November Real Estate Review for South Lake Tahoe

Although there was a slight decline in the number of single family homes sold in South Lake Tahoe, November still yielded 41 home sales. The single family home closings were only down 5 units from October when 46 houses were sold. October and November had tied for the most single family home sales so far in 2009 with 46.

The number of distress sales in November was also down from October. There were 13 bank owned foreclosures that sold in November, down from 16 in October. There were 2 short sales that closed escrow in November, down from 4 in October. Distress sales accounted for 37% of the single family home closings in November compared to 43% in October.

November Statistics for South Lake Tahoe Single Family Home Sales

• There were 41 Single Family Homes sold in November
• The average sales price for the homes sold was $386,217 (Down from $440,393 in October)
• The median sales price for the homes sold was $$320,000 (Down from $323,500 in October)
• The average price per square foot for the homes sold was $222 (Down from $239 in October)
• The average days on the market was 158
• The median days on the market was 122
• There were 13 bank owned foreclosures in South Lake Tahoe that sold in November
• There were 2 short sales in South Lake Tahoe that sold in November

Real Estate agents in South Lake Tahoe are still struggeling with getting short sales closed. According to the South Lake Tahoe mls, there are now 40 short sales currently in escrow, and only 2 short sales actually closed escrow last month. There has been a total of 32 short sale closings so far this year on the South lake Tahoe mls compared to 124 bank owned foreclosures that have closed escrow.

The bank owned foreclosures in South Lake Tahoe are still selling quickly and for close to asking price. The foreclosures that sold within 31 to 60  days of being listed sold for 101.86% of the list price. That percentage dropped to 90.27% of the list price for the 5 foreclosures that were on the market for longer than 120 days.

South Lake Tahoe Foreclosure Statistics for November

• There were 13 bank owned foreclosures sold on the South Lake Tahoe mls in November
• The average selling price for the foreclosures was $263,838 (Down from $308,838 in October)
• The median selling price for the foreclosures was $189,900 (Down from $282,500 in October)
• The average price per square foot was $197 (Up from $184 in October)
• The 2 foreclosures that sold with in 30 days of being listed sold for 96.46% of the list price (including the escrow period)
• The 3 foreclosures that sold from 31 to 60 days of being listed sold for an average of 101.86% of the list price.
• The 3 foreclosures that sold from 61 to 90 days of being listed sold for an average of 100.5% of the list price.
• The 5 foreclosures that sold from 120+ days on the market sold for an average of 90.27% of the list price.

Currently on the South Lake Tahoe MLS there are 398 single family houses listed and 96 of them are currently in escrow.  There are 75 short sale listings and 40 of the short sales are in escrow. Foreclosures account for 42 of the single family homes on the market and 20 of the foreclosures are currently in escrow.

With the extension of the $8,000 first time home buyer tax credit until April 30, 2010 and the addition of the $6500 current homeowner tax credit, it will be interesting to see what happens to the South Lake Tahoe Real Estate market during the rest of 2009 and beyond!

South Lake Tahoe Real Estate Deals Under $400,000

Out of the 59 single family listings on the South Lake Tahoe mls priced between $300,000 and $400,000, I have choosen 3 that I think are great values. With most buyers targeting foreclosures in South Lake Tahoe, there are only 2 that are currently available in this price range and they are on my list. Click on the address to see a complete mls listing report.

South Lake Tahoe Real Estate deals under $400,000

776 Panther St, is a bank owned property offered at $324,000. This house has been on the market for 118 days, and was first priced at $369,900. This house is a 2240 square foot, 4 bedroom, 3 bathroom, 1 car garage home in the Gardner Mountain area. The inside of this home has been remodeled by the bank and looks great. The inside is very clean with new carpet, vinyl, and paint. The bedrooms are large, and the master bedroom is huge! This house is a little plain on the inside, but could easily be dressed up. The exterior needs a little work, maybe some paint and deck repairs. At only $145,00 per square foot, this house is priced well below the competition. The average list price per square foot of the other South Lake Tahoe homes between $300,000 and $400,000 is $256.

1286 Mt Rainier is a bank owned foreclosure out in the county on a 31,799 square foot lot. Built in 1983, this 4 bedroom, 3 bathroom, 1 car garage home is priced at $369,900. This house needs a little TLC and is near the Angora Fire area, but is priced well at $186.54 per square foot. This house has been on the market for 38 days now. I would keep an eye on this home, if it does not sell soon I would expect the bank do drop the price. This good deal could end up being a great one.

