May South Tahoe Real Estate Stats

May was a much better month for the South Lake Tahoe real estate market than it was for the stock market! There were 42 single family homes that closed escrow in South Tahoe during the month in May 2010. This is a significant increase from the 27 homes that closed escrow in May 2009. The stock market did not fair nearly as well!

Distress sales were once again on the decline. Distress sales only accounted for 38% (16) of the sales in May, down from 48% in April, and down from 58% in March. Foreclosures accounted for only 9 of the closed sold homes, short sales accounted for the other 7.

May South Tahoe Real Estate Statistics

• There were 42 single family homes reported as sold on the South Lake Tahoe mls in the month of May. This is up from 27 in May 2009 and down from 46 in April 2010.
• The average price of the homes sold was $462,367 (The average drops to$387,669 if I take out the lakefront Keys sale for $3,525,000) The average sales price was $386,177 in April and $355,633 in May 2009.
• The median sales price of the homes sold in May was $322,000. This is down from $329,163 in April and up from $315,000 in May 2009.
• The average price per square foot was $216. The average price per square foot was $211 in April and $222 in May 2009.
• The average days on the market was 145, down from 158 in April and down from 147 in May 2009.
• The median days on the market was 99, down from 112 in April and down from 137 in May 2009.

The distress sales that sold in May had a very low price per square foot compared to the non-distress sales. The foreclosures that sold had an average price per square foot of $165 and the short sales had an average price per square foot of $170. The price per square foot for the non-distress sales was $245.

Here are some other interesting statistics for the distress sales sold in May:

• Including the escrow period, the foreclosures had an average days on the market of 66. The sold short sales averaged 286 days!
• The foreclosures had a median days on the market of 76 days including the escrow period. The sold short sales had a median days on the market of 204!
• The average sales price of the foreclosures was $257,156. The average sales price was $479,857 for the short sales.
• The median price of the sold foreclosures was $229,900. The median sales price was $525,000 for the short sales.

There were only two lots in South Lake Tahoe that sold in May. Both lots that sold were in the North Upper Truckee area. One was a lot in the burn area that sold for $145,000 and one was a 10,511 square foot lot that sold for $95,000.

There was one condo that sold in May. This was a 2 bedroom 1.5 bath unit in the Tahoe Keys that sold for $290,000.

There was also only one multi family unit that sold in May. This was a property that had 2 houses on one lot in the Tahoe Island Drive area. These homes sold for $240,500.

 The most active area of the South Lake Tahoe real estate market continues to be the single family homes. It is great to see that the percentage of short sale and foreclosure sales has continued to decline for the third consecutive month. The percentage of distress sale closings has gone down to 38% from 65% in February. This is another sign of stabilization in the housing market. I hope that it continues!

South Lake Tahoe Real Estate Statistics

Here are the current South Lake Tahoe real estate statistics from the South Lake Tahoe MLS.

The following statistics are for residential (single family, condo, and town houses) located in the City and County areas of South Lake Tahoe:

Total listings: 520

Active listings: 408

In Escrow: 112

Of the 112 single family homes that are in escrow 52 are short sales and 15 are bank owned foreclosures.

The 112 escrows represent 21.5% of the total inventory in escrow.

Breakdown by price range of the 112 escrows

• Under $200,000-18 escrows
• $200,001 to $300,000-36 escrows
• $300,001 to $400,000-25 escrows
• $400,001 to $500,000-5 escrows
• $500,001 to $600,000-10 escrows
• $600,001 to $700,000-2 escrows
• $700,001 to $800,000-9 escrows
• $800,001 to $999,999-4 escrows
• Over $1,000,000- 3 escrows

There have been a total of 198 single family properties sold so far this year in South Lake Tahoe. Bank owned foreclosures have accounted for 35.7% (71) of the sales, and short sales have accounted for 16.2% (32). The total percentage of distress sales (short sales and foreclosures) sold so far this year is 52%. That means that over half of the single family sales in South Lake Tahoe have been distress sales.

