South Tahoe Real Estate for July 2011

As of July 31st there were 497 single family homes and condos listed on the South Tahoe MLS. Out of the 497 property listings, 85 were in escrow and 412 were active.  Short sales accounted for 81 of the listings and foreclosures accounted for 63 of the listings. Although the Median sales price seemed to have leveled off from October through March, it began to slip again this summer. The Median sales price of the homes sold has gone down 10.9% from what it was in July 2010.

Distress sales accounted for 55% of the properties that were sold in July. There were 15 foreclosures that were sold and 8 short sales that were sold. The foreclosures had an average sales price per square foot of $150, the short sales had an average price per square foot of $199 and the non-distress sales had an average price per square foot of  $199. All of the properties together had an average sales price per square foot of $182.

July 2011 South Lake Tahoe Real Estate Statistics

• The median sales price of the properties in South Lake Tahoe that were sold in July 2011 was $291,000, down from $298,250 in June.
• The average sales price of the properties that were sold in South Lake Tahoe was $301,743, down from $394,809 in June.
• The average price per square foot was $182, down from $191 in June.
• The average days on the market was 133 and the median days on the market was only 77.
• There were 15 foreclosures in South Lake Tahoe that were sold in July, there were 16 foreclosures that were sold in June.
• There were 8 short sales in South Lake Tahoe that were sold in July, there were 11 short sales that were sold in June.

 

There was more activity on Lots in South Lake Tahoe last month than there has been in a long time. There were 5 lots reported as sold on the South Lake Tahoe MLS, but there were 6 that were actually sold. The prices ranged from $25,000 all the way up to $200,000.  Currently there are 162 lots listed on the MLS and only 9 of them are in escrow.

Tahoe Keys Condos accounted for 3 of the 5 condos that were sold in July. The least expensive Keys condo was a 3 bedroom, 2 bath condo with a boat dock that sold for $250,000. There are currently 63 condo listings on the South Tahoe MLS. There are 6 condos that are in escrow and 57 that are active.

South Lake Tahoe MLS Statistics

South Lake Tahoe MLS statistics as of July 18th

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

There are curently 556 residential listings on the South Lake Tahoe MLS. 457 of the listings are Active and 99 of the listings are in escrow. Out of the 457 Active listings, 48 are short sales and 33 are bank owned foreclosures. Out of the 99 listings that are in escrow,  37 are short sales and 18 are bank owned foreclosures.  Although only 17.7% of our active listings are short sales or foreclosures, 55.6% of the listings that are in escrow are short sales or foreclosures. The 99 escrows  represent 17.8% of the total inventory in escrow.

Here is a breakdown by price range of the 99 escrows:

• Under $200,000         26 properties
• $201,000-$300,000   29 properties
• $301,000-$400,000   14 properties
• $401,000-$500,000   14 properties
• $501,000-$600,000   4 properties
• $601,000-$700,000   7 properties
• $701,000-$800,000   3 properties
• $801,000-$999,000   0 properties
• Over 1 million              2 properties 

So far this year there have been 286 condos and houses in South Lake Tahoe that have sold. There were 95 bank owned foreclosures (33.2%) and 55 short sales (19.2%) that were sold. The total percentage of distress properties that have been sold so far this year is 52.4%

Lake Tahoe Real Estate Statistics

 

LAKE TAHOE, Nev. (July 6, 2011) – Median home prices in Lake Tahoe stayed relatively flat throughout Lake Tahoe, with substantial increases in East Shore prices, according to a midyear report released by Lake Tahoe-based Chase International.

The median price of a single-family home in Lake Tahoe is up two percent to $540,375 and the average price is up nine percent to $962,705. Those numbers were boosted by a 20 percent increase in median home price on the East Shore ($625,500) and a 67 percent increase in average price ($1,565,642). The report compares home prices and sales from January 1 through June 30, 2011 to the same time period of 2010. Overall sales volume in Lake Tahoe was down nine percent and units sold dipped four percent.

