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South Lake Tahoe Real Estate Market Update

June is starting off to be a great month for the South Lake Tahoe real estate market. Although the weather has been hit or miss, the South Shores home sales have been stable. So far this month there have been 26 single family homes in South Lake Tahoe that have gone into escrow, and 15 homes that have sold.

With the 26 new houses in escrow this month, the total number of single family homes on the South Lake Tahoe mls now in escrow is up to 96. There are 498 total single family listings on the mls, and with 96 of them in escrow, 19% of the current inventory is in escrow.

The statistics for the houses that have gone into escrow so far this month are as follows:

  • The median list price for the new escrows is $365,423
  • The median days on the market was 58
  • The median square footage is 1,739
  • The average price per square foot is $255
  • 5 of the new escrows were bank owned foreclosure listings
  • 4 of the new escrows were short sales

In June of 2008 the median sales price for single family homes in South Lake Tahoe was $415,000

In June of 2007 the median sales price for single family homes in South Lake Tahoe was $465,000

In June of 2006 the median sales price for single family homes in South Lake Tahoe was $485,000

In June of 2005 the median sales price for single family homes in South Lake Tahoe was $425,000

In June of 2004 the median sales price for single family homes in South Lake Tahoe was $340,000

The South Lake Tahoe real estate market is on track to match or exceed the sales and escrows that were reported in May. I will post the end of the month South Lake Tahoe real estate review on the first of July, and I am looking forward to another great month!

Bank Owned Properties in South Lake Tahoe

The South Lake Tahoe real estate market has seen an increase in bank owned foreclosure listings in the last two weeks. There have been nine new single family bank owned foreclosure listings in South Lake Tahoe in the last 2 weeks, and six new foreclosure listings so far this June.

Currently there are 26 bank owned property listings in South Lake Tahoe, and 17 of them are in escrow. Some of the 9 foreclosure listings that are not yet in escrow have offers pending on them at the present time.

Here are the six new bank owned foreclosure listings on the South Lake Tahoe mls this June: (click on the address for the complete listing description and pictures)

  1. 1122 Sundown is a 3 bedroom, 2 bathroom, 2 car garage 1962 square foot home that was built in 1991. This home is in Montgomery estates and has upstairs living, knotty pine cabinets and ceilings.
1122 Sundown Trail

  2. 1211 Wildwood is a 2 bedroom, 1 bath, 994 square foot home in the Stateline area. This house was built in 1948 and is on a 5009 square foot lot.

1121 Wildwood

 3. 1223 Bonanza Unit 9 is a 2 bedroom, 2 bath, 985 square foot condo located in the Y Area. The HOA fees are $153,450 a month.

1223 Bonanza

 4. 1077 Onnontioga  is a 2 bedroom, 1 bath, 1 car garage, 1040 square foot home. This house is located in the Pioneer Trail area on a 11,400 square foot lot.

1077 Onnontioga

5. 1621 Venice Drive is a 4 bedroom, 2.5 bath, 2 car garage, 2068 square foot home in the Tahoe Keys. This is the only current foreclosure listing in the Tahoe Keys area.

1621 Venice Drive

6. 2232 Marshall Trail is a 3 bedroom, 3 bath, 2 car garage, 1790 square foot home in the Montgomery Estates area. This house was built in 1998.

2232 Marshall Trail

 

Click on the following link for a list of all of the foreclosure listings in South Lake Tahoe. For more information regarding bank owned foreclosure listings in South Lake Tahoe please call Brent Johnson at (530) 416-2625.

Newer Homes in South Lake Tahoe Selling now Selling at $226 Per Square Foot!

Newer homes in South Lake Tahoe are now selling for an average of $226 per square foot. That is just about the price that contractors were charging to build custom homes back in 2005 and 2006, not including the cost of land, permits, and plans!

840 Boulder Mountain

The recent sale of two of my newer home listings prompted me to look further into newer home prices compared to previous years.

I just sold a custom home built in 2006 for $565,000. 840 Boulder Mountain was a 2671 square foot 4 bedroom, 2.5 bath, 2 car garage home that sold for $211.53 a square foot. Located in the Angora Fire area of North Upper Truckee, this home has great views, but was a tough sale due to the fire damage to the surrounding landscape.

 

 

1140 Sioux

1140 Sioux is a listing that I was just able to get into escrow. Sioux is one of the nicest quality newer houses for sale in South Lake Tahoe. With 4 bedrooms, 3 full bath rooms, and a 2 car garage, this 2828 square foot home is gorgeous. There is a National Forest lot on each side and across the street, giving this home a very private setting. The only thing holding this home back was that it was located in the Meyers area where there is not a lot of newer homes. With a list price of $579,000, this house had a list price per square foot of only $205!

