Lake Tahoe Real Estate Statistics for August 2010

August Real Estate in South Lake Tahoe

August was a much better month for the real estate market in South Lake Tahoe than July was. The number of single family homes that were reported as sold on the South Lake Tahoe mls was up from 31 sales in July to 49 sales in August. The number of homes sold was also up from August 2009 when 45 houses were sold. Although the number of houses sold was up, both the median and average sale prices were down from both last month and last year.

South Lake Tahoe Real Estate Statistics

• There were 49 single family houses that were sold on the South Lake Tahoe MLS.
• Bank owned foreclosures accounted for 16 of the sales and short sales accounted for 7.
• The median sales price of the sold homes was $289,000, down from $330,000 in July and down from $325,250 in August 2009.
• The average sales price was $355,002, down from $382,642 in July, and down from $461,591.
• The average days on the market was 128 and the median days on the market was 83.
• The average price per square foot was $207, down from $229 in July, and down from $259 in August 2009.

One of the reasons that the median sales price, average sales price, and price per square foot was down this month was the amount of bank owned properties that sold. There were 16 foreclosures sold that had an average price per square foot of only $177. The median sales price for the foreclosures was only $232,138. If you remove the foreclosures from the statistics, the average price per square foot jumps up to $222, the median sales price goes up to $334,900, and the average sales price goes up to $368,967. As you can see, the foreclosures continue to hurt the housing prices in Lake Tahoe.

The Tahoe Keys area had 6 homes that were sold in August. One of the houses sold in the Keys was a bank owned foreclosure, and one was a short sale. The foreclosure in the Tahoe Keys that sold was 1276 White Sands. This was a 5 bedroom, 3.5 bath, 3206 square foot home listed at $1,127,900. This house sold well above asking price at $1,225,000. Many of the foreclosed properties that are priced well are receiving multiple offers and selling over the list price. The average price per square foot for the sold Tahoe Keys homes was $292. The Median sales price was $575,000 and the average sales price was $669,167.

Although the median sales price and the average sales price was down in August, the number of closed escrows was up. With 112 of the 527 homes that are currently listed on the South Lake Tahoe MLS in escrow,  buyer activity continues to be very active. I anticipate another solid month of closings in September because of the high number of pending sales currently on the MLS.

Lake Tahoe Real Estate Statistics for June 2010

June was a great month for Real Estate in South Lake Tahoe. There were 53 single family homes that closed escrow in June, more than any other month so far this year. The increase in the number of home sales was partially driven by the expiration of the first time home buyer tax credit which expired on June 30. Another factor was that there were a lot of short sales that had been in escrow for a long period of time that ended up closing in June. Almost half of the homes sold last month were distress sales. There were 14 bank owned foreclosures and 12 short sales that were sold. That is a substantial increase from May when 9 foreclosures and 7 short sales were sold.

South Lake Tahoe Real Estate Statistics for June 2010

• There were 53 single family homes in South Lake Tahoe that sold in June, up from 42 sales in May.
• 26 of the sold homes were distress sales (14 foreclosures and 12 short sales).
• The median sales price of the sold homes was $319,000, down from $322,000 in May.
• The average sales price of the sold homes was $416,292, down from $462,367 in May. The average sales price in May drops down to $387,667 if the $3,525,000 lakefront Tahoe Keys home is removed from the average.
• The average days on the market was 179 and the median days on the market was 114.
• The average price per square foot was $209, down from $216 in May.

Prices for single family homes actually went up in June 2010 compared to June 2009. The median sales price  was up 6% from $300,000 in 2009. The average sales price was up was up 17% from $346,317 in 2009. And the number of single family home sales was up 23% from 41 in 2009. The number of distress sales was up in 2010 as well. There were 26 distress sales in June 2010 compared to 16 in June 2009.

Distress sales continue to bring down the average and median sale prices of the homes sold in Tahoe. The foreclosures in South Lake Tahoe that sold in June had a very low average price per square foot of $157. The median sales price of the foreclosures was only $198,000,  the average sales price was $255,107. The low prices of the foreclosures are reflective of the condition of the properties. Many of the foreclosures sold in June were in need of repairs. The distress sales will continue to drive down the median and average sales prices as long as they are around.

Currently there are 512 single family homes listed on the South Lake Tahoe MLS, 70 of those homes are in escrow. There are 33 bank owned foreclosures for sale in South Lake Tahoe, 9 are in escrow.  There are 77 short sales listed on the MLS and 35 of them are in escrow.

South Lake Tahoe Real Estate Statistics

Here are the current South Lake Tahoe real estate statistics from the South Lake Tahoe MLS.

The following statistics are for residential (single family, condo, and town houses) located in the City and County areas of South Lake Tahoe:

Total listings: 520

Active listings: 408

In Escrow: 112

Of the 112 single family homes that are in escrow 52 are short sales and 15 are bank owned foreclosures.

The 112 escrows represent 21.5% of the total inventory in escrow.

Breakdown by price range of the 112 escrows

• Under $200,000-18 escrows
• $200,001 to $300,000-36 escrows
• $300,001 to $400,000-25 escrows
• $400,001 to $500,000-5 escrows
• $500,001 to $600,000-10 escrows
• $600,001 to $700,000-2 escrows
• $700,001 to $800,000-9 escrows
• $800,001 to $999,999-4 escrows
• Over $1,000,000- 3 escrows

There have been a total of 198 single family properties sold so far this year in South Lake Tahoe. Bank owned foreclosures have accounted for 35.7% (71) of the sales, and short sales have accounted for 16.2% (32). The total percentage of distress sales (short sales and foreclosures) sold so far this year is 52%. That means that over half of the single family sales in South Lake Tahoe have been distress sales.

Single family sold statistics from the South Lake Tahoe mls:

Average price per square foot:

• $241 for non distress sales
• $207 for short sales
• $172 for foreclosures

Median sales price:

• $313,750 for all single family sales
• $326,250 for short sales
• $235,000 for foreclosures

Median days on the market

• 107 days for all single family sales
• 229 days for short sales
• 74 for foreclosures

Below is a graph of the median sales price for South Lake Tahoe for the last year from Trulia.com , which is also great source for local real estate statistics. I love Trulia for statistics, but I would not use it for searching for properties.

 

I hope that you have found these most recent South Lake Tahoe Real Estate Statistics helpful. For more information regarding the South Lake Tahoe real estate market, please call Brent Johnson today!