“We had some strong sales and increases the first quarter but saw a decline in the second quarter of this year,” said Sue Lowe, corporate vice president for Chase International. “I think we are still bouncing around the bottom of the market.”

Tahoe City saw a three percent increase in median home price ($475,000) and a 15 percent drop in average price ($681,634), caused mostly by a seven percent boost in sales of homes over a million and a 27 percent drop in homes sold for less than a million.

Average and median prices were down in both South Shore (ten and 12 percent, respectively) and Incline Village (11 and five percent). Sales of million-dollar homes were down in all areas of Lake Tahoe, except the East Shore, which experienced a 71 percent jump in sales of more $1 million.

Condo sales around the lake were up nine (volume) and 13 (units) percent, with Incline Village seeing the biggest jump in units selling for more than $500,000. Tahoe City experienced a 136 percent increase in units sold for less than $500,000.

The average price of a home in Truckee is down 13 percent to $534,313 and the median is down 14 percent to $433,000. Sales volume was down nine percent but units sold was up four percent, reflecting a nine percent increase in homes sold for less than a million and a 33 percent decline in homes sold for more than a million.

Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of real estate, Chase International continues to grow, having added 65 Realtors® to their ranks in the past twelve months.

South Tahoe Real Estate Statistics

The following statistics are for residential (both single family and condo/town homes) located in the City and County areas of South Lake Tahoe. Currently there are 440 total listings on the South Lake Tahoe MLS. 348 of the listings are active and 92 of the listings are in escrow. Short sales in South Lake Tahoe account for 81 of the current MLS listings. Out of the 81 short sales, 42 of the short sales are active and 39 of the short sales are currently in escrow. 49 of the current MLS listings are Bank Owned Foreclosures. Out of the 49 foreclosures, 31 are active and 18 are in escrow.

Distress sales account for 21% of the active inventory of residential listings (42 short sales and 31 foreclosures).

Distress sales account for 62% of the residential inventory that is in escrow (39 short sales and 18 foreclosures).

The 92 homes and condos that are in escrow represent 20.9% of our inventory. Chase International is representing 33 of the 92 current escrows.

Breakdown by price range of the 92 escrows:

• Under $200,000           26
• $210 t0 $300,000       28
• $301 to $400,000       17
• $401 to $500,000        8
• $501 to $500,000        5
• $601 to $700,000        3
• $701 to $800,000        2
• $801 to $999,000        2
• Over 1 Million               2 

So far this year there have been 182 single family homes and condo/town houses that have been sold on the South Lake Tahoe MLS. Bank owned foreclosures have accounted for 58 (31.9%) of those closings. Short sales have accounted for 30 (16.5%) of the closings so far this year.

The South Tahoe Real Estate market continues to be very active in the lower price ranges, especially under $300,000. Short sales and Foreclosures in South Tahoe also continue to attract the attention of buyers and investors looking to take advantage of the low prices and interest rates that are currently available.

New Short Sale Listing

1455 Glenwood Way Offered At $289,000!

Great Short Sale Opportuinty!!!

 

Surrounded by vacant Forest Service and California Conservancy land, this spacious 3 bedroom, 3 bath, 2 car garage home has great privacy and a convenient location. This well maintained home is only minutes from Heavenly Valley Ski Resort and Stateline. The Tahoe and Country Charm of this home includes open beam and vaulted ceilings, a large dining area, and upgrades throughout. At almost 1700 square feet, this home is large enough for the entire family. The exterior is in very good condition and was painted about 3 years ago. The windows have also been replaced with double pane vinyl framed windows. Great sunshine and meadow views make this home the perfect place to vacation or to call home!



• 3 bedroom, 3 bath, 2 car garage
• Surrounded by Forest Service and Conservancy Lots
• Hardwood Floors
• Newer Windows
• Forced Air Heating
• Close to Heavenly Ski Resort and Lake Tahoe Beaches!

 

« Previous Page — Next Page »