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 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.

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.

Thank You To My Wonderful Clients!

 

 

I wanted to take the time to thank all of the wonderful clients that I have worked with this summer. Although I spent a lot more time at the office than I did at the beach, I had a great summer making many lasting relationships. This has been the busiest year that I have had since I have been a Real Estate Agent in South Lake Tahoe. Out of the 8 offices and 200+ agents here at Chase International, I was able to sell more homes last quarter than anyone else. Great clients and hard work goes a long way.

I hope that all of you who purchased homes in South Lake Tahoe are able to enjoy this amazing place as much as I do! Thanks Again!

Has California’s Housing Market Hit the Bottom?

Has California’s housing market hit the bottom? According to an article in the Wall Street journal by Jim Carlton, “California’s inventory of unsold, previously owned homes shrank to a five-year low in December, in another sign that the state may be coming out of its worst housing slump in decades.”

The supply of unsold single-family homes dropped to 3.8 months from 5.6 months a year ago and 16.6 months in January 2008, when inventories were at a peak, according to estimates by the California Association of Realtors. The inventory levels are now at their lowest levels since 2005, resulting in frenzied sales with multiple offers in some cities.

The current inventory rate is running well under California’s historical average since the 1980s of about an eight month supply of existing homes on the market. That’s partly because a once huge supply of foreclosures in the state has dwindled. In November, foreclosed properties accounted for 40% of all single family sales, new and used, in California, compared with 58% in January, according to the most recent estimates by Zillow.com a market tracker.

The current inventory of houses for sale in South Lake Tahoe is also down to its lowest level in January since 2007. There are currently 389 active listings on the South Lake Tahoe mls, 83 of the listings are in escrow and 306 of the listings are available. In January 2009 there were 403 active listings and only 36 were in escrow leaving 367 available homes. In January 2008 there were 399 active listings on the South Lake Tahoe mls and only 33 were in escrow leaving 366 available homes. In 2007 there were fewer active homes on the market (368), but still only 37 were in escrow making the inventory of available homes 331, more than the current inventory of 306.

Jim Carlton also points out that prices are also stabilizing. “Although most home prices remain well below their pre-bust highs of three years ago, California’s overall housing markets has shown stabilizing since early last year. The median price of an existing, single family home rose 8.4% from a year ago to $306,820, marking the second consecutive year-over-month jump, according to estimates by the state Realtors‘ association.

The median price of single family homes in South Lake Tahoe was much different than state of California’s median price. The median price of homes in South Lake Tahoe fell 22% in 2009 from 2008. The median sales price dropped from $407,000 to $318,000.  This drop in the median sales price of single family homes can be interpreted in many ways. I do not think that the 22% decrease from 2008 means that property values fell 22%.  There were 137 foreclosures in South Lake Tahoe that sold in 2009, almost double the amount of foreclosures that sold in 2008 (69 sold foreclosures in South Lake Tahoe were sold in 2008). Most of the foreclosures sold in South Lake Tahoe were in need of some kind of work or repairs. Although the increase in foreclosure sales did help bring down the median sales price in South Lake Tahoe, property values did also decline. The amount that property values declined is debatable.

Weather California’s housing market has hit the bottom or not, property values and interest rates are enticingly low. Adding the first time home buyer incentives and the existing home owner incentives from the government there may not be a better time to buy real estate in South Lake Tahoe!

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