Tahoe Keys Real Estate Statistics

There are currently only 30 available houses for sale in the Tahoe Keys that are listed on the South Lake Tahoe MLS. There are 41 total listings, 11 of the listings are in escrow and 30 are available. There are only 3 bank owned foreclosures in the Tahoe Keys that are on the market and one of them is in escrow. There are 8 short sales in the Tahoe Keys and 6 of the short sales are in escrow.

So far this year there have been 40 single family houses that have sold in the Tahoe Keys according to the South Lake Tahoe MLS. The average selling price of the Tahoe Keys homes was $764,968 and the median sales price has been $564,250. The average price per square foot of the sold Keys homes has been $290. The average days on the market for the Tahoe Keys has been 222 days.

Distress sales have accounted for 14 of the Tahoe Keys sales. There have been 8 short sales in the Tahoe Keys and 6 bank owned foreclosures that have sold this year. The average sales price of the foreclosures has been $642,975 and the median sales price has been $639,950. The average sales price of the short sales has been $698,083 and the median sales price has been $564,250. The average price per square foot has been $291 for the short sales and $241 for the bank owned foreclosures.

There are currently only 9 condos in the Tahoe Keys that are available on the South Lake Tahoe MLS. There are 13 Tahoe Keys Condo listings and 4 of them are currently in escrow. One of the condos that is available is a bank owned foreclosure and 2 of the listings that are in escrow are short sales.

There have been 19 Tahoe Keys Condos that have sold so far this year. The average sales price of the condos has been $317,220 and the median sales price has been $310,000. The average price per square foot for the sold Keys Condos has been $240.  The average days on the market for the Keys condos that have sold so far this year has been 123 days. Out of the 19 Tahoe Keys Condo sales, only 4 were distress sales. There were 2 bank owned foreclosures that were sold and 2 short sales that were sold.

South Tahoe Real Estate Inventory

The number of available homes for sale on the South Lake Tahoe MLS continues to decrease as buyer activity remains steady.  The inventory of available homes for sale in South Tahoe usually declines this time of year as many sellers take their homes off of the market for the winter. This season seems to be a little different. With 116 single family homes currently in escrow, the buyers are the ones that are decreasing the inventory.

There are currently 444 total single family listings on the South Lake Tahoe MLS including both houses and condos. Out of the 444 listings, 116 are in escrow and 328 are available active listings. The 116 properties in escrow represent 26.1% of the total inventory in escrow.  Distress sales account for 68.1% of the properties that are currently in escrow. There are 25 bank owned foreclosures and 54 short sales that are in escrow. Distress sales only account for 25.9% of the active listings. There are 43 bank owned foreclosures and 42 short sales that are currently active on the MLS (not in escrow).

Here is a breakdown by price range of the 116 escrows:

• 38 properties under $200,000
• 29 properties  from $201-$300,000
• 22 properties from $310-$400,000
• 13 properties from $401-$500,000
• 6 properties from $501-$600,000
• 2 properties from $601-700,000
• 2 properties from $701-800,000
• 0 properties from $801-900,000
• 4 properties over 1 million

So far this year there have been 504 single family homes and condos that have been sold in the city and county areas of South Lake Tahoe on the South Tahoe MLS. Bank owned foreclosures have accounted for 158 (31.3%) of the closings and short sales have accounted for 81 (16.1%) of the closings.

October South Lake Tahoe Real Estate Statistics

Buyer activity remained strong in October with 61 single family properties reported as sold on the South Lake Tahoe MLS. There were 62 single family properties that were sold in September, only one more than October. Of the 61 single family properties that were sold, 54 were detached single family homes and 7 were condos.

Distress sales accounted for 20 of the properties in South Lake Tahoe that were sold in October. There were 14 bank owned foreclosures and 6 short sales that were sold last month. This is down from 27 distress sales in September when 17 foreclosures and 10 short sales were sold.

There were two lakefront sales, one for $3,700,000 and one for $4,200,000 that really skewed the average price per square foot and average sales price. Using the lakefront sales the average price per square foot was $227, without the lakefront sales the average price per square foot was $188. For the following statistics I have excluded the lakefront sales.

October South Tahoe Real Estate Statistics

• There were 61 single family homes in South Lake Tahoe that were sold in October, down from 62 in September.
• The average price per square foot of the home sold was $188, up from $183 in September.
• The average sales price was $293,666, down from $306,721 in September. The average sales price was $415,938 including the two lakefront sales.
• The median sales price was $229,000, down from $233,250.
• There were 14 foreclosures in South Lake Tahoe that were sold on the South Lake Tahoe mls, down from 17 in September.
• There were 6 short sales in South Lake Tahoe that were sold, down from 10 in September.
• The average days on the market was 155 and the median days on the market was 114.

