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.