February Real Estate in South Lake Tahoe

Distress sales accounted for 50% of the houses in South Lake Tahoe that were sold in February 2011. There were 30 single family houses that were sold on the South Lake Tahoe MLS and 15 of the properties were distress sales. There were 10 bank owned foreclosures and 5 short sales that were sold. Although the South Lake Tahoe real estate market has seen a steady stream of home  buyers each month, the prices have not shown any true signs of appreciation.  The average sales price has shown recent signs of stabilization, but both the median sales price and the average price per square foot were down last month.

South Tahoe Real Estate Statistics

• The average sales price of the homes in South Tahoe that were sold in February was $356,770, up from $350,913 in January, and down from $412,307 in February 2010.
• The median sales price of the houses in South Lake Tahoe that were sold in February was $269,200, down from $305,500 in January, and down from $325,500 in February 2010.
• The average price per square foot for the sold South Tahoe Homes was $188, down from $207 in January, and down from $211 in February of last year.
• The average days on the market was 158 and the median days on the market was 108.
• There were 10 bank owned foreclosures in South Lake Tahoe that were sold and 5 Short sales in South Lake Tahoe that were sold in February.

The bank owned foreclosures were the cause of the very low average  price per square foot last month. The foreclosures that sold had an average price per square foot of only $154! The short sales that were sold also had a low price per square foot of $177. If I run the price per square foot without including the distress sales, the price per square foot jumps back up to $214.

The current inventory of single family homes on the South Tahoe MLS is a total of 364 listings. 83 of the listings are in escrow. There are 47 foreclosures for sale in South Lake Tahoe and 20 of them are in escrow. There are 75 Short Sale listings, and 36 of the short sales are currently in escrow. 

There were 4 condos in South Lake Tahoe that were sold on the MLS last month. Two were condos in the Tahoe Keys and one was a foreclosure in the Tahoe Keys. The average sales price was $249,700 and the median sales price was $227,400.  There are 55 condos that are listed on the South Lake Tahoe MLS, and 7 of the condos are currently in escrow.

There were 3 lots that were sold on the South Tahoe MLS. One of the lots was a bank owned lot in the Angora fire area that sold for $85,900. One of the lots was a bankruptcy sale in the Heavenly Valley area that sold for $91,500, and the last lot was an Elks Club lot that sold for $84,500. There are currently 114 lots listed on the South Lake Tahoe MLS and only 3 of the lots are in escrow.

South Tahoe Real Estate Statistics for January 2011

 

January Real Estate Statistics

• The average price of the sold South Lake Tahoe homes was $350,913, down from $404,998  last month, and very close to the average of $352,676 in January 2010.
• The median sales price of the sold South Tahoe homes was $305,500, down from $332,000 last month, and down from $317,250 in January 2010.
• The average price per square foot was $207, up from $192 last month, and very close to the price per square foot of $208 in 2010.
• There were 16 distress sales in January. 9 of the distress sales were short sales and 7 were bank owned foreclosures. Last month there were 24 distress sales, 17 were bank owned foreclosures, and 6 were short sales.

The average list price to sales price was 99.18% for the homes that were sold within the first 60 days of being listed. Once the listings made it to 61-90 days on the market the average list price to sales price was 95.68%. 91 to 120 days on the market had an average list price to sales price of 91.44%. There were 21 listings that were on the market over 120 days, these listings sold for an average of 93.55% of the listing price.

 

There were only 4 condos in South Lake Tahoe that were sold on the South Lake Tahoe MLS.  The average sales price was $238,025 and the median sales price was $211,000.

There was only one vacant lot that was sold in January. The lot that sold was a very nice 12,853 square foot lot on Grizzly Mountain which sold for $140,000.

South Tahoe Real Estate Statistics for December 2010

December ended up being a solid month in terms of closings for the South Lake Tahoe Real Estate Market. There were 40 single family homes (not including condos) that were sold on the South Lake Tahoe MLS. Although the average price per square foot dropped below $200 per square foot, both the average and median sales prices were up from November.

South Lake Tahoe MLS Statistics

• There were 40 single family homes in South Tahoe that were sold in December, up from 38 sold homes in November and down from 49 sold homes in December 2009.
• There were 24 distress sales in December. 17 of the sales were bank owned foreclosures and 6 were short sales. 60% of the homes sold were distress sales, up from 53% in November and up from 43% in December 2009.
• The average sales price for the sold  South Tahoe Homes was $404,998, this is up from $362,943 in November and down from $469,281 in December 2009.
• The median sales price was $332,000, up from $291,250 in November and down from $343,000 in December 2009.
• The average price per square foot was $192 which was down from November when it was $212. The price per square foot was also down from December 2009 when it was $220.