 

So far this year there have been 14 houses sold in South Lake Tahoe that that are less than 4 years old. According to the South Lake Tahoe mls, the average price per square foot for the sold newer homes was $226. The Median sales price was $575,000 and the median square footage was 2,646. It seems like when a new or newer large house was reduced to under $600,000, it would sell quickly.

When you look at the newer houses that sold in 2006, the numbers are quite different. In 2006 the average price per square foot for the sold newer homes was $328! The median sales price was $800,000 and the median square footage of the sold homes was 2,584. The average price per square foot has declined over 31% and the median sales price has declined 28% on newer homes since 2006.

As of today, there are 68 newer homes for sale in South Lake Tahoe that are less than 4 years old. The average list price per square foot is $299, and the median list price is $793,500. It is the newer homes that are priced less than the competition, or have had major price reductions are the homes that are now selling. Location has also been very important. Newer homes in more reputable areas, with views, or near open land are also selling much more quickly than the average locations.

Once the current inventory of newer houses for sale in South Lake Tahoe decreases, we may see a need for spec home builders to get back into the market. Right now, with the large selection of newer homes on the market, it is till too tough for builders to compete with the current prices.

Foreclosures have not really affected the new home market as much as they have other areas of the market. There has only been two newer bank owned foreclosures in South Lake Tahoe that have been for sale on the mls. 1818 Jack Bell Ct. was a 4 bedroom, 2622 square foot foreclosure that was built in 2006 which sold for $500,000. 581 Gardner is a 4 bedroom, 4028 square foot bank owned foreclosure that is currently in escrow. The asking price for 581 Gardner was $629,900.

For a list of the new houses for sale in South Lake Tahoe, please call Brent and Jill Johnson today!

Vacant Lots in South Lake Tahoe

The South Lake Tahoe real estate market has been much better than the weather! There are now has 95 single family homes in escrow. There have not been that many homes in escrow since the peak of the market in July of 2005!

Vacant lots in South Lake Tahoe are also starting to sell. There are now 5 lots that are in escrow. Although that may not seem like a lot of escrows, there are more lots now in escrow than there has been in the last year!

Here is a list of the lots in South Lake Tahoe that are currently in escrow:

  1. 881 Julie Lane- 6600 square foot lot in the Gardner Mountain area. The asking price was $67,500. This lot was only on the for a few days, and had multiple offers!
  2. 782 Lookout Point- 10,890 square foot lot with allocation in the Angora burn area of North Upper Truckee. The asking price of this lot was $189,000. This lot was on the market for 417 days.
  3. 1988 Venice Drive- 7000 square foot lot in the Tahoe Keys with plans, permits, and allocation. This is one of the few remaining lots in the Tahoe Keys area. The asking price was $204,000. This lot was on the market for 401 days.
  4. 1992 Venice Drive- 8100 square foot lot in the Tahoe Keys. The asking price was $214,000 and included plans, permits, and allocation.  This lot was also on the market for 401 days.
  5. 922 Cone Road- 10,858 square foot lot in the Angora fire area of North Upper Truckee. This lot is being sold as a short sale and the asking price was $110,000. This lot has been on the market for 264 days.

There have been only 7 lots that have been sold on the South Lake Tahoe mls so far this year. There were three lots that sold in the month of May, which was the most closings out of any month so far this year.  The average sales price of the lots sold this year was $128,367 and the median sales price was $90,000.

Here is a list of the lots in South Lake Tahoe that have sold so far this year.

  1. 963 San Jose- Vacant 5,000 square foot lot. Sales price $70,000
  2. 860 Nahane- Vacant 6,000 square foot lot. Sales price $60,000
  3. 3708 Verdon- Vacant 11,892 square foot lot. Sales price $90,000
  4. 1313 Knoll- Vacant 14,000 square foot lot with allocation. Sales price $400,000
  5. 1069 San Diego- Vacant 10,300 square foot lot. Sales price $69,000
  6. 1545 Arapahoe- Vacant 35,719 square foot lot. Sales price $109,500
  7. 764 Elk Point- Vacant 11,761 square foot lot with allocation. Sales price $100,000

With the median sales price of lots in South Lake Tahoe now under $100,000, they are finally starting to sell again. Although permit costs are still the same, building costs, labor, and materials are down. There are a lot of quality contractors looking for work. Now may be one of best times to buy a lot and build your dream house in Lake Tahoe!

