South Tahoe Real Estate Statistics for 2009 First Quarter

South Lake Tahoe real estate statistics are important for both buyers and sellers who are thinking about timing the market for their next real estate transaction. With all of the South Lake Tahoe real estate statistics available on various websites and blogs, consumers are now informed more than ever. I try to make my South Lake Tahoe real estate statistics the most in depth and easy to understand as possible. With that being said, here are the 2009 first quarter statistics for single family sold homes in South Lake Tahoe.

According to the South Lake Tahoe mls, there were 73 single family homes that sold between January 1st and March 31st 2009. That is 8% more homes than the first quarter of 2008 in which 67 single family homes closed escrow.

• 73 homes sold in the first quarter of 2009
• 27 of the sold homes were bank owned foreclosures (up 44% from 15 in the first quarter of 2008)
• 6 of the homes were short sales
• The median list price was $356,250 (15% less than than the first quarter of 2008 which was $419,900)
• The median sales price was $340,000 (15% less than the first quarter of 2008 which was $400,000)
• The median days on the market was 114 (down from 156 in the first quarter of 2008)
• The median square footage of the sold homes was 1,584 (up from 1,431 in the first quarter of 2008)
• The average sold price per square foot was $234 (19% less than the first quarter of 2008 which was $290)

The number of sold houses in South Lake Tahoe was up and the median sold price was down due to the distress sales and foreclosures. Foreclosure listings in South Lake Tahoe are usually priced about 10% below current market value. The attractively priced foreclosures are what buyers seeking good deals are going after. Many of the foreclosure homes received multiple offers and sold quickly which also brought down the median days on the market to 114 for the first quarter. Buyers targeting South Lake Tahoe foreclosures should be aware that it will be an “as is” deal, and buyer investigation inspections are very important.

Here is a comparison of the South Lake Tahoe foreclosure listings to the non-foreclosure listings that sold in the first quarter of 2009.

• 27 of the 73 houses that sold during the first quarter of 2009 were bank owned foreclosures.
• The median list price of the foreclosures was $279,000 (28% less than the non-foreclosure properties which was $389,000)
• The median sales price for the foreclosures was $264,500 (27% less than the non-foreclosure properties.
• The median days on the market was 84 (45% less than the non-foreclosure properties which was 154 days)
• The median square footage of the foreclosures was 1,510 square feet (7% less than the non-foreclosure properties which had an median square footage of 1,616 square feet.
• The average price per square foot for the foreclosures was $196 (24% less than the non-foreclosure properties which had an average sales price per square foot of $258)

2009 First Quarter South Lake Tahoe Real estate statistics by Number of Bedrooms

Sold two Bedroom Homes in South Lake Tahoe

• There were 15  two bedroom housesin South Lake Tahoe that sold in the first quarter of 2009 according to the South Lake Tahoe mls.
• The average list price for the 2 bedroom homes was $249,620
• The average sales price for the 2 bedroom homes was $233,853
• The average square feet of the 2 bedroom homes was 986
• The average percentage list price to sales price the homes sold for was 93.68%
• The average days on the market was 154 days

Sold three bedroom homes in South Lake Tahoe

• There were 32 three bedroom homes that sold in the first quarter of 2009
• The average list price for the 3 bedroom homes was $381,595
• The average sales price for the 3 bedroom homes was $361,750
• The average square feet of the 3 bedroom homes was 1565
• The average percentage list price to sales price that the homes sold for was 94.8%
• The average days on the market was 154

Sold four bedroom homes in South Lake Tahoe

• There were 21 two bedroom homes that sold in the first quarter of 2009
• The average list price for the 4 bedroom homes was $551,051
• The average sales price for the 4 bedroom homes was $525,000
• The average square feet of the 4 bedroom homes was 2346
• The average percentage list price to sales price that the homes sold for was 94.59%
• The average days on the market was 177

Sold five bedroom homes in South Lake Tahoe

• There were 5 five+ bedroom homes that sold in the first quarter of 2009
• The average list price for the 5+ bedroom homes was $941,850
• The average sales price for the 5+ bedroom homes was $798,000
• The average square feet of the 5+ bedroom homes was 3262
• The average percentage list price to sales price that the homes sold for was 84.75%
• The average days on the market was 179

This South Lake Tahoe real estate blog statistics post was written by real estate agent Brent Johnson. If you are a buyer or a seller of real estate in South Lake Tahoe and would like more information regarding any of the statistics in this post please let me know. For more information regarding foreclosures for sale in South Lake Tahoe, houses for sale in South Lake Tahoe, or would like to schedule an appointment to view any South Lake Tahoe real estate contact Brent and Jill Johnson today!

