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.

December South Lake Tahoe Real Estate Review

The South Lake Tahoe real estate market finished out the year with another strong month of single family home sales. December had the most single family home , sales of 2009 with 48, topping the months of October and November in which 46 single family homes were sold. This was a big improvement from December 2008 when 26 single family homes sold in South Lake Tahoe. Although the number of homes sold in 2009 was up 20 units, the median sales price was down 16% from December 2008.

Distress sales accounted for 42% of the single family homes sold in December. There were 14 bank owned properties and 6 short sales that were reported as sold on the South Lake Tahoe mls. The six short sale closings is an improvement from November when only 2 short sales sold. The short sales that closed escrow in December had an average days on the market of 295,  much higher than the foreclosures that sold which only had an average days on the market of 60. As of January 6ththere are still 38 short sales that are still in escrow on the South Lake Tahoe mls.

South Lake Tahoe Real Estate Statistics for December

• There were 48 single family homes sold in December 2009, up from 41 in November 2009, and up from 26 in December 2008.
• The average sales price was $472,453, up from $386,217 in November, and down from $523,490 in December 2008.
• The median sales price was $346,500, up from $320,000 in November, and down from $412,450 in December 2008.
• The average price per square foot was $220, down from $222 in November, and down from $249 in December 2008.
• The average days on the market was 155, down from 158 in November, and down from 204 in December 2008.
• The median days on the market was 110, down from 122 in November, and down from 136 in December 2008.

There were 4 newer foreclosures sold that were built in 2003 or later, but the other 10 were older homes that needed work. The 14 foreclosures that sold in December had an average sales price of $294,660 and a median sales price of $269,400. The average price per square foot for the sold foreclosures was $176.

Currently on the South Lake Tahoe MLS there are 369 single family homes listed and 80 of them are in escrow. Short sales account for 73 of those listings, and 37 of the short sales are in escrow. There are 42 bank owned foreclosures, and 22 of the foreclosures are currently in escrow.

 South Lake Tahoe home buyers took advantage of 22% total decrease in the median home sales price in 2009. There was a 22% increase in homes sold in South Lake Tahoe from 364 units in 2008, to 445 units in 2009. There was also a 3% increase in total volume from $178,081,602 in 2008 to $183,711,317 in 2009. It is clear that home prices are down, and buyer activity is up in South Lake Tahoe.

November Real Estate Review for South Lake Tahoe

Although there was a slight decline in the number of single family homes sold in South Lake Tahoe, November still yielded 41 home sales. The single family home closings were only down 5 units from October when 46 houses were sold. October and November had tied for the most single family home sales so far in 2009 with 46.

The number of distress sales in November was also down from October. There were 13 bank owned foreclosures that sold in November, down from 16 in October. There were 2 short sales that closed escrow in November, down from 4 in October. Distress sales accounted for 37% of the single family home closings in November compared to 43% in October.

November Statistics for South Lake Tahoe Single Family Home Sales

• There were 41 Single Family Homes sold in November
• The average sales price for the homes sold was $386,217 (Down from $440,393 in October)
• The median sales price for the homes sold was $$320,000 (Down from $323,500 in October)
• The average price per square foot for the homes sold was $222 (Down from $239 in October)
• The average days on the market was 158
• The median days on the market was 122
• There were 13 bank owned foreclosures in South Lake Tahoe that sold in November
• There were 2 short sales in South Lake Tahoe that sold in November

Real Estate agents in South Lake Tahoe are still struggeling with getting short sales closed. According to the South Lake Tahoe mls, there are now 40 short sales currently in escrow, and only 2 short sales actually closed escrow last month. There has been a total of 32 short sale closings so far this year on the South lake Tahoe mls compared to 124 bank owned foreclosures that have closed escrow.

The bank owned foreclosures in South Lake Tahoe are still selling quickly and for close to asking price. The foreclosures that sold within 31 to 60  days of being listed sold for 101.86% of the list price. That percentage dropped to 90.27% of the list price for the 5 foreclosures that were on the market for longer than 120 days.

South Lake Tahoe Foreclosure Statistics for November

• There were 13 bank owned foreclosures sold on the South Lake Tahoe mls in November
• The average selling price for the foreclosures was $263,838 (Down from $308,838 in October)
• The median selling price for the foreclosures was $189,900 (Down from $282,500 in October)
• The average price per square foot was $197 (Up from $184 in October)
• The 2 foreclosures that sold with in 30 days of being listed sold for 96.46% of the list price (including the escrow period)
• The 3 foreclosures that sold from 31 to 60 days of being listed sold for an average of 101.86% of the list price.
• The 3 foreclosures that sold from 61 to 90 days of being listed sold for an average of 100.5% of the list price.
• The 5 foreclosures that sold from 120+ days on the market sold for an average of 90.27% of the list price.