Make sure to keep up on the local South Lake Tahoe real estate market conditions by reading my South Lake Tahoe real estate blog!

South Lake Tahoe Real Estate Blog Update Regarding the First Time Home Buyer Tax Credit

Last week I wrote about the first time home buyer tax credit, and how it could be used as part of the down payment on an FHA loan. The next day, I wrote about how that information may have been pre-maturely released. According to HUD, borrowers can now immediately apply the funds of the $8,000 first time home buyer tax credit towards their down payment. Home buyers using FHA-approved lenders can apply the tax credit to their dawn payment in excess of 3.5% of the appraised value of their closing costs, which can help achieve a lower interest rate.

This tax credit down payment option is great news for the South Lake Tahoe real estate market. First time home buyers that are on the fence now have a great reason to purchase their first home. After three months of increasing pending home sales not only in South Lake Tahoe, but Nation wide. The housing market is definitely heating up!

Make sure to keep logging on to my South Lake Tahoe real estate blog for the latest in real estate news and South Lake Tahoe real estate statistics!

South Lake Tahoe Real Estate Review for May 2009

For the third month in a row, the number of new escrows for single family homes on the South Lake Tahoe mls has increased. In May there were 56 single family houses in South Lake Tahoe that went into escrow, this was up from 43 in April, and up from 38 in March. The total number of houses in South Lake Tahoe that are in escrow is now up to 96. With 20% of our current single family housing inventory in escrow, the South Lake Tahoe real estate market seems to be stabilizing.

Distress sales are still accounting for about half of our current escrows. Out of the 96 houses that are in escrow, 19 are bank owned foreclosures, and 31 are short sales. Out of the 56 new May escrows, 11 are bank owned foreclosures, and 14 are short sales.

The listing prices of the houses that went into escrow in May were also up from the escrows in April.  Both the average list price per square foot and median list price of the new escrows was up slightly.

Statistics for the Pending May Single Family Homes in South Lake Tahoe for May

  • There were 56 new single family houses in South Lake Tahoe that went into escrow in May (up from 43 in April)
  • The median list price for the homes was $369,700 (up 5% from $349,900 in April)
  • The average list price per square foot was $253 (up 3% from $246 in April)
  • The median days on the market was 75 (down from 129 in April)
  • 11 of the new escrows were bank owned foreclosures (13 foreclosure escrows in April)
  • 14 of the new escrows were short sales (15 new short sale escrows in April)

The foreclosure listings in South Lake Tahoe that went into escrow in May were priced much lower than the non-foreclosure listings. The average price per square foot for the foreclosures in South Lake Tahoe was only $177. The median list price for the foreclosure listings was $295,000 and the average list price was $296,405. Many of the foreclosure listings had multiple offers on them and went into escrow within just a few days of being listed. There are now currently 19 foreclosures in South Lake Tahoe that are in escrow.

The new short sales in South Lake Tahoe that went into escrow had a much higher list price per square foot at $249. The median list price for the short sale listings was $479,000 and the average list price was $481,600. The short sales also took longer to sell, the average days on the market was 146.

The number of houses in South Lake Tahoe that actually sold in May was 26, up one home from April. There should be a lot more closed escrows in June from the pending sales from April and May. Escrows are now taking from 45 to 60+ days due to the fact that lenders are now taking longer to push loans through. The average sales price, median sales price, and average price per square foot were all up in May compared to April.

Statistics for the Sold Single Family Homes in South Lake Tahoe for May

  • There were 26 houses in South Lake Tahoe that sold in May
  • 11 of the sold houses were bank owned foreclosures
  • The average sales price was $360,169 (up 13% from April when it was $334,696)
  • The median sales price was $315,000 (up 8% from April when it was $291,000)
  • The average sales price per square foot was $222 (up 5% from April when it was $210)
  • The average days on the  market was 125
  • None of the 26 houses sold in May were reported as short sales!

With 31 short sales in South Lake Tahoe currently in escrow, and none that closed escrow in May, short sales are still a bit of a challenge to say the least.

The 11 foreclosures in South Lake Tahoe that sold in May had an average sales price of $187, a median sales price of $240,000, and an average sales price of $261,682. The median days on the market for the sold foreclosures was 69, including the escrow period.

The South Lake Tahoe real estate market is definitely showing signs that the bottom is either near or has passed. The amount of pending sales continues to rise and the median and average sales price has increased over the past month.

Make sure to keep reading Brent and Jills South Lake Tahoe real estate blog for the latest statistics for real estate in South Lake Tahoe!