September South Tahoe Real Estate Statistics

September was a big month for sold homes in South Lake Tahoe. There were 62 single family properties that had closed escrow in September, up from 44 sold properties in August. Of the 62 properties that were sold in September, 58 were detached single family homes and 4 were condos.

Distress sales accounted for 27 of the sold properties in September. There were 10 short sales and 17 bank owned foreclosures that were sold in September. The short sales had an average sales price per square foot of $193 and the foreclosures had an average price per square foot of $145. The non-distress sale properties had an average price per square foot of $198.

September South Tahoe Real Estate Statistics

• There were 62 single family homes reported as sold on the South Lake Tahoe MLS in September, up from 44 in August.
• The average price per square foot of the single family homes in South Lake Tahoe that were sold in September was $183, down from $192 in August.
• The average sales price was $306,721, down from $343,558 in August.
• The median sales price was $233,250, down from $295,000 in August.
• There were 10 short sales in South Lake Tahoe that sold, up from 6 in August.
• There were 17 bank owned foreclosures in South Lake Tahoe  that sold, up from 11 in August.
• The average days on the market was 136 and the median days on the market was 99.

September Statistics for Foreclosures in South Lake Tahoe

• The 17 foreclosures that sold in September had an average price per square foot of $145.
• The average sales price of the foreclosures was $258,292.
• The median sales price of the foreclosures was $213,357.
• The average days on the market was 113 and the median days on the market was 87.

September Statistics for Short Sales in South Lake Tahoe

• The 10 short sales that sold in September had an average price per square foot of $193.
• The average sales price was $331,252.
• The median sales price was $215,000.
• The average days on the market was 264 and the median days on the market was 245.

With only 4 condos that were sold in September there is not enough sales to report the statistics. Three of the condos that were sold were in the Tahoe Keys which does not surprise me. The summer time is when the Keys Condos seem to sell the best.

South Tahoe Real Estate Statistics for September

As usual, September was a busy month in terms of closed escrows in South Lake Tahoe. According to the South Lake Tahoe MLS there were 61 single family homes that had closed escrow in September, up from 49 homes sold in August. The median and average sale prices were up as well.

The average percentage of list price to sales price was also up. This is bad news for buyers who think that they can still make “low ball” offers, but good news for sellers who are probably already taking a huge loss.

Average days on market Breakdown and Average % of List Price Received on Solds by Market time:

• 0-30 days on the market, 2 listings sold for an average of 99.86% of the listing price.
• 31-60 days on the market, 10 listings sold for an average of 96.22% of the listing price.
• 61-90 days on the market, 20 listings sold for an average of 95.93% of the listing price.
• 91-120 days on the market, 9 listings sold for an average of 92.89% of the listing price.
• 120+ days on the market, 20 listings sold for an average of 93.26% of the listing price.

The longer that the homes were on the market, the more flexible the sellers were. The houses that were new on the market sold for very close to asking price. The days on the market includes the days that the homes were in escrow as well.

 

September South Tahoe Real Estate Statistics

• There were 61 homes that sold in September on the South Lake Tahoe mls, up from 49 sales in August.
• There were 16 bank owned foreclosures that closed escrow in September, the same number that sold in August.
• There was only one short sale that closed escrow last month, down from 7 in August.
• The median price of the sold homes was $330,500, up from $289,000 in August.
• The average price of the sold homes was $445,254, up from $355,002 in August.
• The average days on the market was 144 and the median days on the market was 88.
• The average price per square foot was $219, up from $207 in August.

The bank owned properties that sold in September had a very low price per square foot of only $152. Most of the foreclosures that had sold were fixer-uppers that needed work. The average sales price of the foreclosures was $257,875 and the median sales price was $232,500.

One statistic that was surprising to me was that 72% of the houses sold in September were regular sales. Only 28% of the sold homes were foreclosures or short sales.  Regular sellers are now having much better luck competing with the REO’s now that they have priced their homes competitively.

South Tahoe Foreclosure Just Listed!

If you are looking at newer homes for sale in South Lake Tahoe, make sure to check out 581 Gardner Street. This is a 5 bedroom, 2.5 bath, 2 car garage foreclosure in South Tahoe that has just been listed.

                                              581 Gardner Street $645,000

Built in 2004, this 4028 square foot is the largest and newest foreclosure in South Lake Tahoe that is currently on the market. Located in the Gardner Mountain area, this home is near South Shores best beaches and only minutes from Heavenly Valley ski resort. This bank owned home has two driveways and has extra parking for a boat or an rv. Situated on a large fully landscaped lot, this Tahoe style newer home will not last long!

• Granite slab counter tops
• Wood ceilings
• Central vacuum
• 5 bedrooms, 2.5 baths, 2 car garage
• 4028 square feet

                                                                                             

This South Tahoe foreclosure is listed by Chase International South Tahoe Realty. For more information about South Tahoe foreclosures, South Lake Tahoe real estate, or houses on the South Lake Tahoe mls, contact Brent and Jill Johnson today!

This South Lake Tahoe real estate blog was posted by Brent Johnson. Make sure to take a look at out current list of foreclosures in South Lake Tahoe!