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.

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 Statistics

 South Lake Tahoe MLS statistics as of November 17, 2010

The following statistics are for Residential (single family and condo/town homes) located in the City and County areas of South Lake Tahoe:

• The total number of listings on the South Lake Tahoe MLS is 511 (78 of the homes are listed by Chase=15.3% of the inventory).
• 412 of the listings are active (still available) 42 of the active listings are short sales and 31 are bank owned listings. Only 17.7% of the active inventory is distress sales.
• 99 of the listings are in escrow. 50 of the current houses in escrow are short sales and 25 are bank owned. 75.8% of the current escrows are distress sales.
• The 99 escrows represent 19.4 % of the total inventory in escrow.

Breakdown by price range of the 99 escrows

• Under $200,000         21 properties
• $201-$300,000         37 properties
• $301-$400,000         16 properties
• $401-$500,000         9   properties
• $501-$600,000         3  properties
• $601-$700,000         5  properties
• $701-$800,000         3  properties
• $801-$999,000         4 properties
• Over 1 million            1  property

So far this year there have been 495 single family homes and condos sold in the South Lake Tahoe MLS.

• 145 of the properties sold were bank owned foreclosures (29.3%)
• 81 of the properties sold were short sales (16.4%)

There are currently 80 single family homes and condos listed in the Tahoe Keys area. 68 of the properties are active, and 12 of the properties are in escrow.  The current Tahoe Keys inventory includes 8 bank owned properties and 7 short sales. There have been 58 properties sold in the Tahoe Keys so far this year. 8 of the sold homes were foreclosures and 6 of the homes were short sales.

 

 

Lake Tahoe Real Estate Statistics for August 2010

August Real Estate in South Lake Tahoe

August was a much better month for the real estate market in South Lake Tahoe than July was. The number of single family homes that were reported as sold on the South Lake Tahoe mls was up from 31 sales in July to 49 sales in August. The number of homes sold was also up from August 2009 when 45 houses were sold. Although the number of houses sold was up, both the median and average sale prices were down from both last month and last year.

South Lake Tahoe Real Estate Statistics

• There were 49 single family houses that were sold on the South Lake Tahoe MLS.
• Bank owned foreclosures accounted for 16 of the sales and short sales accounted for 7.
• The median sales price of the sold homes was $289,000, down from $330,000 in July and down from $325,250 in August 2009.
• The average sales price was $355,002, down from $382,642 in July, and down from $461,591.
• The average days on the market was 128 and the median days on the market was 83.
• The average price per square foot was $207, down from $229 in July, and down from $259 in August 2009.

One of the reasons that the median sales price, average sales price, and price per square foot was down this month was the amount of bank owned properties that sold. There were 16 foreclosures sold that had an average price per square foot of only $177. The median sales price for the foreclosures was only $232,138. If you remove the foreclosures from the statistics, the average price per square foot jumps up to $222, the median sales price goes up to $334,900, and the average sales price goes up to $368,967. As you can see, the foreclosures continue to hurt the housing prices in Lake Tahoe.

The Tahoe Keys area had 6 homes that were sold in August. One of the houses sold in the Keys was a bank owned foreclosure, and one was a short sale. The foreclosure in the Tahoe Keys that sold was 1276 White Sands. This was a 5 bedroom, 3.5 bath, 3206 square foot home listed at $1,127,900. This house sold well above asking price at $1,225,000. Many of the foreclosed properties that are priced well are receiving multiple offers and selling over the list price. The average price per square foot for the sold Tahoe Keys homes was $292. The Median sales price was $575,000 and the average sales price was $669,167.

Although the median sales price and the average sales price was down in August, the number of closed escrows was up. With 112 of the 527 homes that are currently listed on the South Lake Tahoe MLS in escrow,  buyer activity continues to be very active. I anticipate another solid month of closings in September because of the high number of pending sales currently on the MLS.

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To make an appointment to see this cabin listing in South Lake Tahoe, please call California and Nevada real estate agent Brent Johnson today!