August South Tahoe Real Estate Statistics

There was some improvement in the average sales price, median sales price, and price per square foot of the properties in South Lake Tahoe that were sold in August. For the first time since September 2010, the median sales price actually went up. The median sales price went from $291,000 in July to $295,000 in August. This was a very modest increase, but for the last 12 months there had been slight drops in the sales price each month.

The number of properties that were sold in August went down slightly as well. There were 44 single family homes and condos that were reported as sold on the South Lake Tahoe MLS, down only 3 units from 47 in July. 41 of the sold properties were single family homes and 3 were condos.

As of right now there are currently 504 single family homes listed on the MLS. There are 386 homes that are active and 118 homes that are in escrow.  Bank owned foreclosures account for 65 of the listings on the MLS. There are 26 bank owned foreclosures that are currently in escrow and 39 that are active. There are 71 short sales that are currently listed on the South Lake Tahoe MLS, 36 of the short sales are in escrow and 35 of the short sales are active.

Short sales and foreclosures are considered “distress sales”.  Although distress sales only account for 27% (136 properties) of the total listings in South Lake Tahoe, they account for 52% (61 properties) that are currently in escrow or “under contract”.

August South Tahoe Real Estate Statistics

• There were 44 single family homes and condos that were sold in August, down from 44 in July.
• The median sales price for the properties sold in August was $295,000, up from $291,000 in July and down 7.8%  from what it was in August 2010.
• The average sales price was $343,558, up from $301,743 in July.
• The average price per square foot was $192, up from $182 in July.
• The median days on the market was 96 and the average days on the market was 139.
• There were 11 bank owned foreclosures that were sold, down from 15 in July.
• There were 6 short sales that were sold, down from 8 in July.

There was a large increase in the sales price per square foot in the foreclosures that were sold in August. The average sales price per square foot  for the foreclosures was $171 in August, up from only $150 in July. The price per square foot of the short sales was $199, up from $198 in July.

With 118 properties in South Lake Tahoe currently in escrow on the South Lake Tahoe MLS, September and October should be solid months with respect to the number of properties sold. It will be interesting to see how the prices of the properties that sell compare to what they were in August.

Short Sale Listing in South Lake Tahoe

761 Modesto Ave

Offered at $179,000!

 

Al Tahoe at it’s best! This charming cabin is about as clean and as cute as it gets! With 3 bedrooms and 2 bathrooms, 1152 square foot single level home is the perfect Tahoe getaway. Relax on the large and sunny trex deck after a short walk back from the beach! This home is currently used as a vacation rental and is in a great location for both summer and winter rental income. The interior has newer carpet, a gas fireplace, and some furnishings included.  This is an excelent short sale opportunity with only one Wachovia loan. Do not miss out on this well maintained mountain theme home!!!

• 3 bedrooms, 2 bathrooms, 1152 square feet
• Forced Air Natural Gas Furnace
• Washer and Dryer hookups
• Double Pane Windows
• Large sunny Trex deck
• Gas Fireplace
• Great Short Sale Opportunity!

 For more information regarding this short sale listing in South Lake Tahoe or to set up an appointment to see this property, please call South Lake Tahoe Real Estate Agent Brent Johnson at (530) 416-2625.

South Tahoe Real Estate for July 2011

As of July 31st there were 497 single family homes and condos listed on the South Tahoe MLS. Out of the 497 property listings, 85 were in escrow and 412 were active.  Short sales accounted for 81 of the listings and foreclosures accounted for 63 of the listings. Although the Median sales price seemed to have leveled off from October through March, it began to slip again this summer. The Median sales price of the homes sold has gone down 10.9% from what it was in July 2010.

Distress sales accounted for 55% of the properties that were sold in July. There were 15 foreclosures that were sold and 8 short sales that were sold. The foreclosures had an average sales price per square foot of $150, the short sales had an average price per square foot of $199 and the non-distress sales had an average price per square foot of  $199. All of the properties together had an average sales price per square foot of $182.

July 2011 South Lake Tahoe Real Estate Statistics

• The median sales price of the properties in South Lake Tahoe that were sold in July 2011 was $291,000, down from $298,250 in June.
• The average sales price of the properties that were sold in South Lake Tahoe was $301,743, down from $394,809 in June.
• The average price per square foot was $182, down from $191 in June.
• The average days on the market was 133 and the median days on the market was only 77.
• There were 15 foreclosures in South Lake Tahoe that were sold in July, there were 16 foreclosures that were sold in June.
• There were 8 short sales in South Lake Tahoe that were sold in July, there were 11 short sales that were sold in June.

 

There was more activity on Lots in South Lake Tahoe last month than there has been in a long time. There were 5 lots reported as sold on the South Lake Tahoe MLS, but there were 6 that were actually sold. The prices ranged from $25,000 all the way up to $200,000.  Currently there are 162 lots listed on the MLS and only 9 of them are in escrow.

Tahoe Keys Condos accounted for 3 of the 5 condos that were sold in July. The least expensive Keys condo was a 3 bedroom, 2 bath condo with a boat dock that sold for $250,000. There are currently 63 condo listings on the South Tahoe MLS. There are 6 condos that are in escrow and 57 that are active.

Lot Listing in South Lake Tahoe!

2028 13th Street Offered For $55,000!

 

This 1/4 Acre lot with 30% coverage is priced to sell!!! Located near the bike trail that goes to some of Lake Tahoe’s best beaches, this level corner lot would make a great place  to build your dream home! This lot is zoned for both single family and multi-family residential. Compare this large lot to the other lots for sale in South Lake Tahoe and you will see that this is a good buy! With 3,270 square feet of coverage this lot is perfect for a single story home, a home with a large garage, or even a duplex! Please call South Lake Tahoe Real Estate agent Brent Johnson for more information today!!!

• 10,900 square foot vacant lot for sale in South Lake Tahoe!
• 30% coverage and 1012 IPES score
• Zoned single and multi-family
• Central location
• Level corner lot
• Priced to sell!

South Lake Tahoe MLS Statistics

South Lake Tahoe MLS statistics as of July 18th

Here are the statistics for residential (single family and condo/town homes) located in the City and County areas of South Lake Tahoe:

There are curently 556 residential listings on the South Lake Tahoe MLS. 457 of the listings are Active and 99 of the listings are in escrow. Out of the 457 Active listings, 48 are short sales and 33 are bank owned foreclosures. Out of the 99 listings that are in escrow,  37 are short sales and 18 are bank owned foreclosures.  Although only 17.7% of our active listings are short sales or foreclosures, 55.6% of the listings that are in escrow are short sales or foreclosures. The 99 escrows  represent 17.8% of the total inventory in escrow.

Here is a breakdown by price range of the 99 escrows:

• Under $200,000         26 properties
• $201,000-$300,000   29 properties
• $301,000-$400,000   14 properties
• $401,000-$500,000   14 properties
• $501,000-$600,000   4 properties
• $601,000-$700,000   7 properties
• $701,000-$800,000   3 properties
• $801,000-$999,000   0 properties
• Over 1 million              2 properties 

So far this year there have been 286 condos and houses in South Lake Tahoe that have sold. There were 95 bank owned foreclosures (33.2%) and 55 short sales (19.2%) that were sold. The total percentage of distress properties that have been sold so far this year is 52.4%

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