South Lake Tahoe MLS Statistics

South Lake Tahoe Home buyers looking for properties priced under $300,000 are finding that there is not much to choose from. Currently there are only 11 single family 3 bedroom, 2 bath, 2 car garage homes priced under $300,000 on the South Lake Tahoe MLS. There are 78 total single family listings under $300,000 including properties with less than 3 bedrooms, 2 bathrooms, and without garages.

The following statistics are for residential (single family and Condo/Townhouses) located in the City and County areas on the South Lake Tahoe MLS:

• Total listings: 416
• Active listings: 250
• Listings in Escrow: 166

The 166 listings that are in escrow represent 39.9% of the total single family inventory in South Lake Tahoe.

Breakdown by price range of the 166 escrows:

• Under $200,000    56 properties  33.7% of the inventory in escrow is under $200,000
• $201-$300,000     47 properties  62% of the inventory in escrow is under $300,000
• $301-$400,000     29 properties  79.5% of the inventory in escrow is under $400,000
• $401-$500,000     16 properties
• $501-$600,000       7 properties
• $601-$700,000       3 properties
• $701-$800,000       1 property
• $801-$999,000       3 properties
• Over 1 Million           4 properties

So far this year there have been 207 single family properties sold on the South Lake Tahoe MLS. Out of the 207 sales, 84 were bank owned foreclosures (40.5%) and 36 were short sales (17.4%).

Great Lake Tahoe Real Estate Article!

I just wanted to share this Lake Tahoe Real Estate article that was in the Sacramento Bee  by Hudson Sangree and Phillip Reece. Sangree and Reece did a great job with this article, and the word is out that the Lake Tahoe Real Estate market is taking off!

