The South Lake Tahoe Real Estate market is off to a solid start so far in 2014. There were 43 single family homes and condos that sold on the South Lake Tahoe MLS which was up one unit from December. The inventory of homes for sale on the South Lake Tahoe MLS remains tight. There are now currently 169 total active single
family and condo/townhouses listed on the MLS. Single family homes account for 141 of the active listings and there are 28 condo/townhouse listings. There are now 73 homes and condos listed as “Active Pending” and are currently in escrow.
Distress sales still account for a very small percentage of the active inventory. There are only 4 short sales and 3 bank owned foreclosures that are currently active on the MLS which is 4% of the total inventory.
- There were 43 single family homes and condos sold in January, up from 42 in December, and down from 44 in January, 2013.
- The median sales price was $331,500, up from $329,500 in December, and up 33.1% from $249,000 in January, 2013.
- The average sales price was $335,593, down from $428,552, in December, and up from $324,531 in January, 2013.
- The average price per square foot was $228, down from $236 in December, and up from $198 in January, 2013.
- The average days on the market was 167 and the median days on the market was 135, up from an average of 136 and a median of 105.
The average and median days on the market increased because there were fewer new listings to choose from. Buyers that wanted to purchase homes had to choose from existing listings that had been listed for a longer period of time. The longer the properties were listed, the more that the sellers had to come down in price. The listings that were sold in the first 30 days of being listed sold for 100.11% of asking price. The listings that were on the market for over 120 days sold for only 95.29% of asking.
Short sales accounted for 7 of the 43 home sales in January, up from 4 short sales in December and down from 8 sales in January, 2013. The short sales that sold in January sold at a discount. The average price per square foot for the short sales that were sold was only $174 per square foot. There was only 1 bank owned foreclosure that was sold in January, down from 5 foreclosures in December, and down from 5 foreclosure sales in January, 2013.
For more information about the South Lake Tahoe Real Estate market please call Brent Johnson at (530) 416-2625 today!