Single family sold statistics from the South Lake Tahoe mls:

Average price per square foot:

• $241 for non distress sales
• $207 for short sales
• $172 for foreclosures

Median sales price:

• $313,750 for all single family sales
• $326,250 for short sales
• $235,000 for foreclosures

Median days on the market

• 107 days for all single family sales
• 229 days for short sales
• 74 for foreclosures

Below is a graph of the median sales price for South Lake Tahoe for the last year from Trulia.com , which is also great source for local real estate statistics. I love Trulia for statistics, but I would not use it for searching for properties.

 

I hope that you have found these most recent South Lake Tahoe Real Estate Statistics helpful. For more information regarding the South Lake Tahoe real estate market, please call Brent Johnson today!

South Tahoe Foreclosure Listing

Just Reduced to $192,500!!!

 

3814 Steven Lane is a nice and clean bank owned foreclosure in South Tahoe. This 3 bedroom, 1 bath, 1 car garage is located very close to the Stateline Casinos and Heavenly Valley Ski Resort. With easy access to Pioneer Trail, this would make a great home for a first time home buyer and a great second home. There appears to be newer doors, carpets, water heater, and furnace.

Recently reduced from $224,900, this is one of the least expensive bank owned properties on the South Shore of Lake Tahoe. This house will not last long!

 

• 1008 Square feet
• 5012 Square foot lot
• Built in 1961
• 3 bedroom, 1 bath, 1 car garage
• Brick fireplace
• Convenient location!

 

If you would like more information regarding this home for sale or any other home listed on the South Tahoe MLS please call South Lake Tahoe real estate agent Brent Johnson today!

Tax Credits Are Set to Expire!

The First-Time Homebuyer Tax Credit is set to expire soon. Home buyers must have to sign a purchase agreement by April 30 and close by June 30 to take advantage of the $8,000 tax credit.

The income limit for claiming the full tax credit for single tax payers is $125,00 and $225,000 for married tax payers filing a joint return.

Homes purchased for up to $800,000 are eligible for the credit. A first-time buyer is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase. The tax credit does not require repayment if you live in this residence for three or more years.

The Existing Homeowner Tax Credit is also set to expire. If you already own a home, but you want to move up, you may qualify for the $6,500 tax credit. To be eligible for this credit, you must have lived in your current home for five consecutive years out of the last eight and must purchase a new or existing home by April 30 and close escrow by July 1. You do not need to sell your current home to qualify for this credit.

To claim the tax credit use the IRS Form 5405. You will also need to supply the IRS with a copy of your HUD-1 settlement statement to verify your purchase.

If you are interested in purchasing a home in South Lake Tahoe and taking advantage of the tax credits, give South Lake Tahoe real estate agent Brent Johnson a call before it is too late!

Tahoe Keys Real Estate

The inventory of homes for sale in the Tahoe Keys area of South Lake Tahoe has gone down a bit since last year, but there are still some great houses to choose from. Currently there are 51 houses in the Tahoe Keys listed on the South Lake Tahoe MLS. There are 42 active Keys listings and 9 active pending listings. In September 2009 the inventory was up to 70 total listings with 13 houses in escrow.

The majority of Tahoe Keys homes for sale are currently priced under $1,000,000. 27 out of the 42 active Keys houses are priced under $1,000,000.  8 out of the 9 houses that are in escrow are also priced under $1,000,000.

Distress sales account for 6 out of the 9 houses that are in escrow in the Tahoe Keys. There are 5 short sales and 1 foreclosure currently in escrow. The ratio of distress sales to regular sales in the Tahoe Keys is almost the same as it is in the rest of South Lake Tahoe. There are 105 houses in escrow in South Lake Tahoe and 68% of them are either short sales or foreclosures (67% distress sales in the Tahoe Keys).

So far in 2010 there have been 5 houses in the Tahoe Keys that have been sold on the South Lake Tahoe MLS. The average sales price was $798,000 and the median sales price was $750,000. The average price per square foot was $366. Only one of the houses sold was a foreclosure, and no short sales have closed escrow in the Keys so far this year.

My listing on 2213 Texas is a great example of one of the great houses to choose from in the Tahoe Keys. 2213 Texas is a recently remodeled 1440 square foot, 3 bedroom, 2 bath, 2 car garage home offered at $482,000. This is a great opportunity to own a waterfront home for under $500,000! For more information about this house or other homes for sale in the Tahoe Keys, please call Brent Johnson.

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