South Lake Tahoe Real Estate Review for April 2009

 

For the second month in a row the South Lake Tahoe real estate market has shown signs of improvement regardingbuyer activity. There were 43 new single family homes that went into escrow on the South Lake Tahoe mls, up from 38 in March, and up from 22 in February. Out of the 43 new escrows, 15 were short sales and 18 were bank owned foreclosures, bringing the percentage of distress sale escrows to 65%. Many of the bank owned properties that went into escrow had multiple offers on them.

The statistics for the new escrows are as follows:

Pending April Single Family Homes in South Lake Tahoe

• There were 43 new single family homes that went into escrow in April, up from 38 in March.
• The median list price for the homes was $349,900 (up 15% from $297,900 in March).
• The average price per square foot was $246
• The median days on the market was 129
• 15 of the new escrows were short sales
• 13 of the new escrows were bank owned foreclosures

There seems to be a bit of a frenzy over the bank owned foreclosure listings in South Lake Tahoe. There are 25 foreclosures on the South Lake Tahoe mls, and only 9 of them are still available. Yesterday there was a new foreclosure listing located at 1782 Southern Pines, there are already 4 offers in on this property and threats of more coming in.

If you compare the bank owned foreclosures that went into escrow to the non-foreclosure escrows there are some noticeable differences. The average square footage of the foreclosures and the non-foreclosures was very close, 1676 square feet for the foreclosures and 1619 for the non-foreclosures. The average price per square foot for the foreclosures was $206 per square foot, which was 22% less than than the non-foreclosures which had an average price per square foot of $263. The median list price for the bank owned foreclosures was $299,000, which was 18% less than than the non-foreclosure homes which had a median list price of $364,000.

The short sale homes that went into escrow were similar to the non-short sale or non-foreclosure homes. The average price per square foot for the short sales was $246, only 6% less than the non-distress sale escrows. The median list price for the short sale homes was $379,900, actually 4% higher than the non-distress sale escrows.

The amount of homes that were reported as sold on the South Lake Tahoe mls in April was 25, which was the same number of homes that sold in March. Although the number of homes that sold was the same, there was a dramatic drop in the median and average old prices. A large part of the change in the price can be attributed to the fact that the median square footage of the sold homes was much smaller in April. The median size sold home was 2,012 in March and was 1,565 in April.

Sold Houses in South Lake Tahoe in April

• There were 25 homes in South Lake Tahoe that sold in April
• 7 of the sold homes were bank owned foreclosures
• 2 of the sold homes were short sales
• The median sales price was $291,000 (25% less than $388,000 in March)
• The average sales price was $334,696 (27% less than $457,160 in March)
• The average price per square foot for the sold homes was $210 (5% less than $222 in March)
• The median days on the market was 111

The 7 foreclosures in South Lake Tahoe had an average price per square foot of $197, a median sales price of $270,000, an average sales price of $247,914, and a median days on the market of 86. Although there are only 9 single family foreclosures that are still available on the South Lake Tahoe mls, there should be more coming onto the market. There are still a fair amount of notices of default being filed, and this should more foreclosure listings in the future. The key to purchasing one of the new foreclosure listings will be to have your pre-approval letter ready  and to keep following my South Lake Tahoe real estate blog post on foreclosure listings in South Lake Tahoe.

For more information regarding South Lake Tahoe real estate, contact Brent and Jill Johnson today!

South Tahoe Real Estate Statistics for 2009 First Quarter

South Lake Tahoe real estate statistics are important for both buyers and sellers who are thinking about timing the market for their next real estate transaction. With all of the South Lake Tahoe real estate statistics available on various websites and blogs, consumers are now informed more than ever. I try to make my South Lake Tahoe real estate statistics the most in depth and easy to understand as possible. With that being said, here are the 2009 first quarter statistics for single family sold homes in South Lake Tahoe.

According to the South Lake Tahoe mls, there were 73 single family homes that sold between January 1st and March 31st 2009. That is 8% more homes than the first quarter of 2008 in which 67 single family homes closed escrow.

• 73 homes sold in the first quarter of 2009
• 27 of the sold homes were bank owned foreclosures (up 44% from 15 in the first quarter of 2008)
• 6 of the homes were short sales
• The median list price was $356,250 (15% less than than the first quarter of 2008 which was $419,900)
• The median sales price was $340,000 (15% less than the first quarter of 2008 which was $400,000)
• The median days on the market was 114 (down from 156 in the first quarter of 2008)
• The median square footage of the sold homes was 1,584 (up from 1,431 in the first quarter of 2008)
• The average sold price per square foot was $234 (19% less than the first quarter of 2008 which was $290)

The number of sold houses in South Lake Tahoe was up and the median sold price was down due to the distress sales and foreclosures. Foreclosure listings in South Lake Tahoe are usually priced about 10% below current market value. The attractively priced foreclosures are what buyers seeking good deals are going after. Many of the foreclosure homes received multiple offers and sold quickly which also brought down the median days on the market to 114 for the first quarter. Buyers targeting South Lake Tahoe foreclosures should be aware that it will be an “as is” deal, and buyer investigation inspections are very important.

