Lake Tahoe Real Estate Statistics for August 2010

August Real Estate in South Lake Tahoe

August was a much better month for the real estate market in South Lake Tahoe than July was. The number of single family homes that were reported as sold on the South Lake Tahoe mls was up from 31 sales in July to 49 sales in August. The number of homes sold was also up from August 2009 when 45 houses were sold. Although the number of houses sold was up, both the median and average sale prices were down from both last month and last year.

South Lake Tahoe Real Estate Statistics

• There were 49 single family houses that were sold on the South Lake Tahoe MLS.
• Bank owned foreclosures accounted for 16 of the sales and short sales accounted for 7.
• The median sales price of the sold homes was $289,000, down from $330,000 in July and down from $325,250 in August 2009.
• The average sales price was $355,002, down from $382,642 in July, and down from $461,591.
• The average days on the market was 128 and the median days on the market was 83.
• The average price per square foot was $207, down from $229 in July, and down from $259 in August 2009.

One of the reasons that the median sales price, average sales price, and price per square foot was down this month was the amount of bank owned properties that sold. There were 16 foreclosures sold that had an average price per square foot of only $177. The median sales price for the foreclosures was only $232,138. If you remove the foreclosures from the statistics, the average price per square foot jumps up to $222, the median sales price goes up to $334,900, and the average sales price goes up to $368,967. As you can see, the foreclosures continue to hurt the housing prices in Lake Tahoe.

The Tahoe Keys area had 6 homes that were sold in August. One of the houses sold in the Keys was a bank owned foreclosure, and one was a short sale. The foreclosure in the Tahoe Keys that sold was 1276 White Sands. This was a 5 bedroom, 3.5 bath, 3206 square foot home listed at $1,127,900. This house sold well above asking price at $1,225,000. Many of the foreclosed properties that are priced well are receiving multiple offers and selling over the list price. The average price per square foot for the sold Tahoe Keys homes was $292. The Median sales price was $575,000 and the average sales price was $669,167.

Although the median sales price and the average sales price was down in August, the number of closed escrows was up. With 112 of the 527 homes that are currently listed on the South Lake Tahoe MLS in escrow,  buyer activity continues to be very active. I anticipate another solid month of closings in September because of the high number of pending sales currently on the MLS.

Tahoe Keys Real Estate Update

The Tahoe Keys area is now more affordable than it has been in years. With the great selection of homes to choose from, now is a great time to purchase waterfront property in South Lake Tahoe. There are currently 70 houses for sale in the Tahoe Keys listed on the South Lake Tahoe mls. Of the 70 houses for sale in the Tahoe Keys, 13 are currently in escrow. Distress sales are accounting for a large percentage of the houses in the Keys that are in escrow. Nine of the current Keys escrows are short sales and one is a bank owned foreclosure.

There have been 17 houses in the Tahoe Keys that have sold so far this year. Distress sales accounted for  6 of the sold Keys homes, 3 were short sales and 3 were bank owned foreclosures.

Here are the statistics for the sold Tahoe Keys Homes Year to Date:

• The average list price of the sold Tahoe Keys homes was $975,719
• The average sales price of the Sold Tahoe Keys homes was $894,700
• The median selling price was $700,000
• The average price per square foot was $333
• There were 3 sold short sales in the Tahoe Keys
• There were 3 sold bank owned foreclosures in the Tahoe Keys
• The average days on the market was 188
• The median days on the market was 157

With six houses for sale in the Tahoe Keys under $700,000 with lake access, now is a great time to purchase waterfront property in South Lake Tahoe! For more information regarding Tahoe Keys properties, please call Brent and Jill Johnson at (530) 416-2625.

