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December South Tahoe Real Estate Statistics

The South Lake Tahoe real estate market ended 2011 with a bang! There were 63 single family properties sold on the South Lake Tahoe MLS and the median sales price, average sales price, and price per square foot were up from what they were in November. Out of the 63 single family properties that were sold, 62 were free standing homes and only one was a condo. The condo that was sold was an end unit bank owned foreclosure by Heavenly Valley Ski resort which I had the buyer for. There were 34 distress sales last month which accounted for 54% of the December sales. There were 20 bank owned foreclosures that were sold and 14 short sales that were sold.

December South Tahoe Real Estate Statistics

  • There were 63 single family homes and condos that were sold in December, up from 43 in November.
  • The average price per square foot for the homes sold was $189, up from $163 in November.
  • The average sales price of the single family homes that were sold was $379,393, up from $258,806 in November.
  • The median sales price of the sold homes was $231,000, up from $228,800 in November.
  • There were 20 bank owned foreclosures in South Lake Tahoe that were sold, up from 16 in November.
  • There were 14 short sales in South Lake Tahoe that were sold, up from 10 in November.

South Lake Tahoe Foreclosure Statistics

  • There were 20 bank owned foreclosures sold in December.
  • The average price per square foot of the foreclosures that were sold was $163, up from $152 in November.
  • The average sales price of the foreclosures was $235,370, down from $274,594 in November.
  • The median sales price of the foreclosures was $169,000, down from $189,000 in November.
  • The average days on the market for the foreclosures was 101 days.

South Lake Tahoe Short Sale Statistics

  • There were 14 short sales in South Lake Tahoe that were sold in December on the South Lake Tahoe MLS.
  • The average price per square foot for the short sales was $181, up from $146 in November.
  • The average sales price  was $316,311, up from $222,787 in November.
  • The median sales price of the short sales was $225,500,  up from $204,936 in November.
  • The average days on the market was 224 days and the median days on the market was 204 days.

Currently there are 382 single family condos and  houses listed for sale in South Lake Tahoe on the MLS.  Out of the 382 listings, 105 are in escrow and 277 are still active. There are 63 Bank owned foreclosures on the MLS and 26 of the foreclosures are in escrow. Short sales account for 79 of the current listings and 50 of the short sales are currently in escrow.

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THE USDA HOME LOAN

The USDA’s home mortgage program is one of two remaining $0 down home loans available today. The goal of the loan is to develop rural and suburban locations, providing affordable home buying options to low and middle-income families.

Benefits

The bonuses of a USDA home loan are numerous. For example, the loan offers…

  • No Max Loan Amount
  • Low Interest Rates
  • Flexible credit standards
  • No cash reserves required
  • First time and experienced home buyers welcome
  • Realistic Income Limits for Both Families and Individuals
  • Non-traditional credit accepted for individuals with lack of traditional credit history built up
  • Low Closing Costs
  • Gifted Funds Accepted, No Documentation Needed
  • 30-year Fixed Loan Rate
  • 100% Financing

 

Are You Eligible?

 

You can determine eligibility with three questions.

  1. Is my house located in a USDA approved rural or suburban area?
  2. Is my total household income below 115% of the median income for the area?
  3. Does my credit and income meet my USDA approved lenders’ requirements?

 

For income, the factors below will be taken into account:

  • Child care expenses
  • Number of people in the household
  • College students living in the household
  • Disabled and Elderly persons
  • Medical expenses

 

Johnson Tahoe Real Estate and a USDA loan expert can tell you where to look for homes eligible for the loan. That’s the easy part. These areas are usually located just outside of urban areas. If the population is below 20,000, chances are the location meets the eligibility standard for the loan. Areas around Lake Tahoe such as Zephyr Cove, Kingsbury and Stateline qualify.

Jasmine Reese is a content writer for USDA loans.com, a company specializing in rural loans and lending.

November South Tahoe Real Estate Stats

In November there were 43 single family properties in South Lake Tahoe that were sold on the South Tahoe MLS. Out of the 43 sales, 40 were single family homes and 3 were condos. Although the number of home sales was down from October which had 61 sales, it was up from last November which had 42 sales. There were 26 distress sales which accounted for 63% of the properties that were sold in November. There were 16 bank owned foreclosure sales and 10 short sales that were sold.

November South Lake Tahoe Real Estate Statistics

  • There were 43 single family homes and condos in South Lake Tahoe that were sold in November.
  • The average price per square foot of all of the homes sold was $163, down from $188 in October.
  • The average sales price was 258,806, down from $293,666 in October.
  • The median sales price was $228,800, down from $229,000 in October.
  • There were 16 bank owned foreclosure sales, up from 14 in October.
  • There were 10 short sales that were sold, up from 6 in October.
  • The average days on the market was 158 and the median days on the market was 126.

November Statistics for Foreclosures in South Lake Tahoe

  • There were 16 bank owned foreclosures sold on the South Lake Tahoe MLS.
  • The average price per square foot was $152, down from $162 in October.
  • The median sales price was $189,000, up from $179,750 in October.
  • The average sales price was $274,594, up from $243,457 in October.
  • The average days on the market for the foreclosures was 106 and the median days on the market was 114.