Falling prices lure second-home shoppers to Lake Tahoe Area

“Like a lot of vacationers, Rick and Kristie Santos would return from trips to Lake Tahoe during the housing boom wondering what it would take to own a second home there.
They were always disappointed when they looked at the listings. “You’d jump online and never could afford it,” Kristie Santos said. “It was out of reach.”
Lately, however, with interest rates dipping below 4 percent and home prices seeking bottom, the Fair Oaks couple started thinking differently. The Santoses recently joined a growing number of would-be buyers scouting the Tahoe area for second homes.
On Saturday, the couple went on their first trip with a real estate agent to look at vacation properties in the sprawling, wooded Tahoe Donner subdivision near Truckee. Most were listed in the $300,000 to $400,000 range, a big drop from the peak.
The outdoor enthusiasts came away feeling their long-held dream of owning a mountain getaway might be attainable.
“It’s a compelling time to buy for families that a few years back thought, ‘There’s no way we can do this,’ ” said Alison Elder, a top agent in the Truckee area who showed the couple a half dozen homes.
In fact, the real estate market around Lake Tahoe has been hopping lately, with buyers scooping up relative bargains.
Home sales in many ZIP codes surrounding the California side of the lake nearly doubled from 2007 to 2011, DataQuick figures show. On average, roughly three homes per day sold last year on the California shore.
The pace of sales has picked up significantly since the first of the year, real estate agents from Donner Summit to South Lake Tahoe said.
“We’re as busy in South Lake Tahoe as we were in ’06, which is a big turnaround from the Great Recession, and what we called a real estate depression,” said Doug Rosner, a broker on the south shore.
The driving factor: Tahoe-area prices are the most affordable they’ve been in years. Prices per square foot around the lake dropped by anywhere from 25 percent to 45 percent between 2007 and 2011.
It’s the same dynamic that’s played out here in the Central Valley: Short sales and bank-owned homes have been keeping prices low, though a shortage of inventory is now creating some upward pressure
The result is that homes in most ZIP codes surrounding Lake Tahoe sold for a median of roughly $280 per square foot last year, similar to the cost of homes in the college town of Davis. Homes in South Lake Tahoe sold for about $180 per square foot, a bit more than prices in Folsom.
Median-priced homes in Tahoe City, one of the most popular lakeside ZIPs, sold for $875,000 in 2007 but fell to $505,000 in 2011. In Kings Beach, the median price dropped from $517,500 to $313,000 in the same period, according to market researcher DataQuick.
In South Lake Tahoe, the median-priced home plummeted from $425,000 to $250,000 during the five-year free fall in the housing market. Sales volume there increased by about 30 percent from 2007 to 2011, DataQuick said.
Rosner said the market in South Lake Tahoe is a combination of full-time residents, investors and second-home seekers, who generally fit a certain profile.
“You’re dealing with people who have made it through the recession,” Rosner said. “They have equity in their homes, and they have cash in the bank. They’re prepared to take advantage of a huge correction in the market. They’re done waiting.”
That pretty much summed up the situation for Rick and Kristie Santos. The couple both have good jobs in local government. They bought their Fair Oaks home 12 years ago, before prices drove skyward, and built up equity.
“We didn’t run up credit card debt,” Kristie Santos said. “We didn’t trade up during the boom. We hunkered down, and it’s really paid off for us.”
Many buyers in the Tahoe market are from the Bay Area, where both the housing and job markets are recovering faster than in the Central Valley. When buyers do come from the Sacramento region, they often hail from wealthy enclaves such as Granite Bay.
For a large share of the region’s residents, still unemployed or underwater from the housing crash, buying a second home is the last thing on their minds. And even moderately priced homes in Tahoe far exceed Sacramento County’s median home price, which was $156,000 in March.
Even so, some middle- and upper-middle income families from the Sacramento region are wading into Tahoe housing. They tend to buy in the under-$400,000 category, a bracket that agents said has been especially active lately.
The Santoses, for instance, told Elder their top price was $375,000. With that in mind, the trio toured homes Saturday that ranged from simple cabins for about $280,000 to spacious, comfortable homes for less than $400,000.
They especially liked a three-bedroom, two-bath house built in 1994 that had a small but sunny private deck facing a slope of boulders and conifers. It listed at $389,000.
Elder, the agent, thought it was a solid value and could probably be had for as as low as $375,000. “I’d buy this all day long,” she told them.
They drove home to think about it. Later, still enthused, they decided they they wanted to look at additional listings.
Another local couple, Jennifer and Peter Imrieof Roseville, have been enjoying a house they bought last month in Tahoma, on Lake Tahoe’s western shore.
They, too, had been longtime visitors but didn’t think they could afford to own. Then over Christmas, they saw homes listed for around $300,000. They decided to start looking.
Before long they found a 1,200-square-foot, three-bedroom house that had been extensively updated by its former owner, a San Francisco resident who bought it in 2004 for $440,000. Jennifer Imrie said he had spent nearly $100,000 on upgrades and wanted to cut his losses.
The Imries picked it up for $325,000, including all the furniture and accessories.
“He left all his pots and pans,” she said. “He had really nice taste.”"

Read more here: http://www.sacbee.com/2012/05/01/4455049/falling-prices-lure-second-home.html#storylink=cpy

April 2012 Tahoe Real Estate Statistics

The South Lake Tahoe Real Estate market is definitely showing signs of stabilization. The inventory of available homes is extremely low and new listings are getting pounced on by hungry buyers looking to take advantage of the low prices and low interest rates. Most properties that are priced well are now getting multiple offers and are selling at or above the list price. The flurry of buyer activity seems to be statewide. According to the California Association of Realtors, pending home sales in California rose for the third consecutive month and have reached the highest level in three years. Additionally, the share of distressed sales dropped for the second consecutive month.

Currently on the South Lake Tahoe MLS there are 358 single family homes on the market and 152  (42%) of them are in escrow.  Bank Owned Foreclosures account for 49 of the listings on the MLS, 28 of which are in escrow. Out of the 83 short sale listings on the MLS, 65 are in escrow and only 18 are still available. Although the average prices were down in April, they should start climbing as multiple offer situations and low inventory levels continue.

South Lake Tahoe Real Estate Statistics

• There were 46 single family homes and condos that were sold in April, down from 55 in March, but up from 40 in April 2011.
• The average price of the homes that were sold in April was $285,620, down from $325,127 in March, and down from $346,207 in April 2011.
• The median sales price was $222,000, down from $255,ooo in March, and down from $314,000 in April 2011.
• The average price per square foot was $168, down from 177 in March, and down from $186 in April 2011.
• The average days on the market was 150 and the median days on the market was 107.