Currently on the South Lake Tahoe MLS there are 398 single family houses listed and 96 of them are currently in escrow.  There are 75 short sale listings and 40 of the short sales are in escrow. Foreclosures account for 42 of the single family homes on the market and 20 of the foreclosures are currently in escrow.

With the extension of the $8,000 first time home buyer tax credit until April 30, 2010 and the addition of the $6500 current homeowner tax credit, it will be interesting to see what happens to the South Lake Tahoe Real Estate market during the rest of 2009 and beyond!

October South Lake Tahoe Real Estate Review

October was another great month for single family home sales in South Lake Tahoe. There were 46 homes sold in October which tied the month September for the most single family houses sold in 2009. Home buyers did a great job taking advantage of the low home prices and the great fall weather here in South Lake Tahoe. Many of the home buyers were first time home buyers taking advantage of the $8,000 first time home buyer tax credit before it expires. There has been talk about the possibility of the first time home buyer tax credit being extended. According to The National Association of Realtors, Key lawmakers in the Senate have tentatively agreed to extend the existing tax credit for first time home buyers. If the tax credit is extended, it should benefit the housing market across the country.

Here are the statistics for the single family houses in South Lake Tahoe that sold in October:

• There were 46 single family homes in South Lake Tahoe that were sold in October
• 16 of the sold homes were bank owned foreclosures
• There were 4 short sales in South Lake Tahoe sold
• The average sales price for the sold homes was $440,393 (up from $371,058 in September)
• The median sales price was $323,500 (up from $292,500 in September)
• The average selling price per square foot was $239 (up from $215,000 in September)
• The median days on the market was 123

There were only 4 short sales that closed escrow in October, this is down from 7 sold in September. The short sales that sold had a very long median days on the market of 227. The average price per square foot for the short sales was $231, and the median sales price was $564,500. It still seems like most banks are more willing to spend time and money on foreclosing on homes than they are willing to work with the sellers and real estate agents to get short sales closed!

There were 16 bank owned foreclosures that were sold in October. The average price per square foot for the sold foreclosures was $184, down from $196 in  September. The average price per square foot for the non-distress sales that sold in October was $274, $90 per square foot more than the foreclosures. South Lake Tahoe real estate buyers continued to target bank owned foreclosure listings and continued to pay close to or above list price for them. The foreclosures that sold in the first 30 days of being listed (3 homes) sold for 98% of list price. The foreclosures that sold from 31-60 days of being listed (2homes) sold for 130% of list price. The foreclosures that sold from 61-90 days of being listed (4 homes) sold for 94% of list price. The foreclosures that sold after over 91 days of being listed (7 homes) sold for 101% of the listing price.

• The average sales price for the foreclosures sold in October was $308,838
• The median sales price for the sold foreclosures was $282,500
• The median days on the market was 79
• The average sales price per square foot was $184

There is still a great selection of houses available in South Lake Tahoe. There are currently 346 houses for sale on the South Lake Tahoe mls and 95 houses that are in escrow. There has also been some decent foreclosures coming onto the market each week. Make sure to keep visiting my current list of foreclosures in South Lake Tahoe or sign up for my new listing notification to be notified of new listings that meet your criteria.

South Lake Tahoe Real Estate Review for September

There were more single family houses in South Lake Tahoe sold in September than any other month this year. There were 46 homes that were reported as sold on the South Lake Tahoe mls last month, up from 44 in August. First time home buyers are taking advantage of the $8,000 tax credit before it goes away, and investors and second home buyers are getting deals on foreclosures, short sales, and motivated sellers.

Statistics for the Houses in South Lake Tahoe that sold in September

• There were 46 houses in South Lake Tahoe that sold in September
• There were 13 foreclosures in South Lake Tahoe that were sold in September
• There were 7 short sales in South Lake Tahoe that were sold in September
• The average sales price was $371,058 (down from $461,951 in August)
• The median sales price was $292,500 (down from $325,250 in August)
• The average sales price per square foot was $215 (down from $259 in August)
• The median days on the market was 110

In August I was happy to see that there were 4 short sales that had closed escrow, so I am thrilled to see that there were 7 short sales that sold in September! The median days on the market for the short sales that closed escrow was quite high at 222 days. The short sales that sold had a great average price per square foot of 202 considering that some of the short sales were very nice.

The foreclosures in South Lake Tahoe continued to sell for very close to list price, the average percentage of list price received was almost 98%. The foreclosures on the South Lake Tahoe mls sold for an average of $196 per square foot. The median sales price for the bank owned foreclosures was $284,000 and the median days on the market was only 66 days including the escrow period.

The inventory of single family homes on the South Lake Tahoe mls is now much healthier with 21% of the inventory now in escrow. There are currently 497 houses listed in South Lake Tahoe, and 102 of them are in escrow. Of the 102 houses in escrow, 39 are short sales and 18 are bank owned foreclosures.

For more information about South Lake Tahoe real estate please call Brent and Jill Johnson today!

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