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South Lake Tahoe Real Estate Market Update

Here are the latest statistics for the South Lake Tahoe real estate market as of February 11, 2010.

Currently there are 388 single family house listings on the South Lake Tahoe MLS. 300 of the homes are active and 88 are active pending. With 23% of our housing inventory in escrow, the market is continuing to be very active.

Short sales account for 20% of the single family home inventory in South Lake Tahoe. There are 77 short sales listed on the South Lake Tahoe MLS and 43 of them are currently in escrow. Many of the short sales that are currently in escrow have been in escrow for a long time. The median days on the market for the short sales that are in escrow is 170.

Foreclosures account for 12% of the single family home inventory on the South Lake Tahoe MLS. There are 46 foreclosures listed on the South Lake Tahoe MLS and 22 of them are in escrow.

With 43 short sales and 22 foreclosures in escrow, 65 of the houses in escrow are now distress sales. Having 74% of our current escrows being distress sales is not good news for regular sellers. For more information regarding South Lake Tahoe real estate statistics, please call Brent Johnson today!

Bank Owned Properties in South Lake Tahoe

In 2009 foreclosures accounted for 137 of the 440 single family homes sold in South Lake Tahoe. Considering that over 31% of the homes sold were foreclosures, there is no doubt that bank owned properties have changed the South Lake Tahoe Real Estate market.

Looking at the South Lake Tahoe Real Estate statistics for 2009, the foreclosures lowered the median sales price, average sales price, average price per square foot, and the days on the market of the homes sold in 2009.

The median sales price was down 22% in 2009 from what it was in 2008. The median sales price of the homes sold in 2009 was $318,000. The median sales price of the foreclosures sold in 2009 was $274,900. If we take the foreclosures out of the statistics, the median sales price goes up to $366,500.

The average sales price was lowered significantly by the foreclosures in South Lake Tahoe. The average sales price for all of the homes sold was $404,364. The average sales price for the foreclosures was $296,076. Taking the foreclosures out of the statistics brings the average sales price up to $453,826.

The average price per square foot for all of the homes sold in South Lake Tahoe in 2009 including the foreclosures was $230. The average price per square foot of the foreclosures that sold was only $190 per square foot. If you take the foreclosures out of the picture, the average sales price per square foot would have been $248.

The median days on the market for all of the homes sold in 2009 was 114 days. The median days on the market for the foreclosures was 70. The median days on the market goes up to 149 if the foreclosures are taken out of the equation.

Just taking the foreclosures out of the statistics changes the prices dramatically, but if you consider that regular sellers also needed to lower their sales prices to compete with the foreclosures, the effect becomes even greater.

Foreclosure sales occured in almost every area in South Lake Tahoe. Here is a list of how many single family home foreclosure sales there were in each area on the South Lake Tahoe MLS in 2009.

• Al Tahoe had 8 foreclosure sales
• Bijou 1 had 18 foreclosure sales
• Bijou 2 had 3 foreclosure sales
• Black Bart had 3 foreclosure sales
• Christmas Valley 1 had 2 foreclosure sales
• Christmas Valley 2 had 3 foreclosure sales
• Echo View Estates had 1 foreclosure sale
• Country Club Estates had 5 foreclosure sales
• Gardner Mountain had 4 foreclosure sales
• Hevenly Valley had 5 foreclosure sales
• Highland Woods had 5 foreclosure sales
• Meyers had 7 foreclosure sales
• Montgomery Estates had 11 foreclosure sales
• North Upper Truckee 1 had 5 foreclosure sales
• North Upper Truckee 2 had 3 foreclosure sales
• Poineer Trail area had 5 foreclosure sales
• Sierra Tract had 13 foreclosure sales
• Sky Meadows had 1 foreclosure sale
• Stateline had 2 foreclosure sales
• Tahoe Island Drive had 5 foreclosure sales
• Tahoe Island Park had 7 foreclosure sales
• Tahoe Keys had 5 foreclosure sales
• Tahoe Paradise had 10 foreclosure sales
• The Y Area had 6 foreclosure sales

Here is what the foreclosures in South Lake Tahoe sold for by price range.

