South Tahoe Real Estate in October

The South Lake Tahoe real estate market typically begins to slow down in the late fall and into the winter. There has been a trend of slowing sales, but buyer activity is still quite active for this time of year. There were 45 houses sold in October on the South Lake Tahoe MLS. Although the number of sales is down from 61 in August, it is not far off from the 53 houses that sold in July.

Distress sales accounted for 15 of the 45 houses that were sold. 5 of the distress sales were short sales and 10 were bank owned foreclosures. The bank owned foreclosures that sold in October sold for a very low price per square foot of $154. With the exception of two newer foreclosures, the bank owned properties that sold in October were in poor condition and needed work..

South Lake Tahoe MLS Statistics for October 2010

• There were 45 houses that sold in October on the South Lake Tahoe MLS, this is down from the 61 houses that were sold in September.
• 10 of the houses that were sold were bank owned foreclosures and 5 were short sales.
• The median sales price of the sold homes was $297,000, down from $330,500 in September.
• The average sales price of the sold homes was $357,263, down from $445,254 in September.
• The average days on the market was 143 and the median days on the market was 115.
• The average price per square foot of the houses that were sold was $201, down from $219 in September.
• The percentage of distress sales that were sold was 33%, up slightly from 28% in September.

The current inventory of houses available on the South Lake Tahoe MLS in the city and county is 443. 356 of the houses are active, and 87 are active pending. Of the current inventory, 41 are bank owned foreclosures. 23 of the foreclosures are active and 18 are in escrow. There are 84 short sales currently on the market. 41 of the short sales are active and 43 of them are in escrow.

In looking at the current inventory of pending houses, 62 of the 87 houses are distress sales. That puts the percentage of distress sales to regular sales that are in escrow at over 71%. Hopefully we can get some of these short sales closed and that percentage will go down.

South Tahoe Real Estate Statistics for September

As usual, September was a busy month in terms of closed escrows in South Lake Tahoe. According to the South Lake Tahoe MLS there were 61 single family homes that had closed escrow in September, up from 49 homes sold in August. The median and average sale prices were up as well.

The average percentage of list price to sales price was also up. This is bad news for buyers who think that they can still make “low ball” offers, but good news for sellers who are probably already taking a huge loss.

Average days on market Breakdown and Average % of List Price Received on Solds by Market time:

• 0-30 days on the market, 2 listings sold for an average of 99.86% of the listing price.
• 31-60 days on the market, 10 listings sold for an average of 96.22% of the listing price.
• 61-90 days on the market, 20 listings sold for an average of 95.93% of the listing price.
• 91-120 days on the market, 9 listings sold for an average of 92.89% of the listing price.
• 120+ days on the market, 20 listings sold for an average of 93.26% of the listing price.

The longer that the homes were on the market, the more flexible the sellers were. The houses that were new on the market sold for very close to asking price. The days on the market includes the days that the homes were in escrow as well.

 

September South Tahoe Real Estate Statistics

• There were 61 homes that sold in September on the South Lake Tahoe mls, up from 49 sales in August.
• There were 16 bank owned foreclosures that closed escrow in September, the same number that sold in August.
• There was only one short sale that closed escrow last month, down from 7 in August.
• The median price of the sold homes was $330,500, up from $289,000 in August.
• The average price of the sold homes was $445,254, up from $355,002 in August.
• The average days on the market was 144 and the median days on the market was 88.
• The average price per square foot was $219, up from $207 in August.

The bank owned properties that sold in September had a very low price per square foot of only $152. Most of the foreclosures that had sold were fixer-uppers that needed work. The average sales price of the foreclosures was $257,875 and the median sales price was $232,500.

One statistic that was surprising to me was that 72% of the houses sold in September were regular sales. Only 28% of the sold homes were foreclosures or short sales.  Regular sellers are now having much better luck competing with the REO’s now that they have priced their homes competitively.

