Tahoe Keys Real Estate Review for 2009

Real Estate in the Tahoe Keys was not immune to the decline in property values in 2009. The median sales price of single family homes dropped 17% from $847,500 in 2008 to $700,000 in 2009. One of the leading causes of the decline in the median sales price of the single family homes was the presence of bank owned foreclosures and short sales. There were 5 foreclosures and 7 short sales it the Tahoe Keys that closed escrow in 2009. Short sales and foreclosures accounted for 12 out of 32  (38%) of the sold single family homes in the Tahoe Keys. The number of homes sold in the Tahoe Keys was the same as in 2008, 32.

 

The decline in the sales prices was a great opportunity for home buyers looking for deals in the Tahoe Keys. 484 Carson Ct. is a great example. 484 Carson Ct. was a bank owned foreclosure in the Tahoe Keys that was listed for $792,900. This was a 3 bedroom, 3 bath, 2 car garage, 2136 square foot home built in 1993. This home had multiple offers and sold above asking price at $826,000. This is still an incredible price when you look at what the home last sold for, $1,345,000 on 8/19/05!

2009 Tahoe Keys Real Estate Statistics

• 32 single family homes in the Tahoe Keys sold in 2009
• 5 foreclosures in the Tahoe Keys sold in 2009
• 7 short sales in the Tahoe Keys sold in 2009
• The median sales price was $700,000
• The average sales price was $920,192
• The average price per square Foot was $336
• The median days on the market was 157

The foreclosures in the Tahoe Keys sold for less money and less time on the market than the non-foreclosure properties. The bank owned foreclosures in the Tahoe Keys had an average sales price of $652,270, a median days on the market of 45, and an average price per square foot of $284. Keep in mind that most of the foreclosures in the Tahoe Keys that sold last year needed at least some minor repairs.

2008 Tahoe Keys Real Estate Statistics

• 32 single family homes in the Tahoe Keys sold in 2008
• The median sales price was $847,500
• The average sales price was $900,366
• The average price per square Foot was $388
• The median days on the market was 115

2007 Tahoe Keys Real Estate Statistics

• 37 single family homes in the Tahoe Keys sold in 2007
• The median sales price was $960,000
• The average sales price was $1,155,000
• The average price per square Foot was $476
• The median days on the market was 160

2006 Tahoe Keys Real Estate Statistics

• 35 single family homes in the Tahoe Keys sold in 2006
• The median sales price was $1,000,000
• The average sales price was $1,009,352
• The average price per square Foot was $455
• The median days on the market was 118

2005 Tahoe Keys Real Estate Statistics

• 49 single family homes in the Tahoe Keys sold in 2005
• The median sales price was $1,130,000
• The average sales price was $1,166,367
• The average price per square Foot was $473
• The median days on the market was 80

The median sales price of the Tahoe Keys Condos was down only 14% from 2008, but the number of condos sold was down significantly.There were only 6 Tahoe Keys condos sold in 2009, down from 11 in 2008. The sales volume was down from $4,647,950 in 2008 to $2,118,408 in 2009. Only one of the Tahoe Keys condos sold in 2009 was a bank owned foreclosure.

Tahoe Keys Condo Statistics for 2009

• There were 6 condos in the Tahoe Keys that were sold
• The median sales price was $373,750
• The average sales price was $353,068
• The median days on the market was 156
• The average price per square foot was $279

Tahoe Keys Condo Statistics for 2008

• There were 11 condos in the Tahoe Keys that were sold
• The median sales price was $435,000
• The average sales price was $422,541
• The median days on the market was 97
• The average price per square foot was $408

Tahoe Keys Condo Statistics for 2007

• There were 11 condos in the Tahoe Keys that were sold
• The median sales price was $590,000
• The average sales price was $628,900
• The median days on the market was 113
• The average price per square foot was $477

Tahoe Keys Condo Statistics for 2006

• There were 16 condos in the Tahoe Keys that were sold
• The median sales price was $616,000
• The average sales price was $652,148
• The median days on the market was 100
• The average price per square foot was $486

Tahoe Keys Condo Statistics for 2005

• There were 16 condos in the Tahoe Keys that were sold
• The median sales price was $559,500
• The average sales price was $551,156
• The median days on the market was 71
• The average price per square foot was $450

For more information about Tahoe Keys Real Estate please contact Caifornia and Nevada South Lake Tahoe Real Estate agent Brent Johnson today!

Tahoe Keys Real Estate Statistics

After a slow start to 2009, Tahoe Keys real estate activity is now showing signs of new life. There are now 17 single family houses in the Tahoe Keys that are in escrow according the South Lake Tahoe MLS.  Out of the 17 houses that are in escrow, 10 are distress sales. The distress sales that are in escrow consist of 2 bank owned foreclosures and 8 short sales. The bank owned foreclosures that are in escrow are 1886 Genevieve Ct, a 4 bedroom, 2.5 bath, 2 car garage, 1946 square foot home listed for $599,000 and 1971 Aloha, a 4 bedroom, 2.5 bath, 2 car garage, 2524 square foot home listed for $798,000.

There have been 20 houses in the Tahoe Keys that have sold so far in 2009. Distress sales have accounted for 8 of the sold Tahoe Keys homes. There were 5 short sales and 3 bank owned foreclosures that have been reported as sold on the South Lake Tahoe mls.

Tahoe Keys Real Estate Statistics for the Sold 2009 Homes

• The average listing price for the sold Tahoe Keys homes was $992,692
• The average selling price for the sold Tahoe Keys homes was $926,258
• The median listing price for the sold Tahoe Keys homes was $759,900
• The median selling price for the sold Tahoe Keys homes was $705,000
• The average price per square foot for the sold Tahoe Keys homes was $323
• There have been 5 sold short sales in the Tahoe Keys
• There have been 3 sold foreclosures in the Tahoe Keys
• The average days on the market was 199
• The median days on the market was 164

 

 

The average sold price per square foot of $323 in the Tahoe Keys is down 17 % from 2008 when the average sold price per square foot was $388. The following statistics show how the average price per square foot for sold single family homes has come down in the Tahoe Keys.

• In 2005 there were 49 houses sold and the average price per square foot was $473
• In 2006 there were 35 houses sold and the average price per square foot was $475
• In 2007 there were 37 houses sold and the average price per square foot was $476
• In 2008 there were 32 houses sold and the average price per square foot was $388
• In 2009 there have been 20 houses sold in the Tahoe Keys and the average price per square foot has been $323

With 46 houses for sale in the Tahoe Keys on the South Lake Tahoe mls, there is still a great selection of homes to choose from. There are only 3 homes for sale that are being listed as short sales, and there are no available foreclosures for sale in the Tahoe Keys. If there are any new foreclosure listings in the Tahoe Keys, I will be sure to add them to my current list of foreclosure listings in South Lake Tahoe. For further information about Tahoe Keys real estate please contact Brent and Jill Johnson today!