• Under $100,000= 1 sold foreclosures
• $100,000 to $139,999= 3 sold foreclosures
• $140,000 to $159,999= 6 sold foreclosures
• $160,000 to $179,999= 6 sold foreclosures
• $180,000 to $199,999= 10 sold foreclosures
• $200,000 to $249,999= 27 sold foreclosures
• $250,000 to $299,999= 36 sold foreclosures
• $300,000 to $349,999= 20 sold foreclosures
• $350,000 to $399,999= 9 sold foreclosures
• $400,000 to $449,999= 5 sold foreclosures
• $450,000 to $499,999= 4 sold foreclosures
• $500,000 to $549,999= 1 sold foreclosure
• $550,000 to $599,999= 3 sold foreclosures
• $600,000 to $649,999= 2 sold foreclosures
• $700,000 to $749,999= 1 sold foreclosure
• $750,000 to $799,999= 2 sold foreclosures
• $800,000 to $849,999= 1 sold foreclosure

With the number of foreclosures for sale in South Lake Tahoe  so far in 2010, the South Lake Tahoe real estate market should supply some great deals for home buyers in 2010. For more information on foreclosures in South Lake Tahoe, call South Lake Tahoe Real Estate Agent Brent Johnson today!

South Lake Tahoe Real Estate Review for January

Bank owned foreclosures and short sales dominated the South Lake Tahoe Real Estate market in January 2010. Distress sales accounted for 59% of the single family home sales reported on the South Lake Tahoe MLS.  There were 32 homes sold in January, 11 were bank owned foreclosures and 8 were short sales. This is the first time that the sale of foreclosures and short sales have out numbered regular sales since I have been keeping track of real estate statistics in South Lake Tahoe.

Although the number of homes sold was down from 48 in December to 32 in January, this is a big improvement from January 2009 when only 18 homes were sold. The number of short sales in South Lake Tahoe that are closing escrow also continues to improve. There were 8 short sales that closed escrow in January, up from 6 in December, and and 2 in November. That is good news for the 40 other short sales that are currently in escrow on the South Lake Tahoe MLS.

January South Lake Tahoe Real Estate Statistics

• There were 32 single family homes in South Lake Tahoe sold in January, up from 18 in January 2009, and down from 48 in December 2009.
• The average sales price for the South Tahoe homes was $348,328, up from $345,350 in January 2009, and down from $472,453 in December 2009.
• The median sales price for the South Tahoe homes was $317,250, up from $310,000 in January 2009, and down from $346,500 in December 2009.
• The average price per square foot was $209, down from $261 in January 2009, and down from $220 in December 2009.
• The average days on the market was 162, up from 123 in January 2009, and up from 155 in December 2009.
• The median days on the market was 127, up from 94 in January 2009, and up from 110 in December 2009.

The foreclosures in South Lake Tahoe that sold in January sold for an average price per square foot of $195, non-foreclosures had an average price per square foot of $228. The foreclosures that closed escrow also sold quickly, the average days on the market was 65, and the median days on the market was 60. The average sales price for the foreclosures was $269,818 and the median sales price was $215,000.

Short sales in South Lake Tahoe were on a much slower pace than the foreclosures. The average days on the market for the short sales that closed escrow was 239 and the median days on the market was 229. The average sales price for the short sales was $399,438 and the median sales price was $375,750. The average price per square foot for the short sales was $198.

Currently there are 384 active homes on the South Lake Tahoe MLS and 80 of them are in escrow. Short sales account for 40 of the current escrows and foreclosures account for 19. With 59 of 80 of the current escrows being distress sales, February should yield similar statistics to what we saw in January.

Orbitz Ranks Lake Tahoe the #1 Ski Destination in the U.S.

For the third year in a row, Orbitz Index named Lake Tahoe the top ski destination in the United States. According to Orbitz, Tahoe topped the list by having 18 resorts in the area. The top 10 resorts are as follows:

1.      Lake Tahoe, CA/NV

2.      Breckenridge, CO

3.      Park City, UT

4.      Vail, CO

5.      Winter Park, CO          

6.      Aspen / Snowmass, CO

7.      Jackson Hole, WY

8.      Mammoth, CA

9.      Killington, VT

10.       Durango, CO

 

As you can see, there are some great ski destinations in the U.S. that Lake Tahoe was ranked ahead of.

When you look at home prices, Lake Tahoe also offers value. According to Trulia.com the median sales price for homes in South Lake Tahoe was $287,061 for the quarter ending November 2009. If you compare that with the median sales price of Aspen which was $895,000 or Mammoth which was $452,000, Lake Tahoe becomes even more attractive!

Lake Tahoe is not only a top ski destination, but offers visitors year round activities. Owning real estate in South Lake Tahoe is an opportunity to enjoy one of the most beautiful destinations in the world any time of the year!

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