There were 5 Tahoe Keys Homes that were sold in December. The houses in the Tahoe Keys that sold had an average price per square foot of $276. The median sales price was $625,000 and the average sales price was $812,500.  Only one of the sold Tahoe Keys homes was a foreclosure, none were short sales.

South Tahoe Real Estate Review for November 2010

With 38 single family homes (excluding condos) sold on the South Lake Tahoe MLS in November, buyer activity continued to remain somewhat active for this time of year. Home prices seem like they are trying to stabilize as well. The average price per square foot has been bouncing around in the low $200′s over the last few months as follows:

• November 2010 price per square foot-$212
• October 2010 price per square foot-$201
• September 2010 price per square foot-$219
• August 2010 price per square foot- $207

Distress sales still seem to be dominating the real estate market in South Tahoe. Out of the 38 homes sold in November, 12 were bank owned foreclosures and 8 were short sales. 20 of the 38 homes sold (53%) were distress sales. The average price per square foot for the bank owned foreclosures was $174 and the average price per square foot for the short sales was $210. The foreclosures had an average sales price of $312,000 and a median sales price of $227,500. The short sales had an average sales price of $383,750 and a median sales price of $397,500.

South Lake Tahoe Home Sales Statistics

• There were 38 single family homes sold in November 2010, down from 42 in November 2009.
• There were 20 distress sales in November 2010, up from 15 in November 2009 and up from 15 in October 2010.
• The Median sales price was $291,250, down from $297,000 in October and down from $322,000 in November 2009.
• The average sales price was $362,934, up from $357,263 in October and down from $410,355 in November 2009.
• The average days on the market was 131 and the median days on the market was 91.
• The average price per square foot was $212, up from $201 in October and down from $227 in November 2009.
• The percentage of distress sales was 53%, up from 33% in October and up from 36% in November 2009.

The current inventory levels have also slightly improved to a more stable level. The total number of single family listings on the South Lake Tahoe MLS has stayed at 443, but the number of pending sales has gone up from 87 to 95. Currently there are 338 active homes on the market and 95 homes that are in escrow. 22% of the homes listed on the South Tahoe MLS are currently under contract. Of the 95 homes that are in escrow, 21 are bank owned foreclosure and 42 are short sales. 66% of the homes under contract are distress sales, this is down from 71% in October.

Another interesting point is that there have been a lot more multiple offer situations than there has been in a while. Last week I wrote four different offers for four different clients. Three of the four properties that I wrote offers on ended up having multiple offers in on them.

December is going to be a great month to plan a trip to Lake Tahoe to both look at properties and hit the slopes. There are some great deals currently on the market on both short sales and foreclosures. There are also new listings coming on the South Lake Tahoe MLS Daily.  The record snow that fell in November has enabled most ski resorts to open from top to bottom for some great early skiing and boarding. Heavenly Ski Resort has over 4000 acres of skiing and boarding open now which is about 85% of the mountain. Make sure to give me a call on my cell phone at (530) 416-2625 to set up an appointment to look at some homes!

South Tahoe Real Estate in October

The South Lake Tahoe real estate market typically begins to slow down in the late fall and into the winter. There has been a trend of slowing sales, but buyer activity is still quite active for this time of year. There were 45 houses sold in October on the South Lake Tahoe MLS. Although the number of sales is down from 61 in August, it is not far off from the 53 houses that sold in July.

Distress sales accounted for 15 of the 45 houses that were sold. 5 of the distress sales were short sales and 10 were bank owned foreclosures. The bank owned foreclosures that sold in October sold for a very low price per square foot of $154. With the exception of two newer foreclosures, the bank owned properties that sold in October were in poor condition and needed work..

South Lake Tahoe MLS Statistics for October 2010

• There were 45 houses that sold in October on the South Lake Tahoe MLS, this is down from the 61 houses that were sold in September.
• 10 of the houses that were sold were bank owned foreclosures and 5 were short sales.
• The median sales price of the sold homes was $297,000, down from $330,500 in September.
• The average sales price of the sold homes was $357,263, down from $445,254 in September.
• The average days on the market was 143 and the median days on the market was 115.
• The average price per square foot of the houses that were sold was $201, down from $219 in September.
• The percentage of distress sales that were sold was 33%, up slightly from 28% in September.

The current inventory of houses available on the South Lake Tahoe MLS in the city and county is 443. 356 of the houses are active, and 87 are active pending. Of the current inventory, 41 are bank owned foreclosures. 23 of the foreclosures are active and 18 are in escrow. There are 84 short sales currently on the market. 41 of the short sales are active and 43 of them are in escrow.

In looking at the current inventory of pending houses, 62 of the 87 houses are distress sales. That puts the percentage of distress sales to regular sales that are in escrow at over 71%. Hopefully we can get some of these short sales closed and that percentage will go down.

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