South Lake Tahoe Real Estate Review for March 2009

The South Lake Tahoe real estate market followed the spring weather and warmed up a bit in March. In March there were 38 new pending single family homes which was up 42% from 22 in February. The increase in pending home sales was also seen across the country. According to the National Association of Realtors, the Pending Home Sales Index rose 2.1% to 82.1 Nationally. The increase in pending home sales is most likely due to the drop in interest rates, decrease in home values, the increase in the Housing Affordability Index, and the first time home buyer tax credit.

• In March there were 38 new pending single family homes reported on the South Lake Tahoe MLS
• 9 of the pending homes were reported as short sales
• 8 of the pending homes were bank owned foreclosures
• The median list price was $297,900 (down 16% from $352,625 in February)
• The median square footage was 1,537
• The median days on the market was 110
• The average list price per square foot was $222 (down 3% from $230 in February)

As usual, the foreclosure listings in South Lake Tahoe were priced less and went into escrow quicker than the non-foreclosure homes. For the 8 foreclosures that went into escrow in March, the median list price was $257,500 and the average price per square foot was $211. The average days on the market for the foreclosures was only 49.

Although the amount of pending homes in South Lake Tahoe was up in March, the number of sold single family homes dropped slightly. There were 25 houses that sold in March, which was down 11% from 28 sold homes in February. There were only 22 new pendings in February, so the amount of sold homes in March decreased. The number of sold homes should increase substantially in April due to the increase in pending sales from March.

• There were 25 houses in South Lake Tahoe that sold in March
• 7 of the sold homes were bank owned foreclosures
• 4 of the sold homes were short sales
• The median listing price was $419,000 (up 15% from $356,950 in February)
• The average listing price was $497,973 (up 11% from $444,529 in February)
• The median sales price was $388,000 (up 15% from $329,500 in February)
• The average sales price was $457,160 (up 9% from $418,161 in February)
• The median days on the market was 114
• The median square footage was 2,012
• The average price per square foot was $222 (down 3% from $229 in February)

There were some substantial differences between the foreclosure and non-foreclosure homes that sold in March.

1. The 7 foreclosures in South Lake Tahoe sold in March sold for an average price per square foot of $169,  31% less than the non-foreclosure homes which sold for an average price per square foot of $244.
2.  The median selling price of the bank owned foreclosures was $250,000, 51% less than the non-foreclosures which had a median sales price of $510,000.
3. The median square footage of the foreclosures was 1,584 which was 699 square feet less than the non-foreclosures which had a median square footage of 2,283.
4. The median days on the market was 84 for the foreclosures and 184 days for the non-foreclosures.

There were 12 foreclosure listings on the South Lake Tahoe mls that sold in March 2008 compaired with  7 that sold in 2009. This is the first time that I have seen the number of foreclosures higher in the previous year since I have been blogging about South Lake Tahoe Real Estate statistics. The March 2008 single family home statistics area as follows:

• There were 36 single family homes that sold in March 2008 on the South Lake Tahoe mls
• 12 of the sold homes were bank owned foreclosures
• The median list price was $399,000
• The median sales price was $387,500
• The average price per square foot was $298
• The median square foot was 1,372
• The median days on the market was 155

Single family home statistics for March 2007

•  There were 30 single family homes that sold in March 2007
• The median list price was $518,900
• The median sales price was $507,000
• The average price per square foot was $327
• The median square foot was 1,816
• The median days on the market was 163

Single family home statistics for March 2006

• There were 38 single family homes that sold in March 2006
• The median list price was $492,000
• The median sales price was $485,140
• The average price per square foot was $337
• The median square foot was 1,573
• The median days on the market was 114

Single family home statistics for March 2005

• There were 50 single family homes that sold in March 2005
• The median list price was $447450
• The median sales price was $440,000
• The average price per square foot was $312
• The median square footage was 1,544
• The median days on the market was 83

With 38 single family listings on the South Lake Tahoe mls that are currently in escrow, April is shaping up to be a great sales month for real estate in South Lake Tahoe. Here are some of the houses that sold in March from the South Lake Tahoe mls.

Not much has been happening with lots in South Lake Tahoe this year. In march there was only one lot that sold and only one lot that went into escrow. The lot that sold was 764 Elk Point which was a vacant lot with an allocation in the Angora Fire area that sold for $100,000. The lot that went into escrow was 1069 San Diego, which was a vacant county lot listed for $69,000.

Condo activity in March was similar to lots with only one sale and two pendings reported on the South Lake Tahoe MLS. The condo that sold was in the Tahoe Keys at 405 Ala Wai which was a 3 bedroom, 2 bath unit that sold for $485,000. Both of the pending condos are short sales in the Sandy Way complex.

My next South Lake Tahoe Real Estate blog post will be about the first quarter statistics for 2009. For more information regarding South Lake Tahoe Real Estate, foreclosures in South lake Tahoe, or South Lake Tahoe mls listings, please contact Brent and Jill Johnson today!

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