South Lake Tahoe Real Estate Review for May 2009

For the third month in a row, the number of new escrows for single family homes on the South Lake Tahoe mls has increased. In May there were 56 single family houses in South Lake Tahoe that went into escrow, this was up from 43 in April, and up from 38 in March. The total number of houses in South Lake Tahoe that are in escrow is now up to 96. With 20% of our current single family housing inventory in escrow, the South Lake Tahoe real estate market seems to be stabilizing.

Distress sales are still accounting for about half of our current escrows. Out of the 96 houses that are in escrow, 19 are bank owned foreclosures, and 31 are short sales. Out of the 56 new May escrows, 11 are bank owned foreclosures, and 14 are short sales.

The listing prices of the houses that went into escrow in May were also up from the escrows in April.  Both the average list price per square foot and median list price of the new escrows was up slightly.

Statistics for the Pending May Single Family Homes in South Lake Tahoe for May

• There were 56 new single family houses in South Lake Tahoe that went into escrow in May (up from 43 in April)
• The median list price for the homes was $369,700 (up 5% from $349,900 in April)
• The average list price per square foot was $253 (up 3% from $246 in April)
• The median days on the market was 75 (down from 129 in April)
• 11 of the new escrows were bank owned foreclosures (13 foreclosure escrows in April)
• 14 of the new escrows were short sales (15 new short sale escrows in April)

The foreclosure listings in South Lake Tahoe that went into escrow in May were priced much lower than the non-foreclosure listings. The average price per square foot for the foreclosures in South Lake Tahoe was only $177. The median list price for the foreclosure listings was $295,000 and the average list price was $296,405. Many of the foreclosure listings had multiple offers on them and went into escrow within just a few days of being listed. There are now currently 19 foreclosures in South Lake Tahoe that are in escrow.

The new short sales in South Lake Tahoe that went into escrow had a much higher list price per square foot at $249. The median list price for the short sale listings was $479,000 and the average list price was $481,600. The short sales also took longer to sell, the average days on the market was 146.

The number of houses in South Lake Tahoe that actually sold in May was 26, up one home from April. There should be a lot more closed escrows in June from the pending sales from April and May. Escrows are now taking from 45 to 60+ days due to the fact that lenders are now taking longer to push loans through. The average sales price, median sales price, and average price per square foot were all up in May compared to April.

Statistics for the Sold Single Family Homes in South Lake Tahoe for May

• There were 26 houses in South Lake Tahoe that sold in May
• 11 of the sold houses were bank owned foreclosures
• The average sales price was $360,169 (up 13% from April when it was $334,696)
• The median sales price was $315,000 (up 8% from April when it was $291,000)
• The average sales price per square foot was $222 (up 5% from April when it was $210)
• The average days on the  market was 125
• None of the 26 houses sold in May were reported as short sales!

With 31 short sales in South Lake Tahoe currently in escrow, and none that closed escrow in May, short sales are still a bit of a challenge to say the least.

The 11 foreclosures in South Lake Tahoe that sold in May had an average sales price of $187, a median sales price of $240,000, and an average sales price of $261,682. The median days on the market for the sold foreclosures was 69, including the escrow period.

The South Lake Tahoe real estate market is definitely showing signs that the bottom is either near or has passed. The amount of pending sales continues to rise and the median and average sales price has increased over the past month.

Make sure to keep reading Brent and Jills South Lake Tahoe real estate blog for the latest statistics for real estate in South Lake Tahoe!

South Tahoe Real Estate Statistics for 2009 First Quarter

South Lake Tahoe real estate statistics are important for both buyers and sellers who are thinking about timing the market for their next real estate transaction. With all of the South Lake Tahoe real estate statistics available on various websites and blogs, consumers are now informed more than ever. I try to make my South Lake Tahoe real estate statistics the most in depth and easy to understand as possible. With that being said, here are the 2009 first quarter statistics for single family sold homes in South Lake Tahoe.

According to the South Lake Tahoe mls, there were 73 single family homes that sold between January 1st and March 31st 2009. That is 8% more homes than the first quarter of 2008 in which 67 single family homes closed escrow.

• 73 homes sold in the first quarter of 2009
• 27 of the sold homes were bank owned foreclosures (up 44% from 15 in the first quarter of 2008)
• 6 of the homes were short sales
• The median list price was $356,250 (15% less than than the first quarter of 2008 which was $419,900)
• The median sales price was $340,000 (15% less than the first quarter of 2008 which was $400,000)
• The median days on the market was 114 (down from 156 in the first quarter of 2008)
• The median square footage of the sold homes was 1,584 (up from 1,431 in the first quarter of 2008)
• The average sold price per square foot was $234 (19% less than the first quarter of 2008 which was $290)

The number of sold houses in South Lake Tahoe was up and the median sold price was down due to the distress sales and foreclosures. Foreclosure listings in South Lake Tahoe are usually priced about 10% below current market value. The attractively priced foreclosures are what buyers seeking good deals are going after. Many of the foreclosure homes received multiple offers and sold quickly which also brought down the median days on the market to 114 for the first quarter. Buyers targeting South Lake Tahoe foreclosures should be aware that it will be an “as is” deal, and buyer investigation inspections are very important.