Here is a comparison of the South Lake Tahoe foreclosure listings to the non-foreclosure listings that sold in the first quarter of 2009.

• 27 of the 73 houses that sold during the first quarter of 2009 were bank owned foreclosures.
• The median list price of the foreclosures was $279,000 (28% less than the non-foreclosure properties which was $389,000)
• The median sales price for the foreclosures was $264,500 (27% less than the non-foreclosure properties.
• The median days on the market was 84 (45% less than the non-foreclosure properties which was 154 days)
• The median square footage of the foreclosures was 1,510 square feet (7% less than the non-foreclosure properties which had an median square footage of 1,616 square feet.
• The average price per square foot for the foreclosures was $196 (24% less than the non-foreclosure properties which had an average sales price per square foot of $258)

2009 First Quarter South Lake Tahoe Real estate statistics by Number of Bedrooms

Sold two Bedroom Homes in South Lake Tahoe

• There were 15  two bedroom housesin South Lake Tahoe that sold in the first quarter of 2009 according to the South Lake Tahoe mls.
• The average list price for the 2 bedroom homes was $249,620
• The average sales price for the 2 bedroom homes was $233,853
• The average square feet of the 2 bedroom homes was 986
• The average percentage list price to sales price the homes sold for was 93.68%
• The average days on the market was 154 days

Sold three bedroom homes in South Lake Tahoe

• There were 32 three bedroom homes that sold in the first quarter of 2009
• The average list price for the 3 bedroom homes was $381,595
• The average sales price for the 3 bedroom homes was $361,750
• The average square feet of the 3 bedroom homes was 1565
• The average percentage list price to sales price that the homes sold for was 94.8%
• The average days on the market was 154

Sold four bedroom homes in South Lake Tahoe

• There were 21 two bedroom homes that sold in the first quarter of 2009
• The average list price for the 4 bedroom homes was $551,051
• The average sales price for the 4 bedroom homes was $525,000
• The average square feet of the 4 bedroom homes was 2346
• The average percentage list price to sales price that the homes sold for was 94.59%
• The average days on the market was 177

Sold five bedroom homes in South Lake Tahoe

• There were 5 five+ bedroom homes that sold in the first quarter of 2009
• The average list price for the 5+ bedroom homes was $941,850
• The average sales price for the 5+ bedroom homes was $798,000
• The average square feet of the 5+ bedroom homes was 3262
• The average percentage list price to sales price that the homes sold for was 84.75%
• The average days on the market was 179

This South Lake Tahoe real estate blog statistics post was written by real estate agent Brent Johnson. If you are a buyer or a seller of real estate in South Lake Tahoe and would like more information regarding any of the statistics in this post please let me know. For more information regarding foreclosures for sale in South Lake Tahoe, houses for sale in South Lake Tahoe, or would like to schedule an appointment to view any South Lake Tahoe real estate contact Brent and Jill Johnson today!

South Lake Tahoe Real Estate Review for March 2009

The South Lake Tahoe real estate market followed the spring weather and warmed up a bit in March. In March there were 38 new pending single family homes which was up 42% from 22 in February. The increase in pending home sales was also seen across the country. According to the National Association of Realtors, the Pending Home Sales Index rose 2.1% to 82.1 Nationally. The increase in pending home sales is most likely due to the drop in interest rates, decrease in home values, the increase in the Housing Affordability Index, and the first time home buyer tax credit.

• In March there were 38 new pending single family homes reported on the South Lake Tahoe MLS
• 9 of the pending homes were reported as short sales
• 8 of the pending homes were bank owned foreclosures
• The median list price was $297,900 (down 16% from $352,625 in February)
• The median square footage was 1,537
• The median days on the market was 110
• The average list price per square foot was $222 (down 3% from $230 in February)

As usual, the foreclosure listings in South Lake Tahoe were priced less and went into escrow quicker than the non-foreclosure homes. For the 8 foreclosures that went into escrow in March, the median list price was $257,500 and the average price per square foot was $211. The average days on the market for the foreclosures was only 49.

Although the amount of pending homes in South Lake Tahoe was up in March, the number of sold single family homes dropped slightly. There were 25 houses that sold in March, which was down 11% from 28 sold homes in February. There were only 22 new pendings in February, so the amount of sold homes in March decreased. The number of sold homes should increase substantially in April due to the increase in pending sales from March.

• There were 25 houses in South Lake Tahoe that sold in March
• 7 of the sold homes were bank owned foreclosures
• 4 of the sold homes were short sales
• The median listing price was $419,000 (up 15% from $356,950 in February)
• The average listing price was $497,973 (up 11% from $444,529 in February)
• The median sales price was $388,000 (up 15% from $329,500 in February)
• The average sales price was $457,160 (up 9% from $418,161 in February)
• The median days on the market was 114
• The median square footage was 2,012
• The average price per square foot was $222 (down 3% from $229 in February)

There were some substantial differences between the foreclosure and non-foreclosure homes that sold in March.

