Lake Tahoe Real Estate Statistics for June 2011

June ended up being a very busy month of closings for the South Lake Tahoe Real Estate market. There were 49 single family homes that were reported as sold on the South Lake Tahoe MLS which was up from 35 homes in May. Although the June median sales price increased from May, it was down 8.7% from what it was in June 2010.

 The number of distress sales (short sales and foreclosures) that were sold in June was up from how many were sold in May, but the percentage of distress sales went down. In May, 22 of the 35 (63%) homes that were sold were distress sales. In June, 27 of the 49 (55%) homes that were sold were distress sales. Foreclosures accounted for 16 of the distress sales and short sales accounted for the other 11 distress sales that were sold in South Lake Tahoe.

June Lake Tahoe Real Estate Statistics

• The median sales price for the homes in South Lake Tahoe that were sold in June was $298,250 (up from $285,000 in May,  but down from $326,250 in June 2010).
• The average sales price for the homes in South Lake Tahoe that were sold in June was $394,809 (up from $316,777 in May).
• The average price per square foot was $191 which was up from $183 in May.
• The average days on the market was 194 and the median days on the market was 138.
• There were 16 bank owned foreclosures in South Lake Tahoe that were sold in June.
• There were 11 short sales in South Lake Tahoe that were sold in June.

The short sales in South Lake Tahoe that were sold in June has an average price per square foot of $187 while the foreclosures that were sold had an average price per square foot of $156.

The short sales had an average sales price of $365,091 and the foreclosures had an average sales price of $263,791.

The short sales had a median sales price of $232,000 and the foreclosures had an average sales price of $203,000.

The short sales had an average days on the market of 262 and the foreclosures had an average days on the market of only 82.

The 7 foreclosures in South Lake Tahoe that were sold within the first 60 days of being listed sold for an average of 102% of list price (2% over asking price). 61-90 days was 99.31% of the list price. 91-120 days was 96.08% of the list price. 120+ days on the market was 94.41% of the list price.

There were 8 condos in South Lake Tahoe that were reported as sold on the South Lake Tahoe MLS. There were 3 condos that were sold in the Tahoe Keys area. One of the condos that was sold was a short sale, and one of the condos was a foreclosure.

There were 4 multi-family properties that were sold in June. Three of the sold multi-family units were duplexes and one was a 6 unit apartment building that sold for $400,000. One of the duplexes that was sold was a short sale and one of the duplexes was a bank owned foreclosure.

There was only one lot sold in June and it was my listing on Panorama. This was a large 14,000 square foot lot that sold for $78,000.

Currently on the South Lake Tahoe MLS there are 474 single family homes in the City and County areas that are listed for sale. 81 of those listings are active pending.

South Tahoe Real Estate Review for May

After a very long winter here in Lake Tahoe the weather is finally warming up and Highway 50 is busy with visitors looking to escape the heat of the valley.  The South Lake Tahoe Real Estate market should heat up this summer as well now that home prices are the lowest that they have been in years.

In May there were 35 homes in South Lake Tahoe that were sold on the South Tahoe MLS. Distress sales accounted for 22 of the 35 home sales. Short sales accounted for 8 of the distress sales and foreclosures accounted for the other 14.

Both the average sales price and the median sales prices were down sharply last month. The average price per square foot was only down slightly.

South Lake Tahoe Real Estate Statistics

• The average price per square foot of the sold  houses in South Lake Tahoe in May was $183 per square foot, down from $186 per square foot in April.
• The average sales price was $316,777,  down from $342,063 in April.
• The median sales price was $285,000, down from $314,500.
• The average days on the market was 163 and the median days on the market was 114.
• There were 8 short sales in South Lake Tahoe that were sold in May, the same number of short sales that were sold in April.
• There were 14 foreclosures in South Lake Tahoe that were sold in May, the same number of foreclosures that were sold in April.

The foreclosures in South Lake Tahoe  that were sold in May had an average price per square foot of $153 and the short sales had an average price per square foot of $173. The non distress sale properties that sold had an average price per square foot of $221. The average sales price of the foreclosures was $262,193 vs $400,963 for the non distress sales. The median sales price of the foreclosures in South Lake Tahoe that were sold was $$205,000 vs $360,000 for the non distress sales.