November Statistics for Short Sales in South Lake Tahoe

  • There were 10 short sales that were sold on the South Tahoe MLS.
  • The average price per square foot for the short sales was $146, down from $154 in October.
  • The average sales price was $222,787, down from $276,833 in October.
  • The median sales price was $204,936, down from $272,500.
  • The average days on the market was 268 and the median days on the market was 234.

The resale homes that were sold last month (non-distress sales) sold with an average price per square foot of $182 which was higher than both the bank owne foreclosures and the short sales. There are currently 298 active single family homes and condos that are available on the mls and there are 117 that are in escrow. December should be another good winter month for closings with 117 properties still in escrow. Now all we need is

New Listing in South Lake Tahoe!

 

 

 560 Kiowa Drive

Offered at $249,000

Virtual Tour

This warm and inviting Tahoe cabin has an open floor plan and tall vaulted pine ceilings. With 3 bedrooms, 2 bathrooms, and a single car garage, this 1,268 square foot Tahoe cabin would make a great summer and winter Tahoe getaway. The garage is insulated, sheetrocked, and has a large workshop in the back. Built in 1984, this well maintained cabin sits on a large and quiet wooded county lot that is over 1/4 acre. If you are looking for a great opportunity to own a property in South Lake Tahoe, this is it!

  • 3 Bedrooms, 2 full bathrooms, 1 car garage

  • 1268 square feet

  • 11,205 square foot sunny lot

  • Vaulted pine ceilings

  • Storage Shed

  • Double pane windows

  • Built in 1984

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For more information regarding this house for sale in South Lake Tahoe or other real estate for sale in South Lake Tahoe, please contact South Lake Tahoe real estate agent Brent Johnson at (530) 416-2625 today!

Tahoe Keys Real Estate Statistics

There are currently only 30 available houses for sale in the Tahoe Keys that are listed on the South Lake Tahoe MLS. There are 41 total listings, 11 of the listings are in escrow and 30 are available. There are only 3 bank owned foreclosures in the Tahoe Keys that are on the market and one of them is in escrow. There are 8 short sales in the Tahoe Keys and 6 of the short sales are in escrow.

So far this year there have been 40 single family houses that have sold in the Tahoe Keys according to the South Lake Tahoe MLS. The average selling price of the Tahoe Keys homes was $764,968 and the median sales price has been $564,250. The average price per square foot of the sold Keys homes has been $290. The average days on the market for the Tahoe Keys has been 222 days.

Distress sales have accounted for 14 of the Tahoe Keys sales. There have been 8 short sales in the Tahoe Keys and 6 bank owned foreclosures that have sold this year. The average sales price of the foreclosures has been $642,975 and the median sales price has been $639,950. The average sales price of the short sales has been $698,083 and the median sales price has been $564,250. The average price per square foot has been $291 for the short sales and $241 for the bank owned foreclosures.

There are currently only 9 condos in the Tahoe Keys that are available on the South Lake Tahoe MLS. There are 13 Tahoe Keys Condo listings and 4 of them are currently in escrow. One of the condos that is available is a bank owned foreclosure and 2 of the listings that are in escrow are short sales.

There have been 19 Tahoe Keys Condos that have sold so far this year. The average sales price of the condos has been $317,220 and the median sales price has been $310,000. The average price per square foot for the sold Keys Condos has been $240.  The average days on the market for the Keys condos that have sold so far this year has been 123 days. Out of the 19 Tahoe Keys Condo sales, only 4 were distress sales. There were 2 bank owned foreclosures that were sold and 2 short sales that were sold.

South Tahoe Real Estate Inventory

The number of available homes for sale on the South Lake Tahoe MLS continues to decrease as buyer activity remains steady.  The inventory of available homes for sale in South Tahoe usually declines this time of year as many sellers take their homes off of the market for the winter. This season seems to be a little different. With 116 single family homes currently in escrow, the buyers are the ones that are decreasing the inventory.

There are currently 444 total single family listings on the South Lake Tahoe MLS including both houses and condos. Out of the 444 listings, 116 are in escrow and 328 are available active listings. The 116 properties in escrow represent 26.1% of the total inventory in escrow.  Distress sales account for 68.1% of the properties that are currently in escrow. There are 25 bank owned foreclosures and 54 short sales that are in escrow. Distress sales only account for 25.9% of the active listings. There are 43 bank owned foreclosures and 42 short sales that are currently active on the MLS (not in escrow).

Here is a breakdown by price range of the 116 escrows:

  • 38 properties under $200,000
  • 29 properties  from $201-$300,000
  • 22 properties from $310-$400,000
  • 13 properties from $401-$500,000
  • 6 properties from $501-$600,000
  • 2 properties from $601-700,000
  • 2 properties from $701-800,000
  • 0 properties from $801-900,000
  • 4 properties over 1 million

So far this year there have been 504 single family homes and condos that have been sold in the city and county areas of South Lake Tahoe on the South Tahoe MLS. Bank owned foreclosures have accounted for 158 (31.3%) of the closings and short sales have accounted for 81 (16.1%) of the closings.