Closing escrows on short sales in South Lake Tahoe is still proving to be a difficult task. Out of the 227 single family houses in South Lake Tahoe that have sold so far this year, only 16 were short sales. It has also taken much longer to to get those short sale escrows closed. The median days on the market for the sold short sales was 174 days including the escrow period, and was only 93 days for the non short sales.
The difficulty of closing escrow on the short sales does not seem to be scaring buyers away from the short sale listings. Currently there are 103 single family houses in escrow on the South Lake Tahoe mls, and 34 of those homes are short sales. With 1/3 of our current escrows as short sales, it will be interesting to see how many of those escrows actually close. For buyers looking to purchase a short sale in South Lake Tahoe, there are still 51 active short sales currently available on the mls.
For the short sales that have sold so far this year, the average price per square foot was $225. The average price per square foot for the non-distress sales was $264, and the price per square foot for the sold foreclosures was only $193.
If you are thinking about purchasing a home in South Lake Tahoe, I would definitely not rule out short sale listings, but I would recommend asking your real estate agent about the pros and cons of short sales before writing an offer on one!