October Statistics for Foreclosures in South Lake Tahoe

• There were 14 bank owned foreclosures that were sold on the South Lake Tahoe MLS in October, down from 17 in September.
• The average price per square foot was $162, up from $145 in September.
• The average sales price was $243,457, down from $$258,292 in September.
• The median sales price was $178,750, down from $213,357 in September,
• The average days on the market was 84 and the median days on the market was 83.

October Statistics for Short Sales in South Lake Tahoe

• There were 6 short sales in South Lake Tahoe that were reported as sold on the South Lake Tahoe MLS, down from 10 in September.
• The average price per square foot was $154, down from 193 in September.
• The average sales price for the short sales was $276,833, down from $331,252 in September.
• The median sales price for the short sales was $$272,500, up from $215,000 in September.
• The average days on the market was 223 and the median days on the market was 204.

With current mortgage interest rates at all time lows and 110 properties currently in escrow on the South Lake Tahoe MLS we should another great month of closings in November!

September South Tahoe Real Estate Statistics

September was a big month for sold homes in South Lake Tahoe. There were 62 single family properties that had closed escrow in September, up from 44 sold properties in August. Of the 62 properties that were sold in September, 58 were detached single family homes and 4 were condos.

Distress sales accounted for 27 of the sold properties in September. There were 10 short sales and 17 bank owned foreclosures that were sold in September. The short sales had an average sales price per square foot of $193 and the foreclosures had an average price per square foot of $145. The non-distress sale properties had an average price per square foot of $198.

September South Tahoe Real Estate Statistics

• There were 62 single family homes reported as sold on the South Lake Tahoe MLS in September, up from 44 in August.
• The average price per square foot of the single family homes in South Lake Tahoe that were sold in September was $183, down from $192 in August.
• The average sales price was $306,721, down from $343,558 in August.
• The median sales price was $233,250, down from $295,000 in August.
• There were 10 short sales in South Lake Tahoe that sold, up from 6 in August.
• There were 17 bank owned foreclosures in South Lake Tahoe  that sold, up from 11 in August.
• The average days on the market was 136 and the median days on the market was 99.

September Statistics for Foreclosures in South Lake Tahoe

• The 17 foreclosures that sold in September had an average price per square foot of $145.
• The average sales price of the foreclosures was $258,292.
• The median sales price of the foreclosures was $213,357.
• The average days on the market was 113 and the median days on the market was 87.

September Statistics for Short Sales in South Lake Tahoe

• The 10 short sales that sold in September had an average price per square foot of $193.
• The average sales price was $331,252.
• The median sales price was $215,000.
• The average days on the market was 264 and the median days on the market was 245.

With only 4 condos that were sold in September there is not enough sales to report the statistics. Three of the condos that were sold were in the Tahoe Keys which does not surprise me. The summer time is when the Keys Condos seem to sell the best.

August South Tahoe Real Estate Statistics

There was some improvement in the average sales price, median sales price, and price per square foot of the properties in South Lake Tahoe that were sold in August. For the first time since September 2010, the median sales price actually went up. The median sales price went from $291,000 in July to $295,000 in August. This was a very modest increase, but for the last 12 months there had been slight drops in the sales price each month.

The number of properties that were sold in August went down slightly as well. There were 44 single family homes and condos that were reported as sold on the South Lake Tahoe MLS, down only 3 units from 47 in July. 41 of the sold properties were single family homes and 3 were condos.

As of right now there are currently 504 single family homes listed on the MLS. There are 386 homes that are active and 118 homes that are in escrow.  Bank owned foreclosures account for 65 of the listings on the MLS. There are 26 bank owned foreclosures that are currently in escrow and 39 that are active. There are 71 short sales that are currently listed on the South Lake Tahoe MLS, 36 of the short sales are in escrow and 35 of the short sales are active.

Short sales and foreclosures are considered “distress sales”.  Although distress sales only account for 27% (136 properties) of the total listings in South Lake Tahoe, they account for 52% (61 properties) that are currently in escrow or “under contract”.

August South Tahoe Real Estate Statistics

• There were 44 single family homes and condos that were sold in August, down from 44 in July.
• The median sales price for the properties sold in August was $295,000, up from $291,000 in July and down 7.8%  from what it was in August 2010.
• The average sales price was $343,558, up from $301,743 in July.
• The average price per square foot was $192, up from $182 in July.
• The median days on the market was 96 and the average days on the market was 139.
• There were 11 bank owned foreclosures that were sold, down from 15 in July.
• There were 6 short sales that were sold, down from 8 in July.

There was a large increase in the sales price per square foot in the foreclosures that were sold in August. The average sales price per square foot  for the foreclosures was $171 in August, up from only $150 in July. The price per square foot of the short sales was $199, up from $198 in July.

With 118 properties in South Lake Tahoe currently in escrow on the South Lake Tahoe MLS, September and October should be solid months with respect to the number of properties sold. It will be interesting to see how the prices of the properties that sell compare to what they were in August.

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