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!

October South Lake Tahoe Real Estate Review

October was another great month for single family home sales in South Lake Tahoe. There were 46 homes sold in October which tied the month September for the most single family houses sold in 2009. Home buyers did a great job taking advantage of the low home prices and the great fall weather here in South Lake Tahoe. Many of the home buyers were first time home buyers taking advantage of the $8,000 first time home buyer tax credit before it expires. There has been talk about the possibility of the first time home buyer tax credit being extended. According to The National Association of Realtors, Key lawmakers in the Senate have tentatively agreed to extend the existing tax credit for first time home buyers. If the tax credit is extended, it should benefit the housing market across the country.

Here are the statistics for the single family houses in South Lake Tahoe that sold in October:

• There were 46 single family homes in South Lake Tahoe that were sold in October
• 16 of the sold homes were bank owned foreclosures
• There were 4 short sales in South Lake Tahoe sold
• The average sales price for the sold homes was $440,393 (up from $371,058 in September)
• The median sales price was $323,500 (up from $292,500 in September)
• The average selling price per square foot was $239 (up from $215,000 in September)
• The median days on the market was 123

There were only 4 short sales that closed escrow in October, this is down from 7 sold in September. The short sales that sold had a very long median days on the market of 227. The average price per square foot for the short sales was $231, and the median sales price was $564,500. It still seems like most banks are more willing to spend time and money on foreclosing on homes than they are willing to work with the sellers and real estate agents to get short sales closed!

There were 16 bank owned foreclosures that were sold in October. The average price per square foot for the sold foreclosures was $184, down from $196 in  September. The average price per square foot for the non-distress sales that sold in October was $274, $90 per square foot more than the foreclosures. South Lake Tahoe real estate buyers continued to target bank owned foreclosure listings and continued to pay close to or above list price for them. The foreclosures that sold in the first 30 days of being listed (3 homes) sold for 98% of list price. The foreclosures that sold from 31-60 days of being listed (2homes) sold for 130% of list price. The foreclosures that sold from 61-90 days of being listed (4 homes) sold for 94% of list price. The foreclosures that sold after over 91 days of being listed (7 homes) sold for 101% of the listing price.

• The average sales price for the foreclosures sold in October was $308,838
• The median sales price for the sold foreclosures was $282,500
• The median days on the market was 79
• The average sales price per square foot was $184

There is still a great selection of houses available in South Lake Tahoe. There are currently 346 houses for sale on the South Lake Tahoe mls and 95 houses that are in escrow. There has also been some decent foreclosures coming onto the market each week. Make sure to keep visiting my current list of foreclosures in South Lake Tahoe or sign up for my new listing notification to be notified of new listings that meet your criteria.

South Tahoe Homes in the North Upper Truckee Area

South Lake Tahoe real estate buyers looking for properties with a quiet county setting and a good possibility of privacy should check out the North Upper Truckee area. The North Upper Truckee area begins just southwest of the Y, off of Lake Tahoe blvd.. The area extends south until North Upper Truckee intersects Highway 50. The South Lake Tahoe mls has divided North Upper Truckee in to two areas, North Upper Truckee 1 and 2. North Upper Truckee 1 is the South side beginning at Highway 50 and spans north to Zuni. North Upper Truckee 2 begins on the north side of Zuni and spans north to Tahoe Mountain road.

Many of the lots in the North Upper Truckee area back to National Forest land. North Upper Truckee lots are also larger than most other lots in Lake Tahoe, averaging about 10,000 square feet.  Towering pine trees and mountain viewsare very common in the North Upper Truckee area. Homes located at the top of Tahoe Mountain Road in North Upper Truckee 2 have some of the best views in Lake Tahoe. Fallen Leaf Lake, Lake Tahoe, and the surrounding mountains are some of the sights that Tahoe Mountain homes may overlook. Although the Tahoe Mountain views can be breathtaking, the amount of winter snow in this area is substantially more.

In June of 2007 South Lake Tahoe suffered its most destructive fire, and it was in the North Upper Truckee area. The Angora Fire began on June 24th west of Seneca Drive and continued north. The Angora Fire ended up burning over 2700 acres of National Forest Land and 250 structures. Click here to view a map of the area burned by the Angora Fire. Although some homes in North Upper Truckee 1 did not survive the fire, the North Upper Truckee 2 area saw the most devastation. Some streets such as Mule Deer, Mt. Rainier, Mt. Olympia, Pyramid, and Granite Mountain lost almost all of the homes to the fire. Currently there are many new custom homes being built in the areas where the homes were lost. The North Upper Truckee area will be the only area in SouthLake Tahoe that will have streets with all new homes. Although the houses that are being built are big, new, and beautiful, the landscape will take a long time to recover from the fire.

The average size home in the North Upper Truckee area is 1800 to 2000 square feet and sells for between $340,000 to $500,000. Newer view homes on the top of Tahoe Mountain have sold for as much as $2,500,000. North Upper Truckee also has many newer homes that sell from the $500,000’s to the upper $800,000’s. There have been some recent foreclosure and distress sales of smaller cabins and homes in the mid $200,000’s.