The short sales in South Lake Tahoe  that were sold had an average price per square foot of $173,  a median sales price of $244,000 and an average sales price of $275,000.

As you can see, the distress sales continue to bring down the average sales price, median sales price, and average price per square foot of the home sales in South Lake Tahoe.

Tahoe Keys Real Estate

Spring is the time of year when the homes in the Tahoe Keys begin to sell as well. This year the lake is almost full and the water levels in the Tahoe Keys look Great! There were 6 Tahoe Keys properties that were sold in May. There were 2 Tahoe Keys condos that were sold and 4 homes that were sold. Two of the homes that sold were foreclosures and one was a short sale.

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.

South Tahoe Property Statistics for April

Now that the snow is melting and the lake is filling up, sellers are beginning to prepare their homes for the market here in South Lake Tahoe. Although many home buyers think of the summer as the best time to buy Real Estate in Lake Tahoe, many did not wait for the sun to come out to purchase property.  There were 38 single family homes in South Lake Tahoe that were sold on the South Lake Tahoe MLS during the month of April.  Although both the median sales price and average sales price were very close to what they were in March, the average price per square foot was down from $197 to $186.

Distress sales accounted for over half of the homes in South Lake Tahoe that were sold last month. There were 14 bank owned foreclosures and 8 short sales that were sold in April. 58% of the homes sold in April were either short sales or foreclosures.

South Tahoe Real Estate Statistics

• The average sales price of the houses in South Lake Tahoe that were sold in April was $342,063, down from $349,941 in March.
• The median sales price of the sold housesin April was $314,500, up from $310,000 in March.
• The average price per square foot in April was $186, down from $197 in March.
• The average days on the market was 141.
• The median days on the market was 115.
• There were 14 bank owned foreclosures that were sold in April which is down from 17 in March.
• There were 8 Short Sales that were sold in April which is up from 3 in March.
• The average price per square foot for the Short Sales that were sold was $186.
• The average price per square foot for the foreclosures that sold was $151.

As of now, there are 370 single family homes that are listed on the South Lake Tahoe MLS. There are 287 homes that are active and 83 that are active pending.

There are 60 condos that are listed on the MLS. There are 51 condos that are active and 9 that area active pending. There was only one condo that was sold in April.

There are 119 vacant lots that are listed on the MLS. There are 125 lots that are active and only 4 that are active pending. There were only 2 lots that were sold in April.

There was only one condo that was sold in April which was a bank owned foreclosure in Lakeland Village, a 2 bedroom, 1.5 bath townhouse unit that sold for $250,000.

March South Tahoe Real Estate Statistics

March was a great month for closings on the South Lake Tahoe MLS. There were 44 single family homes in South Lake Tahoe that were reported as sold during the month of March. The number of sold homes in South Tahoe was up in March from only 30 home sales in February. The median sales price of the homes that were sold in March was $310,000 which was down 2.4% from March 2010, but was up substantially from $269,200 from what it was in February.

The number of sold foreclosures in South Lake Tahoe were also up in March. There were 17 bank owned single family homes that were sold in March which was up from 10 in February. There were only 3 short sales that closed escrow in March which was down from 5 short sale closings in February.

South Lake Tahoe Real Estate Statistics

• The median sales price of the homes in South Lake Tahoe that were sold in March was $310,000, up from $269,200 in February.
• The average sales price of the houses in South Lake Tahoe that were sold in March was $349,941, down from $356,770 in February.
• The average price per square foot was $197, up from $188 in February.
• The average days on the market was 153 and the median days on the market was 125 including the escrow period.
• There were 17 bank owned foreclosures (REO’s) that were sold, up from 10 in February.
• There were 3 short sales in South Lake Tahoe that were sold, down from 5 in February.

The foreclosures in South Tahoe that were sold in March had an average sales price of $242,621 and a median sales price of $215,000. The average price per square foot of the foreclosures that were sold was $169 per square foot, much lower than the non-foreclosures that sold for $217 per square foot.

Currently there are 345 total single family listings on the South Lake Tahoe MLS. There are 266 listings that are active and 79 that are active pending. Short sales account for 75 of the current MLS listings. Out of the 75 short sale listings, 35 are active, and 40 are active pending.  Bank owned foreclosures accout for 42 of the single family listings. There are 26 foreclosure listings that are active, and 16 that are active pending.

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