1. The 7 foreclosures in South Lake Tahoe sold in March sold for an average price per square foot of $169,  31% less than the non-foreclosure homes which sold for an average price per square foot of $244.
2.  The median selling price of the bank owned foreclosures was $250,000, 51% less than the non-foreclosures which had a median sales price of $510,000.
3. The median square footage of the foreclosures was 1,584 which was 699 square feet less than the non-foreclosures which had a median square footage of 2,283.
4. The median days on the market was 84 for the foreclosures and 184 days for the non-foreclosures.

There were 12 foreclosure listings on the South Lake Tahoe mls that sold in March 2008 compaired with  7 that sold in 2009. This is the first time that I have seen the number of foreclosures higher in the previous year since I have been blogging about South Lake Tahoe Real Estate statistics. The March 2008 single family home statistics area as follows:

• There were 36 single family homes that sold in March 2008 on the South Lake Tahoe mls
• 12 of the sold homes were bank owned foreclosures
• The median list price was $399,000
• The median sales price was $387,500
• The average price per square foot was $298
• The median square foot was 1,372
• The median days on the market was 155

Single family home statistics for March 2007

•  There were 30 single family homes that sold in March 2007
• The median list price was $518,900
• The median sales price was $507,000
• The average price per square foot was $327
• The median square foot was 1,816
• The median days on the market was 163

Single family home statistics for March 2006

• There were 38 single family homes that sold in March 2006
• The median list price was $492,000
• The median sales price was $485,140
• The average price per square foot was $337
• The median square foot was 1,573
• The median days on the market was 114

Single family home statistics for March 2005

• There were 50 single family homes that sold in March 2005
• The median list price was $447450
• The median sales price was $440,000
• The average price per square foot was $312
• The median square footage was 1,544
• The median days on the market was 83

With 38 single family listings on the South Lake Tahoe mls that are currently in escrow, April is shaping up to be a great sales month for real estate in South Lake Tahoe. Here are some of the houses that sold in March from the South Lake Tahoe mls.

Not much has been happening with lots in South Lake Tahoe this year. In march there was only one lot that sold and only one lot that went into escrow. The lot that sold was 764 Elk Point which was a vacant lot with an allocation in the Angora Fire area that sold for $100,000. The lot that went into escrow was 1069 San Diego, which was a vacant county lot listed for $69,000.

Condo activity in March was similar to lots with only one sale and two pendings reported on the South Lake Tahoe MLS. The condo that sold was in the Tahoe Keys at 405 Ala Wai which was a 3 bedroom, 2 bath unit that sold for $485,000. Both of the pending condos are short sales in the Sandy Way complex.

My next South Lake Tahoe Real Estate blog post will be about the first quarter statistics for 2009. For more information regarding South Lake Tahoe Real Estate, foreclosures in South lake Tahoe, or South Lake Tahoe mls listings, please contact Brent and Jill Johnson today!

Y Area

The “Y Area” in South Lake Tahoe has some of the lowest priced homes for sale in South Lake Tahoe. Houses in the Y Area start at under $200,000 for a small 2 bedroom home, fixer, or a foreclosure. Most of the homes in the Y Area range from $200,000 to $400,000. The houses priced from $200,000 to $400,000 are most likely 2 or 3 bedroom homes in re-modled or original condition.

The Y Area is conveniently located where HWY 50 and HWY 89 intersect in South Lake Tahoe. This is a great location for either locals who want to be in town, or for second home owners who would like to be close to most of South Shores amenities. Camp Richardson is only about 5 minutes north on HWY 89, and between the Y and Camp Richardson are South Shores best beaches.

Most of the homes in the Y Area are on flat 5,000 square foot lots and have neighboring homes on all sides of the property. Due to all of the trees in the Y Area, mountain views are rare in this area. The  Tahoe Verde Estates Mobile Home park is also located in the Y Area.

For affordable Real Estate in South Lake Tahoe, the Y Area is an area that may have the house that you are looking for. Weather you are looking for a starter home or a vacation home in South Lake Tahoe, make sure to take a look in the Y Area.

South Lake Tahoe Foreclosure Listing Back on the Market.

2753 Springwood is one of the foreclosure listings in South Lake Tahoe that is definitely worth looking at. This house has just been re-listed with Chase International South Tahoe Realty due to a change in the asset management company that was handling the property.

2753 Springwood $329,900

 

Located in the desirable Highland Woods area, this three bedroom, two bathroom, two car garage house would make a great vacation home or primary residence. This newer 1927 square foot house is a bank owned foreclosure that is priced to sell.

• Built in 1996
• 6581 square foot lot
• Gas fireplace
• located in Highland Woods
• Priced at $171.20 per square foot!

2753 Springwood was previously on the market for 49 days. The list price was $379,900 and was then reduced to $329,900.

For more information about this house, other foreclosure listings in South Lake Tahoe, or South Lake Tahoe Real Estate, please contact Brent and Jill Johnson today!

 

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