Bank Owned Foreclosures in South Lake Tahoe

• There were 18 bank owned foreclosures that were sold in April, down from 19 in March.
• The average sales price of the bank owned foreclosures was $236,903, up from $231,383 in March,
• The median sales price of the foreclosures was $182,500, down from $194,000 in March.
• The average price per square foot was $140, up from $138 in March.
• The average days on the market was 112 and the median days on the market was 91.

 

Short Sales in South Lake Tahoe

• There were 6 short sales that were sold last month, down from 8 short sales that were sold in March.
• The average price of the short sales that were sold was $252,833, up from $219,250 in March.
• The median sales price of the short sales was $230,000, up from $193,500 in March.
• The average price per square foot was $167, up from $155 in March.
• The average days on the market was 240 and the median days on the market was 168.

It will be interesting to see what will happen to prices if the buyer activity remains as strong as it was in April. Hopefuly we will see enough new listings to satisc

Great Short Sale Listing in South Lake Tahoe!

783 Jeffery Street

Offered at $339,000

Active Pending accepting Back Up Offers!!!

Completely remodeled in 2005, this 4 bedroom, 3 full bath, 2 car garage home is just minutes from the shores of Lake Tahoe! Some of the great features of this home include granite counter tops, tumbled travertine tile in the bathrooms, stainless steel appliances, maple cabinets, hardwood flooring and much more! There is a master bedroom down stairs as well as a second master suite upstairs, each with a Jacuzzi tub. Two gas fireplaces and Conservancy land across the street make this property a must see!

• Newer Comp Roof
• Two Master Suites
• BMP’s Have Been Completed
• 8307 Square Foot Lot
• Forced Air Heating
• Two Gas Fireplaces
• Much More!!!

If you would like more information about this Short Sale Listing in South Lake Tahoe please contact Brent Johnson at (530) 416-2625!

March South Tahoe Real Estate Statistics

March was not only a great month for skiers and boarders, it was a great month for the South Tahoe Real Estate market. Many Tahoe locals call this month ”Miracle March” during dry winters in hopes of some big snow storms. This March was not quite a “Miracle March”, but we did see some improvement in both our Sierra snow-pack and the Tahoe estate market. The number of homes sold, the average price, median price, and average price per square foot were all up from the last two months. The majority of the properties sold in March were non-distress sales for the first time this year as well. Only 49% of the home sales in South Lake Tahoe were distress sales, down from 66% in February.

March South Tahoe Real Estate Statistics

• There were 55 single family homes/condos that were sold in March, up from 38 in February and up from 49 in March 2011.
• The average sales price of the homes that were sold was $325,157, up from $246,326 in February and down from $359,201 in March 2011.
• The median sales price was $255,000, up from $201,000 in February and down from $313,000 in March 2011.
• The average price per square foot was $177, up from $161 in February and down from $211 in March 2011.
• The average days on the market was 143 and the median days on the market was 108, down from an average of 157 and a median of 121.

Foreclosures in South Tahoe

• There were 19 bank owned foreclosures in South Lake Tahoe that were sold in March, up from 17 that were sold in February.
• The average sales price of the bank owned foreclosures was $231,838, up from $185,812 in February.
• The median sales price of the bank owned foreclosures was $194,000, up from $185,000 in February.
• The average price per square foot for the bank owned foreclosures was $138, the same as February.
• The average days on the market was 98 and the median days on the market was 85 (including the escrow period).

Another interesting statistic that I noticed was that 13 of the 19 foreclosures that were sold last month sold for asking price or above asking price.

Short Sales in South Lake Tahoe

• There were 8 short sales in South Lake Tahoe that were sold last month, the same number of short sales that were sold in February.
• The average sales price of the short sales was $219,250, up from $212,763 in February.
• The median sales price of the short sales was $193,500, up from $181,000 in February.
• The average price per square foot was $155, down from $159 in February.
• The average days on the market was 193 and the median days on the market was 149.

The buyer activity in South Lake Tahoe really picked up last month. It was amazing to see how many multiple offer situations that there was. Out of the 8 offers that I wrote last month, every one of them was in a multiple offer situation. Hopefully we will see an increase in the number of homes for sale in South Lake Tahoe to satisfy the needs of the increasing number of Tahoe  home buyers.

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