Tahoe Keys Real Estate Review for 2009 Year to Date

Tahoe Keys home buyers are currently finding the best selection of homes for sale that there has been in years. There are now 55 houses for sale in the Tahoe Keys area that are available on the South Lake Tahoe mls. The least expensive home in on the water the Tahoe Keys is 2214 Venice ( backs the sailing lagoon), a 3 bedroom, 2 bathroom, 2 car garage 1422 square foot home for $495,000. For those looking for luxury, 24 Lighthouse Shores, a 6,500 square foot lakefront home is still available for $5,950,000.

Buyer activity in the Tahoe Keys has also been increasing, there are now currently 13 houses in the Tahoe Keys that are in escrow. Out of the 13 houses in escrow, 8  are short sales and none are bank owned foreclosures. 

Statistics for the houses in the Tahoe Keys that are in escrow 

• There are currently 13 homes in the Tahoe Keys that are in escrow
• The average listing price is $947,269
• The median listing price is $725,000
• Tha average price per square foot is $364
• The average days on the market is 309
• the average square footage is 2,438

So far this year there have been 8 Tahoe Keys homes that have sold on the South Lake Tahoe mls. Two of the sold homes were short sales and one was a bank owned foreclosure. When I ran the statistics for the sold Tahoe Keys homes, I did not include 2224 Inverness. 2224 Inverness was a short sale that was a 3,000 square foot shell, and was skewing the statistics. This home was completely gutted on the inside, and sold for only $300,000.

Statistics for the houses in the Tahoe Keys that have sold in 2009

• 8 sold houses in the Tahoe Keys
• 2 short sales and 1 bank owned foreclosure
• The average sales price was $798,286
• The median sales price was $705,000
• The average days on the market was 211
• The average square footage was 2,519

As I was driving my boat through the Tahoe Keys during the 4th of July weekend, it was great to see how many people were vacationing in the Keys. I would guess that there was not one vacant vacation rental in the Tahoe Keys area during that weekend. The Tahoe Keys is a very special area in South Lake Tahoe, and is one of the best places in the world to own a home! There is a large selection of homes available in the Tahoe Keys, and prices at their lowest levels in years. In may now be the best time ever to find your dream home in the Tahoe Keys!

For more information about Tahoe Keys real estate, please call Brent and Jill Johnson at (530) 416-2625 today!

Tahoe Keys Open House Extravaganza!

This weekend, Chase International South Tahoe Realty kicks off its summer Tahoe Keys Homes Open House  Extravaganza! Chase International real estate agents will be holding open houses throughout the summer on Saturdays from 3:00-6:00 p.m.. Open houses are a great place to meet different real estate agents, and to find an agent who you will feel comfortable working with to find a home.

 

Brent and Jill will be holding 2205 Venice Drive open on Saturday, May 30th from 10:00 a.m. until 6:00 p.m.

2205 Venice is a newer 4 bedroom, 2.5 bathroom, 2 car garage 2467 square foot home that was built in 1993. This house is being sold as a short sale and is subject to lender approval of any offers. This beautiful waterfront home is being offered at $995,000.

 

Some of the other Tahoe Keys homes that will be having open house are:

• 405 Ala Wai #184
• 1986 Garmish
• 1992 Marconi
• 2049 Aloha
• 2172 Balboa
• 1971 Aloha
• 2020 Aloha
• 3819 Beach

There are now 52 available houses for sale in The Tahoe Keys area and 10 homes that are currently in escrow. Prices for single family homes in the Tahoe Keys range from $495,000 for a 3 bedroom home on the sailing lagoon all the way to $5,950,000 for a 4 bedroom 6500 square foot lakefront home on Lighthouse Shores Drive. The lease expensive home on the water withlake access in the keys is a 2 bedroom, 1.75 bath, 2 car garage home priced at $595,000.

If you will be looking at real estate in the Tahoe Keys area this weekend, here are some quick statistics regarding single family homes.

