Monthly South Lake Tahoe Real Estate Review

South Lake Tahoe Real Estate Update

After two years of massive home appreciation, the South Lake Tahoe real estate market has finally cooled down. We have shifted from a sellers market where multiple offers and over asking price sales with minimal contingencies were the norm, to more of a balanced market.

The average days on the market has tripled from 29 days to 92 days and price reductions are becoming more common than they have in

years.

Mortgage interest rates and economic concerns of a looming recession have caused many buyers to pause their search for a Tahoe property. With 30 year fixed interest rates now hovering around 7%, more than double what they were in January, low housing affordability is adversely affecting home sales.

The inventory of homes for sale in South Lake Tahoe remains very low which is the biggest reason that we have not transitioned into a buyers market.

There are currently only 90 active single family homes and 11 condo/townhouses on the market in the city and county areas of South Lake Tahoe. There are 40 pending single family homes and condo/townhouses accounting for 28.4% of the inventory being in escrow.

In November of 2021 there were only 91 active listings however there were 82 pending sales, double the amount of pending sales currently listed on the MLS.

Here is a breakdown of the current 113 residential escrows by price range:

Under $200,000- 0 0%
$201,000 to $300,000- 0 0%
$301,000 to $400,000- 1 2.5%
$401,000 to $500,000- 7
$501,000 to $600,000- 7
$601,000 to $700,000- 7
$701,000 to $800,000- 3
$801,000 to $999,000- 7
Over $1 Million- 8

So far this year there have been 585 single family and condo/townhouse sales in South Lake Tahoe which is down from 684 sales during the same year to date in 2021. The median sales price is actually up to $707,750 from $689,500 last year but I suspect that number will change in a downward direction by the end of 2022.

Just Sold Listing in South Lake Tahoe — Recently Sold in The Tahoe Keys

The good news for sellers is that there are still many buyers actively looking for both primary residences as well as second homes in Tahoe that were unsuccessful in securing a property during the pandemic. It will just be important to price their properties correctly as most homebuyers are looking for value priced properties to compensate for the higher interest rates and market jitters.

I do see the South Lake Tahoe Real Estate market improving in the next 12 months as interest rate hikes slow down and as inventory increases so this could be a great opportunity for buyers looking to find their dream home over the next year! For more information about the South Lake Tahoe Real Estate market please reach out to Brent Johnson at 530-416-2625 today!

April 2020 Real Estate Review

The South Lake Tahoe Real Estate market is seeing a decrease in the total number of listings from April 2019. This includes the Active Listings and those that are currently in Escrow. Out of the 201 Active Listings, none are Short Sale and there are 2 REO properties. Out of the 39 properties in Escrow, none are Short Sales and one is an REO. In April of 2019, there were 246 Total Listings, 189 Active Listings, and 57 Escrows.

The median sales price for a Single-Family Home in South Lake Tahoe as of April 2020 is $470,000.00 which is down 2.1% from April 2019. In April of 2019, the median sales price was $480,000. There are currently 39 properties in Escrow and represent 19.4% of the total inventory. Here is a breakdown by price range of the 39 Escrows:

Under $200,000- 0 0%
$201,000 to $300,000- 3 7.7%
$301,000 to $400,000- 9 30.8%
$401,000 to $500,000- 8
$501,000 to $600,000- 3
$601,000 to $700,000- 6
$701,000 to $800,000- 3
$801,000 to $999,000- 3
Over $1 Million- 4 (4 are Chase of which 0 are Zalanta)

From January 1, 2020 to April 27, 2020 there have been a total of 147 closings which is up slightly from the number of closings during the same time in 2019 when there were 133 closings.

Even though we have had more closings so far this year, I expect there to be less home sales in the first half of 2020 compared to 2019 judging by the lower number of pending sales. There has been an increase of activity over the last week which is quite encouraging despite the shelter in place requirements.

