South Lake Tahoe Real Estate Review for September

Pending South Lake Tahoe home sales were up again from 43 in August to 51 in September, a 16% increase. The total pending real estate transactions reported on the South Lake Tahoe MLS is now up to 79, which is 14.4 percent of our inventory.

The statistics for the September pending sales are as follows:

-Minimum pending price                    $174,900

-Average pending price                      $515,359

-Median pending price                       $405,000

-Maximum pending price                  $2,300,000

The number of sold homes actually slipped  18% from 33 in August to 27 in September. Out of the 27 homes that sold in September, 7 (or 26%) were foreclosures.

The statistics for the September home sales are as follows:

-Minimum sales price                       $215,000

-Average sales price                         $475,336

-Median sales price                          $435,000

-Maximum sales price                     $998,000

Activity on South Lake Tahoe Condos remained slow with 3 solds and 4 pendings

There were only 3 lots that were reported as sold on the MLS, and only 1 new escrow.

There has been an increase of “Short Sale” escrows being opened, but only a few of them have been closing. I am currently in escrow on one of these, and you definitely have to be patient! The short sales are being listed below market value, so they tend to go into escrow quickly, but there is nothing quick about getting them closed!