continued to remain somewhat active for this time of year. Home prices seem like they are trying to stabilize as well. The average price per square foot has been bouncing around in the low $200’s over the last few months as follows:
- November 2010 price per square foot-$212
- October 2010 price per square foot-$201
- September 2010 price per square foot-$219
- August 2010 price per square foot- $207
Distress sales still seem to be dominating the real estate market in South Tahoe. Out of the 38 homes sold in November, 12 were bank owned foreclosures and 8 were short sales. 20 of the 38 homes sold (53%) were distress sales. The average price per square foot for the bank owned foreclosures was $174 and the average price per square foot for the short sales was $210. The foreclosures had an average sales price of $312,000 and a median sales price of $227,500. The short sales had an average sales price of $383,750 and a median sales price of $397,500.
South Lake Tahoe Home Sales Statistics
- There were 38 single family homes sold in November 2010, down from 42 in November 2009.
- There were 20 distress sales in November 2010, up from 15 in November 2009 and up from 15 in October 2010.
- The Median sales price was $291,250, down from $297,000 in October and down from $322,000 in November 2009.
- The average sales price was $362,934, up from $357,263 in October and down from $410,355 in November 2009.
- The average days on the market was 131 and the median days on the market was 91.
- The average price per square foot was $212, up from $201 in October and down from $227 in November 2009.
- The percentage of distress sales was 53%, up from 33% in October and up from 36% in November 2009.
The current inventory levels have also slightly improved to a more stable level. The total number of single family listings on the South Lake Tahoe MLS has stayed at 443, but the number of pending sales has gone up from 87 to 95. Currently there are 338 active homes on the market and 95 homes that are in escrow. 22% of the homes listed on the South Tahoe MLS are currently under contract. Of the 95 homes that are in escrow, 21 are bank owned foreclosure and 42 are short sales. 66% of the homes under contract are distress sales, this is down from 71% in October.
Another interesting point is that there have been a lot more multiple offer situations than there has been in a while. Last week I wrote four different offers for four different clients. Three of the four properties that I wrote offers on ended up having multiple offers in on them.
December is going to be a great month to plan a trip to Lake Tahoe to both look at properties and hit the slopes. There are some great deals currently on the market on both short sales and foreclosures. There are also new listings coming on the South Lake Tahoe MLS Daily. The record snow that fell in November has enabled most ski resorts to open from top to bottom for some great early skiing and boarding. Heavenly Ski Resort has over 4000 acres of skiing and boarding open now which is about 85% of the mountain. Make sure to give me a call on my cell phone at (530) 416-2625 to set up an appointment to look at some homes!