I currently have 17 active listings and most of the listings had showings over the last weekend. 6 of my listings received multiple showings and we received offers on 5 of the listings which is a big jump in activity from the previous weekend.

Be sure to check out my Virtual Showing Videos by accessing my YouTube Channel and you can access it by the link –Brent Johnson’s YouTube Channel Click “Subscribe” for upcoming Virtual Showing Videos!

You can also follow along on my Social Media pages for new listings!

Brent Johnson’s Instagram Page

Brent Johnson’s Facebook Page

March 2020 Real Estate Review

The South Lake Tahoe Real Estate market is seeing a slight decrease in the total number of listings from March 2019. This includes the Active Listings and those that are currently in Escrow. Out of the 216 Active Listings, none are Short Sale and there are 4 REO properties. Out of the 54 properties in Escrow, none are Short Sales and none are REO.

The median sales price for a Single-Family Home in South Lake Tahoe as of March 2020 is $470,000.00 which is down 1.3% from March 2019. There are currently 54 properties in Escrow and represent 37% of the total inventory. Here is a breakdown by price range of the 54 Escrows:

Under $200,000- 1 1.9%
$201,000 to $300,000- 2 5.6%
$301,000 to $400,000- 12 27.8%
$401,000 to $500,000- 14
$501,000 to $600,000- 4
$601,000 to $700,000- 6
$701,000 to $800,000- 6
$801,000 to $999,000- 4
Over $1 Million- 5 (4 are Chase of which 0 are Zalanta)

From January 1, 2020 to March 30, 2020 there have been a total of 123 closings which is about the same from the amount of closings during the same time in 2019 which was 121 closings.

We are currently operating during the “Shelter in Place” order that the State of California is under as we are an essential service. We are needing to be creative in order for our clients to be able to purchase homes virtually during this time. I offer Virtual Showings on all of our Active Listings this way people can watch the video first to make sure this is something they are interested in. Buyer’s much be Prequalified prior to looking at a property and must watch the Virtual Showing video prior to entering a property. I can also FaceTime or Zoom any of my clients through properties listed on the MLS if you are not able to come to South Lake Tahoe at this time.

You can access all of my Virtual Showings by visiting my YouTube Channel- Brent Johnson’s YouTube Channel

Please be sure to “Subscribe” to not miss out on future showings!

Stay home, stay safe, and be well!

February 2020 Real Estate Review

The South Lake Tahoe Real Estate market is seeing a slight increase in the total number of listings from February 2019. This includes the Active Listings and those that are currently in Escrow. Out of the 159 Active Listings, none are Short Sale and there are 4 REO properties. Out of the 72 properties in Escrow, none are Short Sales and 1 REO.

The median sales price for a Single-Family Home in South Lake Tahoe as of February 2020 is $475,000.00 which is the same as February of 2019. There are currently 72 properties in Escrow and represent 31.2% of the total inventory. Here is a breakdown by price range of the 72 Escrows:

Under $200,000- 1 1.4%
$201,000 to $300,000- 5 8.3%
$301,000 to $400,000- 12 25%
$401,000 to $500,000- 17
$501,000 to $600,000- 6
$601,000 to $700,000- 11
$701,000 to $800,000- 8
$801,000 to $999,000- 6
Over $1 Million- 6 (4 are Chase of which 0 are Zalanta)

Today, we are faced with several new challenges regarding how Real Estate will be affected due to the worldwide Coronavirus pandemic. We should expect that property showings will be slow since we are required to social distance and in some cases “Shelter in Place”. We will see our market get a later start to our Spring Listing Season as in years before, we would see that would have just begun.

We are still out showing properties, however, we are following strict guidelines to comply with social distancing. We are following our clients instead of riding in the same car to ensure the 6-foot rule, using hand sanitizer frequently before and after entering a property, refraining from touching surfaces, and staying home if we are not feeling well.

In South Lake Tahoe currently, the Casinos, restaurants and bars, some hotels, and other local business are closed until further notice. It will be interesting to see when our town will be back up and running!

