Tahoe Keys Properties are off to a Slow Start

With only four houses in the Tahoe Keys that have sold so far this year, the Keys area is off to a very slow start in 2009. Two of the sold homes in the Tahoe Keys were distress sales, one was a foreclosure and one was a short sale. As you would expect, Tahoe Keys property values are down due to the lack of demand from buyers.

The average price per square foot of the four Tahoe Keys homes that have sold so far this year is only $313. The sold price per square foot so far this year is very close to what it was in 2003 which was $305. The median sales price for the sold Tahoe Keys homes was $757,500, 11% less than what it was in 2008 and 33%less than what it was during the peak of the real estate market in 2005.

Here is a break down of the sold single family homes in the Tahoe Keys area from the South Lake Tahoe mls beginning in 2003.

2003 Sold Tahoe Keys Houses

• 60 Sold Tahoe Keys homes
• Average sales price $731,704
• Median sales price $692,450
• Average price per square foot $305

2004 Sold Tahoe Keys Houses

• 69 Sold Tahoe Keys homes
• Average sales price $946,663
• Median sales price $820,000
• Average price per square foot $389

2005 Sold Tahoe Keys Houses

• 49 Sold Tahoe Keys homes
• Average sales price $1,166,367
• Median sales price $1,130,000
• Average price per square foot $473

2006 Sold Tahoe Keys Houses

• 35 Sold Tahoe Keys Houses
• Average sales price $1,009,354
• Median sales price $1,000,000
• Average price per square foot $475

2007 Sold Tahoe Keys Houses

• 37 Sold Tahoe Keys Houses
• Average sales price $1,155,000
• Median sales price $960,000
• Average price per square foot $476

2008 Sold Tahoe Keys Houses

• 32 Sold Tahoe Keys Houses
• Average sales price $900,366
• Median sales price $847,500
• Average price per square foot $388
• There were 3 foreclosures in the Tahoe Keys that sold
• The average price per square foot for the Tahoe Keys foreclosures was $303
• The median sales price for the Tahoe Keys foreclosures was $420,000
• The average sales price for the Tahoe Keys foreclosures was $581,667

2009 Sold Tahoe Keys Homes from 1/1/09 to 4/28/09

• 4 Sold Tahoe Keys homes
• Average sales price $825,000
• Median sales price $757,500
• Average price per square foot $313
• One of the sold Tahoe Keys homes was a bank owned foreclosure
• One of the sold Tahoe Keys homes was a short sale

Currently there are 59 Tahoe Keys Listings on the South Lake Tahoe mls and 6 of them are listed as short sales. Out of the 59 Tahoe Keys listings, there are currently 5 in escrow, and 2 of them are short sales. There are no bank owned properties in the Tahoe Keys that are currently available for sale. There may soon be a foreclosure in the Tahoe Keys because there are a couple of Notices of Default posted in the Tahoe Keys. I will make sure to post any new Tahoe Keys foreclosure listings on my website as soon as they hit the market.

With Tahoe Keys properties selling for close to what they were in 2003 and interest rates under 5%, it could be the best chance to purchase waterfront property in South Lake Tahoe. There are now homes for sale in the Tahoe Keys with lake access for under $600,000!

For more information about Tahoe Keys properties, contact Brent and Jill Johnson today!