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!

Stateline

The Stateline area on the California side is one of the most convenient locations in South Lake Tahoe Real Estate. It is the location that draws most buyers to this area. The Stateline area is the closest area to the Casinos out of all of the areas on the South Lake Tahoe mls. Heavenly Valley Ski Resort can also be accessed from Stateline by the gondola at the Heavenly Village.

The houses in the Stateline area are very diverse. Most of the houses on the South side of Highway 50 are older and smaller cabins with some remodels. The prices for these cabins usually run from $250,000 to $400,000.  The houses on the North side of Highway 50 can vary from smaller cabins to multi-million dollar lake front homes. The area between the Lake Side Marina and Highway 50 is known as the Lakeside subdivision, and offers private beach access passes with home ownership. just West of the Lakeside subdivision is Tahoe Meadows. Tahoe Meadows is a private gated community with lake view and lake front homes. The Tahoe Meadows area is one of the most sought after areas in South Lake Tahoe.

The Stateline area makes an ideal location for a second home buyer, or an investor looking for  vacation rental property. If you are looking at homes in South Lake Tahoe, make sure to include the Stateline area.

Foreclosures in South Lake Tahoe Can Be Half Off!

Would you believe me if I said that some homes in South Lake Tahoe can be purchased for less than half of what they were worth in 2005/2006? If this were true, would you think that it is now a good time to buy real estate in South Lake Tahoe?  Your answers to both of my questions should be yes!

Not all homes in South Lake Tahoe are selling at half price, but some are, and here is a recent example:

My wife Jill recently sold a home located at 1035 Herbert for $208,000. This house had previously sold in October 2004 for $330,000 and again in July 2006 for $480,000! The recent sales price of $208,000 is 57% less than what this house had previously sold for in 2006! The buyers purchased this house for less than half of what someone else paid 3 years ago!

1035 Herbert was a 1394 square foot bank owned foreclosure. With four bedrooms, two bathrooms, and a detached garage, this house has plenty of room and a great layout. The selling price per square foot was $149.21 which was well under the median price per square foot of other South Lake Tahoe foreclosures (which is $202 per square foot). The sales price of $208,000 was also well below the median sales price of other foreclosures in South Lake Tahoe (which is currently $272,000).

1035 Herbert

South Lake Tahoe Real Estate Review for February 2009

The South Lake Tahoe real Estate market rebounded a bit in February as single family home sales increased 43% from the previous month. There were 28 single family homes that sold in February, up from the 16 homes sold in January. February 2009 single family home sales were also up 43% from February 2008 which had 16 sold single family homes.

Although the number of South Lake Tahoe homes that sold in February increased from last year, as expected, the median sales price was down. This February the median sales price was $329,500, 20% less than February 2008 which had a median sales price of $412,500.

Out of the 28 single family homes in South Lake Tahoe that sold last month, 13 were foreclosures and 1 was a short sale. With half of the home sales being distress sales, the decrease in sales price is to be expected. Here are the February single family home February sales statistics for both foreclosures in South Lake Tahoe and non-foreclosure homes:

• Average price per square foot was $229 (down 18% from February 2008 which was $279)
• Average list price was $444,529
• Median list price was $356,950 (up 7% from January 2009 which was $332,000)
• Average sales price was $418,161
• Median sales price was $329,500 (up 6% from January 2009 which was $310,000)
• Median days on market was 120
• Average square feet was 1832
• Median square feet was 1612

Foreclosures in South Lake Tahoe are still in a high demand and are selling for less than the non-foreclosure homes. Non-foreclosure sellers are having to adjust their home prices to compete with the foreclosures. Here are the statistical differences between the foreclosures and non-foreclosure houses that sold in February:

• The average price per square foot for foreclosures in South lake Tahoe was $196 (24% less than non-foreclosures which had an average price per square foot of $259)
• The average listing price for the foreclosures in South Lake Tahoe was $308,952 (40% less than non-foreclosures which had an average listing price of $515,750)
• The median listing price for the foreclosures in South Lake Tahoe was $284,500 (24% less than non-foreclosures which had a median listing price of $374,000)
• The average sales price for the South Lake Tahoe foreclosures was $289,917 (41% less than non-foreclosures which had an average sales price of ($487,550)
• The median sales price for the South Lake Tahoe foreclosures was $274,750 (20% less than non-foreclosures which had an median sales price of $345,000)

The foreclosures not only sold for less than the non-foreclosure homes, but much quicker also. The median days on the market for the foreclosures was only 83 days, but it took a median of 172 days for the non-foreclosures to sell.

