Here is a quick snapshot of the current South Lake Tahoe Real Estate market as of September 12, 2013. The following statistics are for residential (single family and condo/townhouses in the City and County areas of South Tahoe as reported by the South Lake Tahoe MLS.
There are currently 387 total active listings on the mls which is down from 421 listings on September, 2012. 277 of the listings are currently active and 110 of the listings are in escrow. The 110 properties in escrow represents 28.4% of the total inventory in escrow. In September, 2012 there were 264 active listings and 157 listings that were in escrow.
There are currently 2 active short sale listings and 10 active bank owned foreclosures which accounts for only 4.3% of the active inventory. There are 16 short sales and 1 bank owned foreclosure currently in escrow which accounts for 15.5% of the active pending properties.
Breakdown by price range of the 110 escrows:
- 14 homes under $200,000 (12.7% under $200,000)
- 36 homes from $201,000 to $300,000 (45.5% $300,000)
- 27 homes from $301,000 to $400,000 (70% below $400,000)
- 16 homes from $401,000 to $500,000
- 6 homes from $501,000 to $600,000
- 1 house from $601,000 to $700,000
- 1 house from $701,000 to $800,000
- 2 houses from $901,000 to $999,000
- 7 homes over $1,000,000
So far this year there have been 498 single family homes and condos that have been sold on the South Lake Tahoe MLS. There have been 36 bank owned foreclosures which accounts for 7.2% of the closings (23.2% in 2012). There have been 44 short sales that have closed accounting for 8.8% of the closings (16.8% in 2012).
The median sales price is now up 32.1% from last year. This increase in the median sales price does not necessarily mean that home values are up over 32% though. There has been a drastic reduction of the low end (under $200,000) inventory which has driven the median sales price up even further.