Here are some pictures of the recent sold properties on the South Lake Tahoe mls

Here are the statistics for the sold single family homes in the North Upper Truckee area from the South Lake Tahoe mls beginning of 2004:

South Lake Tahoe Real Estate Statistics for 2004 in the North Upper Truckee Area

• There were 73 single family homes sold 
• The average sales price was $451,997
• The median sales price was $386,100
• The average square footage was 1,727
• The median square footage was 1,656
• The median days on the market was 88
• The average price per square foot was $265

South Lake Tahoe Real Estate Statistics for 2005 in the North Upper Truckee Area

• There were 65 single family homes sold
• The average sales price was $623,097
• The median sales price was $549,000
• The average square footage was 1,905
• The median square footage was 1,796
• The median days on the market was 74
• The average price per square foot was $338

South Lake Tahoe Real Estate Statistics for 2006 in the North Upper Truckee Area

• There were 39 single family homes that sold
• The average sales price was $584,744
• The median sales price was $520,000
• The average square footage was 1,774
• The median square footage was 1,586
• The medain days on the market was 95
• The average price per square foot was $336

South Lake Tahoe Real Estate Statistics for 2007 in the North Upper Truckee area

• There were 32 single family homes that sold
• The average sales price was $638,398
• The median sales price was $535,000
• The average square footage was 1,927
• The median square footage was 1,580
• The median days on the market was 171
• The average price per square foot was $323

South Lake Tahoe Real Estate Statistics for 2008 in the North Upper Truckee Area

• There were 30 single family homes that sold
• The average sales price was $509,100
• The median sales price was $407,500
• The average square footage was 1,836
• The median square footage was 1,561
• The median days on the market was 111
• The average price per square foot was $285
• There were 3 bank owned foreclosure properties that sold
• The foreclosures sold for a median sales price of $340,000 and an average price per square foot of $231

South Lake Tahoe Real Estate Statistics for 2009 First Quarter 2009 in the North Upper Truckee area

 

• There were 11 single family homes that sold
• The average sales price was $499,091
• The median sales price was $340,000
• The average square footage was 2,069
• The median square footage was 1,844
• The median days on the market was 183
• The average price per square foot was $230
• There were 5 bank owned foreclosure properties that sold
• The foreclosures sold for a median sales price of $305,000 and an average price per square foot of $228

With 5 out of the 11 sales being bank owned foreclosures so far this year, the North Upper Truckee area is experiencing about the same amount of foreclosure activity as the rest of the areas on the South Lake Tahoe mls.

For more information about South Lake Tahoe real estate, foreclosures in South Lake Tahoe, or properties on the South Lake Tahoe mls contact Brent and Jill Johnson. If you would like to set up and appointment to view any houses for sale in South Lake Tahoe, please call Brent and Jill today!

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!

Foreclosures in South Lake Tahoe are Keeping the Real Estate Market Alive

Currently there are 279 single family homes in the city and county areas of the South Lake Tahoe MLS. Out of the 279 houses on the market, 36 of them are in escrow (about 13%). 39 of the houses on the market are foreclosures which accounts for 14% of the market share.

Why do I think that foreclosures are keeping the South Lake Tahoe real estate market alive? Out of the 36 houses that are currently in escrow, 17 of them are foreclosures. That means that 47% of our current escrows are foreclosures, which is a lot considering that only 14% of our total single family inventory is foreclosures! That means that only 8% of the total non-foreclosure inventory is in escrow, and 44% of the total foreclosure inventory is in escrow!

Lets compare the foreclosures and non-foreclosures currently on the market.

• The average list price for foreclosures is $325,084, 56% less than the average list price of non-foreclosures which is $751,935.
• The median list price for foreclosures is $297,000, 46% less than the median list price of non-foreclosures which is $555,000.
• The average square footage for foreclosures is 1560 sf., 23% less than the average square footage of non-foreclosures which is 2,028 sf. 
• The median square footage for foreclosures is 1464 sf., 23% less than the median square footage of non-foreclosures which is 1902 sf.

Here is a comparison between the foreclosures and non foreclosures that are currently in escrow.

• Out of the 36 current escrows, 17 are foreclosures.
• The average list price of the foreclosures in escrow is $339,624, 32% less than non-foreclosures which is $492,829.
• The median list price of the foreclosures in escrow is $290,000, 25% less than non-foreclosures which is $389,900.
• The average square footage of the foreclosures in escrow is 1708 sf., 6% less than non-foreclosures which have an average square footage of 1822 sf.
• The median square footage of the foreclosures in escrow is 1536 sf., 5% less than non-foreclosures which have a median square footage of 1616 sf.
• The average days on market for the foreclosures in escrow is 72, 46% less than non-foreclosures that have an average days on market of 133.
• The median days on market for the foreclosures in escrow is 64, 54% less than non-foreclosures that have a median days on market of 140.

If you take away the foreclosures in South Lake Tahoe, we would have only 19 single family escrows, which is why I think that the foreclosures are keeping the South Lake Tahoe Real Estate market alive!

Click here to view a current list of foreclosures in South Lake Tahoe. For more information about real estate in South Lake Tahoe please contact Brent and Jill Johnson today!

« Previous Page — Next Page »