Here is a comparison of the South Lake Tahoe foreclosure listings to the non-foreclosure listings that sold in the first quarter of 2009.

• 27 of the 73 houses that sold during the first quarter of 2009 were bank owned foreclosures.
• The median list price of the foreclosures was $279,000 (28% less than the non-foreclosure properties which was $389,000)
• The median sales price for the foreclosures was $264,500 (27% less than the non-foreclosure properties.
• The median days on the market was 84 (45% less than the non-foreclosure properties which was 154 days)
• The median square footage of the foreclosures was 1,510 square feet (7% less than the non-foreclosure properties which had an median square footage of 1,616 square feet.
• The average price per square foot for the foreclosures was $196 (24% less than the non-foreclosure properties which had an average sales price per square foot of $258)

2009 First Quarter South Lake Tahoe Real estate statistics by Number of Bedrooms

Sold two Bedroom Homes in South Lake Tahoe

• There were 15  two bedroom housesin South Lake Tahoe that sold in the first quarter of 2009 according to the South Lake Tahoe mls.
• The average list price for the 2 bedroom homes was $249,620
• The average sales price for the 2 bedroom homes was $233,853
• The average square feet of the 2 bedroom homes was 986
• The average percentage list price to sales price the homes sold for was 93.68%
• The average days on the market was 154 days

Sold three bedroom homes in South Lake Tahoe

• There were 32 three bedroom homes that sold in the first quarter of 2009
• The average list price for the 3 bedroom homes was $381,595
• The average sales price for the 3 bedroom homes was $361,750
• The average square feet of the 3 bedroom homes was 1565
• The average percentage list price to sales price that the homes sold for was 94.8%
• The average days on the market was 154

Sold four bedroom homes in South Lake Tahoe

• There were 21 two bedroom homes that sold in the first quarter of 2009
• The average list price for the 4 bedroom homes was $551,051
• The average sales price for the 4 bedroom homes was $525,000
• The average square feet of the 4 bedroom homes was 2346
• The average percentage list price to sales price that the homes sold for was 94.59%
• The average days on the market was 177

Sold five bedroom homes in South Lake Tahoe

• There were 5 five+ bedroom homes that sold in the first quarter of 2009
• The average list price for the 5+ bedroom homes was $941,850
• The average sales price for the 5+ bedroom homes was $798,000
• The average square feet of the 5+ bedroom homes was 3262
• The average percentage list price to sales price that the homes sold for was 84.75%
• The average days on the market was 179

This South Lake Tahoe real estate blog statistics post was written by real estate agent Brent Johnson. If you are a buyer or a seller of real estate in South Lake Tahoe and would like more information regarding any of the statistics in this post please let me know. For more information regarding foreclosures for sale in South Lake Tahoe, houses for sale in South Lake Tahoe, or would like to schedule an appointment to view any South Lake Tahoe real estate contact Brent and Jill Johnson today!

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!

Chase International Is Providing Real Estate Forums

The South Lake Tahoe real estate market is ever changing and very complicated. There is so much information regarding short sales, foreclosures, loans, and loan modifications that it is hard to know what is the truth and what is not.

In order to provide home owners and home buyers with answers to their questions, Chase International is providing local real estate forums in Reno, South Lake Tahoe, Truckee/ Tahoe City, and the Carson Valley.

 Experts in the following fields will be available to answer you questions at the forums:

Finance and Legal Experts

• Banker/Mortgage Brokers
• Real Estate Attorneys
• Credit Repair Advisors                                                                              

Default Specialists

• Loan Modification Specialist
• Certified Short-Sale Specialists
• Foreclosure Process

Local real estate professionals will be on hand to answer your questions. You will be able to meet your local experts who can provide you with the options that you need.

Dates and Locations

• RenoThursday, March 26th 6:30-8:30 pm at Chase International 985 Damonte Ranch Parkway, Reno NV
• South Lake Tahoe Saturday, March 28th 10am-Noon at Chase International Elk Point Rd. & Hwy 50, Zepher Cove NV
• Truckee & Tahoe City Saturday, April 4th 10am-Noon at the Hampton Inn 11951 State Hwy 267, Truckee CA
• Carson Valley Saturday, April 18th 10am-Noon at the Carson Valley Inn 1627 Hwy 395, Minden Nv

There is limited space at the forums so call today! If you can not attend any of the forums, pass your questions on to me so that I can either answer them or forward them to the correct expert. There are many options to loosing your house to foreclosure. Do your self a favor and become educated about the options that are available to you!

For more information about South Lake Tahoe Real estate, short sales, or foreclosures in South Lake Tahoe, please contact Brent and Jill Johnson. This South Lake Tahoe real estate blog post was written by Brent Johnson,

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.

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