2177 Harvard is neither a foreclosure or a short sale. This home is my listing, and is a great value. This 3 bedroom, 2 bath, 2 car garage home is located in the Tahoe Island Park area. Completely remodeled on the inside, the floor plan is bright and open. There are granite slab counter tops, Maple cabinets, and tile flooring. This home was voted the South Lake Tahoe mls home of the week priced at $399,950, and is now priced at $379,000! I think that this is one of the best priced city Houses for sale in South Lake Tahoe!

Looking at South Lake Tahoe real estate on the mls or on the Internet can sometimes be deceiving. Houses that look good on the computer screes can just have great pictures, or great homes can have bad pictures. This makes having a real estate agent very important in helping you with your search for real estate in South Lake Tahoe.

If you have any questions regarding any of the houses for sale in South Lake Tahoe  that you have been seeing on the Internet, please call Brent and Jill Johnson today!

South Lake Tahoe Home Buyers Focusing on the Positive

South Lake Tahoe real estate buyers are now getting off of the fence and purchasing homes at 2002 prices. So far this month there have been 31 new single family home escrows reported on the South Lake Tahoe mls. We are on track to pass the amount of escrows that we had in March, which was 38.

 South Lake Tahoe home buyers are still seeking deals and distress sales. Out of the 31 new escrows, 9 are bank owned foreclosures and 9 are short sales. Many of the foreclosures that are priced under market value are attracting multiple offers. In some cases there have been as many as 10 buyers with competing offers on recent foreclosure listings. One reason for the multiple offers is that most South Lake Tahoe home buyers are looking for homes under $300,000. The inventory under $300,000 is greater than it has been in years, but is now on the decline do to recent buyer activity. When an under priced foreclosure comes on the market under $300,000, there are many buyers that are jumping at it.

South Lake Tahoe home buyers must be focusing on the positive!

1. The Dow Posted its Biggest 6 Week Gain Since 1938, up 24% see the full story by Charley Blaine, MSN Money
2. Interest rates are at historic lows, currently 30 year fixed mortgages are at 4.87%
3. $8,000 first time home buyer tax credit
4. South Lake Tahoe real estate prices are now similar to 2002 prices
5. The market is showing signs of bottoming out
6. Investors and speculators are now getting back into the real estate market

 

It will be interesting to see if this spring flurry of buyer activity continues.With most of the buyer activity under $300,000, the median and average home prices are going to continue to be pulled down by these lower priced sales. 

Make sure to keep checking my list of foreclosure listings on the South Lake Tahoe mls.

South Lake Tahoe Real Estate Buyer Testimonial

Working as a South Lake Tahoe real estate agent has enabled me to meet and work with some incredible people. I had the pleasure of helping Dan and Angie Guerra purchase a second home in South Lake Tahoe.

Dan and Angie contacted me from my website last summer about a listing in the Tahoe Island drive area. After almost a year of communication by e-mail and phone calls about market conditions, new listings, and price reductions we were able to meet and look at properties in South Lake Tahoe. After a couple of outings with the Guerras, I had a very good idea of what they wanted in a second home.

The Guerras showed great patients through out the search for their home, following price trends and interest rates. When we found the property located at 810 Michael street the timing could not have been better, Interest rates are at historic lows and home prices great.

We were able to negotiate a good price on the house, and the escrow period was smooth. Only minor repairs were found in the termite and home inspections, and we were able to work with the sellers to have repairs completed.

With buyer activity picking up nation wide the Guerras chose a great time to buy. Just in the last 8 days there were 22 properties in South Lake Tahoe that went into escrow, home buyers are now buying!

Here is a brief testimonial provided by Dan and Angie:

Dear Chase International,

 

We just closed escrow for the purchase of our vacation home in South Lake Tahoe. We would like to recognize Brent and Jill Johnson for their role in helping us to make this dream come true. Brent and Jill, as a team, were available to help us throughout our entire process, and were especially accommodating considering we are from out of town.

 

In the search for our home Brent focused in the specific areas in which we were interested.  Brent is knowledgeable about neighborhoods, available properties, and as a building contractor, building construction. He researched local regulations and talked us through many of the possibilities found for each house considered.

 

During escrow, Brent was resourceful utilizing local skilled talent and proficient at coordinating other professional services.  Brent is professional and service-oriented in his communications with us.

 

Through the entire process we were comfortable knowing that Brent and Jill were advocating for us, and in the end we are confident that we have made a smart purchase.

 

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.

 

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 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.

Next Page »