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.

July Real Estate in South Lake Tahoe

July South Lake Tahoe Real Estate Statistics

The number of single family homes that sold in July fell to 31 from the 53 that sold in June. One reason for the decline in home sales could have been the expiration of the first time home buyer tax credit that had expired on June 30. Out of the 31 homes that were reported as sold on the South Lake Tahoe mls, 6 were bank owned foreclosures and 7 were short sales. That puts the percentage of distress sales at 42% for the month of July.

Statistics for the South Lake Tahoe Homes that sold in June

• There were 31 single family homes that were reported as sold on the South Lake Tahoe mls, that is down from 53 in June.
• 13 of the properties that sold were distress sales. 7 were short sales and 6 were foreclosures.
• The median sales price of the sold homes was $330,000, up from $319,000 in June.
• The average sales price of the sold homes was $382,642,  down from $416,292.
• The average days on the market was 130 and the median days on the market was 84.
• The average price per square foot was $229, up from $209 in June.

2010 July home prices were very close to what they were in July 2009. In July 2009 the median home sales price was $339,000 ($330,000 in 2010). The average sales price for the homes sold was $393,187 ($382,642 in 2010). The number of home sales was also down from 38 in 2009 to 31 in July 2010.

The bank owned foreclosures that sold in July had an average price per square foot of $201. The median sales price was $387,000 and the average sales price was $409,983. This was the first month that I have seen the foreclosure prices higher than the non-foreclosure prices. There was one foreclosure in the Tahoe Keys area that was sold.

The short sales in South Lake Tahoe that were sold in July had an average price per square foot of $217. The average sales price for the short sales was $241,143 and the median sales price was $249,000.

South Lake Tahoe Real Estate Review for January

Bank owned foreclosures and short sales dominated the South Lake Tahoe Real Estate market in January 2010. Distress sales accounted for 59% of the single family home sales reported on the South Lake Tahoe MLS.  There were 32 homes sold in January, 11 were bank owned foreclosures and 8 were short sales. This is the first time that the sale of foreclosures and short sales have out numbered regular sales since I have been keeping track of real estate statistics in South Lake Tahoe.

Although the number of homes sold was down from 48 in December to 32 in January, this is a big improvement from January 2009 when only 18 homes were sold. The number of short sales in South Lake Tahoe that are closing escrow also continues to improve. There were 8 short sales that closed escrow in January, up from 6 in December, and and 2 in November. That is good news for the 40 other short sales that are currently in escrow on the South Lake Tahoe MLS.

January South Lake Tahoe Real Estate Statistics

• There were 32 single family homes in South Lake Tahoe sold in January, up from 18 in January 2009, and down from 48 in December 2009.
• The average sales price for the South Tahoe homes was $348,328, up from $345,350 in January 2009, and down from $472,453 in December 2009.
• The median sales price for the South Tahoe homes was $317,250, up from $310,000 in January 2009, and down from $346,500 in December 2009.
• The average price per square foot was $209, down from $261 in January 2009, and down from $220 in December 2009.
• The average days on the market was 162, up from 123 in January 2009, and up from 155 in December 2009.
• The median days on the market was 127, up from 94 in January 2009, and up from 110 in December 2009.

The foreclosures in South Lake Tahoe that sold in January sold for an average price per square foot of $195, non-foreclosures had an average price per square foot of $228. The foreclosures that closed escrow also sold quickly, the average days on the market was 65, and the median days on the market was 60. The average sales price for the foreclosures was $269,818 and the median sales price was $215,000.

Short sales in South Lake Tahoe were on a much slower pace than the foreclosures. The average days on the market for the short sales that closed escrow was 239 and the median days on the market was 229. The average sales price for the short sales was $399,438 and the median sales price was $375,750. The average price per square foot for the short sales was $198.

Currently there are 384 active homes on the South Lake Tahoe MLS and 80 of them are in escrow. Short sales account for 40 of the current escrows and foreclosures account for 19. With 59 of 80 of the current escrows being distress sales, February should yield similar statistics to what we saw in January.

December South Lake Tahoe Real Estate Review

The South Lake Tahoe real estate market finished out the year with another strong month of single family home sales. December had the most single family home , sales of 2009 with 48, topping the months of October and November in which 46 single family homes were sold. This was a big improvement from December 2008 when 26 single family homes sold in South Lake Tahoe. Although the number of homes sold in 2009 was up 20 units, the median sales price was down 16% from December 2008.

Distress sales accounted for 42% of the single family homes sold in December. There were 14 bank owned properties and 6 short sales that were reported as sold on the South Lake Tahoe mls. The six short sale closings is an improvement from November when only 2 short sales sold. The short sales that closed escrow in December had an average days on the market of 295,  much higher than the foreclosures that sold which only had an average days on the market of 60. As of January 6ththere are still 38 short sales that are still in escrow on the South Lake Tahoe mls.

South Lake Tahoe Real Estate Statistics for December

• There were 48 single family homes sold in December 2009, up from 41 in November 2009, and up from 26 in December 2008.
• The average sales price was $472,453, up from $386,217 in November, and down from $523,490 in December 2008.
• The median sales price was $346,500, up from $320,000 in November, and down from $412,450 in December 2008.
• The average price per square foot was $220, down from $222 in November, and down from $249 in December 2008.
• The average days on the market was 155, down from 158 in November, and down from 204 in December 2008.
• The median days on the market was 110, down from 122 in November, and down from 136 in December 2008.

There were 4 newer foreclosures sold that were built in 2003 or later, but the other 10 were older homes that needed work. The 14 foreclosures that sold in December had an average sales price of $294,660 and a median sales price of $269,400. The average price per square foot for the sold foreclosures was $176.

Currently on the South Lake Tahoe MLS there are 369 single family homes listed and 80 of them are in escrow. Short sales account for 73 of those listings, and 37 of the short sales are in escrow. There are 42 bank owned foreclosures, and 22 of the foreclosures are currently in escrow.

 South Lake Tahoe home buyers took advantage of 22% total decrease in the median home sales price in 2009. There was a 22% increase in homes sold in South Lake Tahoe from 364 units in 2008, to 445 units in 2009. There was also a 3% increase in total volume from $178,081,602 in 2008 to $183,711,317 in 2009. It is clear that home prices are down, and buyer activity is up in South Lake Tahoe.

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