2419 Lupine Trail

One of the foreclosures that sold was 2419 Lupine in Montgomery Estates. This home was a ”gutted” fixer-upper with plans for a 4,000 square foot remodel and was in a great area on a 12,475 square foot lot. This property received a lot of attention and sold for $190,000.      

953 Star Lake

953 Star Lake was another foreclosure that sold in February. This was a 2 bedroom, 1464 square foot log home that sold for $297,000 which was above the list price of $279,000.                                

Although the number of single family homes sold in February increased significantly, the number of new pendings (escrows) was down. In February there were 22 houses that were reported pending on the South Lake Tahoe mls compared with 35 in January. Out of the 22 new escrows, 6 were foreclosures, and 5 were short sales. The average listing price per square foot for the new pending homes was $230, the median list price was $352,625, the median days on market was 71 and the median square footage was 1540.

Here are some of the South Lake Tahoe homes that sold in February from the South lake Tahoe mls.

If you would like to see more South Lake Tahoe real estate statistics that I have not posted on my blog, please let me know what you would like to see. If you have any further questions regarding the South Lake Tahoe Real Estate market, South Lake Tahoe foreclosures, or questions about properties on the South Lake Tahoe mls, please contact Brent and Jill Johnson.

This South Lake Tahoe real estate blog was posted by Brent Johnson.

South Lake Tahoe Real Estate Statistics

This blog post will sumerize the statistics of the single family homes in South Lake Tahoe that have sold so far this year.  The National housing market has had a slow start this year, but California and Lake Tahoe home buyers seemed to embrace the opportunities, and took advantage of the historically low prices. Nationally, existing home sales fell 5.3% in January, but in California, existing home sales increased 100% compared to January 2008. The increase in sales is due to lower prices and low interest rates.

So far this year there have been 44 homes in South Lake Tahoe that have sold according to the South Lake Tahoe mls. Out of the 44 homes that sold, 18 of them were bank owned foreclosures. The South Lake Tahoe foreclosures that sold had a median sales price of $280,000, which was 15% less than the non-foreclosure homes. There were only 2 short sales in South Lake Tahoe that have actually closed escrow so far this year.

January 1-February 27, 2009 South Lake Tahoe Real Estate Statistics

• 44 sold houses in South Lake Tahoe
• Average square feet 1676
• Median square feet 1492
• Average list price $422,452
• Average sales price $396,813
• Median list price $356,950
• Median sales price $329,950
• Average price per square foot $242
• Average days on market was 114

I love to compare the statistics of the South Lake Tahoe foreclosures to the non-foreclosure homes. Foreclosures are not always in as good of condition as non-foreclosure homes, but they are usually priced to sell rather quickly. Banks have a lot of holding costs associated with owning a foreclosure (they would rather spend that money on their private jets), so they try to price them below the competition.

January 1-February 27 South Lake Tahoe foreclosure statistics

• 18 sold foreclosures in South Lake Tahoe
• Average square feet 1648
• Median square feet 1492
• Average list price $343,422
• Average sales price $318,000
• Median sales price $280,000
• Median list price $297,450
• Median days on market was 83 days

As you can see, the foreclosures sold quicker and for less money than the non-foreclosure homes. In a couple of days I will post my monthly South Lake Tahoe real estate statistics blog and compare February to January for both 2008 and 2009.

For more information about foreclosures in South Lake Tahoe, the South Lake Tahoe mls, or South Lake Tahoe real estate, please contact Brent and Jill Johnson today!

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