Until then, wash your hands and stay well!

January 2020 Real Estate Review

The South Lake Tahoe Real Estate market is again seeing a slight decrease in the total number of listings from February 2019. This includes the Active Listings and those that are currently in Escrow. Out of the Active Listings, none are Short Sale and there are 2 REO properties. Out of the properties in Escrow, none are Short Sales and there are 2 REO.

The median sales price for a Single-Family Home in South Lake Tahoe as of January 2020 is $485,000.00 which is up 2.1% from January of 2019. There are currently 56 properties in Escrow and represent 42.9% of the total inventory. Here is a breakdown by price range of the 56 Escrows:

Under $200,000- 0 0%
$201,000 to $300,000- 3 5.4%
$301,000 to $400,000- 14 30.4%
$401,000 to $500,000- 12
$501,000 to $600,000- 7
$601,000 to $700,000- 3
$701,000 to $800,000- 8
$801,000 to $999,000- 4
Over $1 Million- 5 (4 are Chase of which 1 is Zalanta)

Mortgage Rates are at their lowest they have been in 3 years. CNN reported that, “Mortgage rates across the U.S. have fallen to a three-year low, a boon for house-hunters and homeowners looking to refinance.

The average 30-year mortgage is charging 3.45%, while 15-year loans are at 2.97%, according to Freddie Mac. That’s down from 4.41% and 3.84% a year ago. Lower rates means homeowners pay less for their house over the life of the loan. So anyone with decent credit shopping for a home is likely getting the cheapest interest rates in years, experts said.”

What factors are pushing down mortgage costs? “The Federal Reserve has kept rates low after cutting them three times last year amid signs of economic weakness, while inflation remains tame.

“And once [banks] start to expect that, they’re willing to lend money over the long run at lower interest rates,” said Bob DeYoung, an economist and business professor at the University of Kansas.

Another reason mortgage rates have receded: European and other overseas investors seeking shelter from Brexit, the coronavirus and other global risks have scooped up U.S. Treasuries, pushing down yields. Banks typically keep mortgage rates slightly above Treasury rates, so home loan costs have declined in turn.”

Check out the article here- Mortgage Rates Hit Three Year Low

If you’ve been holding out, now is a great time to buy! We usually start seeing an increase of listings by early Spring and now would be the time to check in with your Mortgage Broker.

To check out an up to date Market Report for South Lake Tahoe, you can access here- Market Report for South Lake Tahoe

For more information, you can email me directly at bjohnson@chaseinternational.com or call/text 530-416-2625.

December 2019 Real Estate Review

The South Lake Tahoe Real Estate market saw a slight decrease in the total number of listings from December 2019. This includes the Active Listings and those that are currently in Escrow. Out of the Active Listings, none are Short Sale and there are 3 REO properties. Out of the properties in Escrow, none are Short Sales and there is 1 REO.

The median sales price for a Single-Family Home in South Lake Tahoe as of December 2019 is $484,625.00 which is up 2.1% from December of 2018. There are currently 64 properties in Escrow and represent 27.7% of the total inventory. Here is a breakdown by price range of the 64 Escrows:

Under $200,000- 0 0%
$201,000 to $300,000- 6 9.4%
$301,000 to $400,000- 14 31.3%
$401,000 to $500,000- 18
$501,000 to $600,000- 7
$601,000 to $700,000- 3
$701,000 to $800,000- 3
$801,000 to $999,000- 6
Over $1 Million- 7

Here is a comparison from January 2019 for Residential (Single-Family Residence & Condo) located in the City and County areas:

Total Listings–

2019: 248

2020: 231

Active Listings–

2019: 201

2020: 167

In Escrow-

2019: 47

2020:64

Click on this link to access an up to date Neighborhood News Report for the South Lake Tahoe Area-

Neighborhood News Report for South Lake Tahoe