Statistic for Tahoe Keys homes on the South Lake Tahoe mls

• 10 Tahoe Keys homes are currently in escrow
• The average list price of the Tahoe Keys homes in escrow is $863,300
• The median list price of the Tahoe Keys homes in escrow is $757,500
• The average days on the market for the Tahoe Keys homes in escrow is 335
• There are 52 houses for sale in the Tahoe Keys that are still available
• The average list price of the houses for sale in the Tahoe Keys is $1,545,726
• The median list price of the houses for sale in the Tahoe Keys is $1,147,500
• The average days on the market for the houses for sale in the Tahoe Keys is 119

I hope to see you at my open house to talk about Tahoe Keys properties and have some snacks. If you would rather set up an appointment to view houses for sale in the Tahoe Keys area than just going to the homes that are being held open, call Brent and Jill Johnson at (530) 416-2625 today!

Tahoe Keys Properties are off to a Slow Start

With only four houses in the Tahoe Keys that have sold so far this year, the Keys area is off to a very slow start in 2009. Two of the sold homes in the Tahoe Keys were distress sales, one was a foreclosure and one was a short sale. As you would expect, Tahoe Keys property values are down due to the lack of demand from buyers.

The average price per square foot of the four Tahoe Keys homes that have sold so far this year is only $313. The sold price per square foot so far this year is very close to what it was in 2003 which was $305. The median sales price for the sold Tahoe Keys homes was $757,500, 11% less than what it was in 2008 and 33%less than what it was during the peak of the real estate market in 2005.

 

Here is a break down of the sold single family homes in the Tahoe Keys area from the South Lake Tahoe mls beginning in 2003.

2003 Sold Tahoe Keys Houses

• 60 Sold Tahoe Keys homes
• Average sales price $731,704
• Median sales price $692,450
• Average price per square foot $305

2004 Sold Tahoe Keys Houses

• 69 Sold Tahoe Keys homes
• Average sales price $946,663
• Median sales price $820,000
• Average price per square foot $389

2005 Sold Tahoe Keys Houses

• 49 Sold Tahoe Keys homes
• Average sales price $1,166,367
• Median sales price $1,130,000
• Average price per square foot $473

2006 Sold Tahoe Keys Houses

• 35 Sold Tahoe Keys Houses
• Average sales price $1,009,354
• Median sales price $1,000,000
• Average price per square foot $475

2007 Sold Tahoe Keys Houses

• 37 Sold Tahoe Keys Houses
• Average sales price $1,155,000
• Median sales price $960,000
• Average price per square foot $476

2008 Sold Tahoe Keys Houses

• 32 Sold Tahoe Keys Houses
• Average sales price $900,366
• Median sales price $847,500
• Average price per square foot $388
• There were 3 foreclosures in the Tahoe Keys that sold
• The average price per square foot for the Tahoe Keys foreclosures was $303
• The median sales price for the Tahoe Keys foreclosures was $420,000
• The average sales price for the Tahoe Keys foreclosures was $581,667

2009 Sold Tahoe Keys Homes from 1/1/09 to 4/28/09

• 4 Sold Tahoe Keys homes
• Average sales price $825,000
• Median sales price $757,500
• Average price per square foot $313
• One of the sold Tahoe Keys homes was a bank owned foreclosure
• One of the sold Tahoe Keys homes was a short sale

Currently there are 59 Tahoe Keys Listings on the South Lake Tahoe mls and 6 of them are listed as short sales. Out of the 59 Tahoe Keys listings, there are currently 5 in escrow, and 2 of them are short sales. There are no bank owned properties in the Tahoe Keys that are currently available for sale. There may soon be a foreclosure in the Tahoe Keys because there are a couple of Notices of Default posted in the Tahoe Keys. I will make sure to post any new Tahoe Keys foreclosure listings on my website as soon as they hit the market.

With Tahoe Keys properties selling for close to what they were in 2003 and interest rates under 5%, it could be the best chance to purchase waterfront property in South Lake Tahoe. There are now homes for sale in the Tahoe Keys with lake access for under $600,000!

For more information about Tahoe Keys properties, contact Brent and Jill Johnson today!