May South Tahoe Real Estate Stats

May was a much better month for the South Lake Tahoe real estate market than it was for the stock market! There were 42 single family homes that closed escrow in South Tahoe during the month in May 2010. This is a significant increase from the 27 homes that closed escrow in May 2009. The stock market did not fair nearly as well!

Distress sales were once again on the decline. Distress sales only accounted for 38% (16) of the sales in May, down from 48% in April, and down from 58% in March. Foreclosures accounted for only 9 of the closed sold homes, short sales accounted for the other 7.

May South Tahoe Real Estate Statistics

• There were 42 single family homes reported as sold on the South Lake Tahoe mls in the month of May. This is up from 27 in May 2009 and down from 46 in April 2010.
• The average price of the homes sold was $462,367 (The average drops to$387,669 if I take out the lakefront Keys sale for $3,525,000) The average sales price was $386,177 in April and $355,633 in May 2009.
• The median sales price of the homes sold in May was $322,000. This is down from $329,163 in April and up from $315,000 in May 2009.
• The average price per square foot was $216. The average price per square foot was $211 in April and $222 in May 2009.
• The average days on the market was 145, down from 158 in April and down from 147 in May 2009.
• The median days on the market was 99, down from 112 in April and down from 137 in May 2009.

The distress sales that sold in May had a very low price per square foot compared to the non-distress sales. The foreclosures that sold had an average price per square foot of $165 and the short sales had an average price per square foot of $170. The price per square foot for the non-distress sales was $245.

Here are some other interesting statistics for the distress sales sold in May:

• Including the escrow period, the foreclosures had an average days on the market of 66. The sold short sales averaged 286 days!
• The foreclosures had a median days on the market of 76 days including the escrow period. The sold short sales had a median days on the market of 204!
• The average sales price of the foreclosures was $257,156. The average sales price was $479,857 for the short sales.
• The median price of the sold foreclosures was $229,900. The median sales price was $525,000 for the short sales.

There were only two lots in South Lake Tahoe that sold in May. Both lots that sold were in the North Upper Truckee area. One was a lot in the burn area that sold for $145,000 and one was a 10,511 square foot lot that sold for $95,000.

There was one condo that sold in May. This was a 2 bedroom 1.5 bath unit in the Tahoe Keys that sold for $290,000.

There was also only one multi family unit that sold in May. This was a property that had 2 houses on one lot in the Tahoe Island Drive area. These homes sold for $240,500.

 The most active area of the South Lake Tahoe real estate market continues to be the single family homes. It is great to see that the percentage of short sale and foreclosure sales has continued to decline for the third consecutive month. The percentage of distress sale closings has gone down to 38% from 65% in February. This is another sign of stabilization in the housing market. I hope that it continues!

South Lake Tahoe Real Estate Blog Update Regarding $8,000 Tax Credit

On May 16th I wrote a South Lake Tahoe real estate blog post regarding the FHA now allowing the first time home buyer $8,000 tax credit as part of the down payment. Apparently Shaun Donovan, the secretary of the U.S. Department of Housing and Urban Development offered this news prematurely. My blog post was written from information provided from the National Association of Realtors.

Here is a copy of an e-mail that I received from Andy McInnes of Band Of America regarding the current status of the credit down payment option.

As many of you know, the Secretary of HUD stated at the NAR Real Estate Summit last Tuesday that FHA is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment. I’ve received multiple emails and phone calls around this subject asking if and when we would participate. We’ve now learned that HUD removed this information and pulled Mortgagee Letter 2009-15 from their website so the remarks by Secretary Donovan may have been premature. HUD will let us know if there is a change in status and we will communicate as needed.

 Andy McInnes

It appears that the option to use the $8,000 tax credit as part of the down payment is currently not an option. I will make sure to update my SouthLake Tahoe Real Estate Blog with any new information regarding the tax credit/ down payment option as soon as I hear anything. I take pride in providing the most up to date information regarding the South Lake Tahoe real estate market and I apologize for providing any information that was prematurely released by HUD.

Sincerely,

Brent Johnson

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!

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