South Lake Tahoe, CA

Bank owned foreclosures and short sales dominated the South Lake Tahoe Real Estate market in January 2010. Distress sales accounted for 59% of the single family home sales reported on the South Lake Tahoe MLS. There were 32 homes sold in January, 11 were bank owned foreclosures and 8 were short sales. This is the first time that the sale of foreclosures and short sales have out numbered regular sales since I have been keeping track of real estate statistics in South Lake Tahoe.

Although the number of homes sold was down from 48 in December to 32 in January, this is a big improvement from January 2009 when only 18 homes were sold. The number of short sales in South Lake Tahoe that are closing escrow also continues to improve. There were 8 short sales that closed escrow in January, up from 6 in December, and and 2 in November. That is good news for the 40 other short sales that are currently in escrow on the South Lake Tahoe MLS.

January South Lake Tahoe Real Estate Statistics

• There were 32 single family homes in South Lake Tahoe sold in January, up from 18 in January 2009, and down from 48 in December 2009.
• The average sales price for the South Tahoe homes was $348,328, up from $345,350 in January 2009, and down from $472,453 in December 2009.
• The median sales price for the South Tahoe homes was $317,250, up from $310,000 in January 2009, and down from $346,500 in December 2009.
• The average price per square foot was $209, down from $261 in January 2009, and down from $220 in December 2009.
• The average days on the market was 162, up from 123 in January 2009, and up from 155 in December 2009.
• The median days on the market was 127, up from 94 in January 2009, and up from 110 in December 2009.

The foreclosures in South Lake Tahoe that sold in January sold for an average price per square foot of $195, non-foreclosures had an average price per square foot of $228. The foreclosures that closed escrow also sold quickly, the average days on the market was 65, and the median days on the market was 60. The average sales price for the foreclosures was $269,818 and the median sales price was $215,000.

Short sales in South Lake Tahoe were on a much slower pace than the foreclosures. The average days on the market for the short sales that closed escrow was 239 and the median days on the market was 229. The average sales price for the short sales was $399,438 and the median sales price was $375,750. The average price per square foot for the short sales was $198.

Currently there are 384 active homes on the South Lake Tahoe MLS and 80 of them are in escrow. Short sales account for 40 of the current escrows and foreclosures account for 19. With 59 of 80 of the current escrows being distress sales, February should yield similar statistics to what we saw in January.

In 2009 foreclosures accounted for 137 of the 440 single family homes sold in South Lake Tahoe. Considering that over 31% of the homes sold were foreclosures, there is no doubt that bank owned properties have changed the South Lake Tahoe Real Estate market.

Looking at the South Lake Tahoe Real Estate statistics for 2009, the foreclosures lowered the median sales price, average sales price, average price per square foot, and the days on the market of the homes sold in 2009.

The median sales price was down 22% in 2009 from what it was in 2008. The median sales price of the homes sold in 2009 was $318,000. The median sales price of the foreclosures sold in 2009 was $274,900. If we take the foreclosures out of the statistics, the median sales price goes up to $366,500.

The average sales price was lowered significantly by the foreclosures in South Lake Tahoe. The average sales price for all of the homes sold was $404,364. The average sales price for the foreclosures was $296,076. Taking the foreclosures out of the statistics brings the average sales price up to $453,826.

The average price per square foot for all of the homes sold in South Lake Tahoe in 2009 including the foreclosures was $230. The average price per square foot of the foreclosures that sold was only $190 per square foot. If you take the foreclosures out of the picture, the average sales price per square foot would have been $248.

The median days on the market for all of the homes sold in 2009 was 114 days. The median days on the market for the foreclosures was 70. The median days on the market goes up to 149 if the foreclosures are taken out of the equation.

Just taking the foreclosures out of the statistics changes the prices dramatically, but if you consider that regular sellers also needed to lower their sales prices to compete with the foreclosures, the effect becomes even greater.

Foreclosure sales occured in almost every area in South Lake Tahoe. Here is a list of how many single family home foreclosure sales there were in each area on the South Lake Tahoe MLS in 2009.

• Al Tahoe had 8 foreclosure sales
• Bijou 1 had 18 foreclosure sales
• Bijou 2 had 3 foreclosure sales
• Black Bart had 3 foreclosure sales
• Christmas Valley 1 had 2 foreclosure sales
• Christmas Valley 2 had 3 foreclosure sales
• Echo View Estates had 1 foreclosure sale
• Country Club Estates had 5 foreclosure sales
• Gardner Mountain had 4 foreclosure sales
• Hevenly Valley had 5 foreclosure sales
• Highland Woods had 5 foreclosure sales
• Meyers had 7 foreclosure sales
• Montgomery Estates had 11 foreclosure sales
• North Upper Truckee 1 had 5 foreclosure sales
• North Upper Truckee 2 had 3 foreclosure sales
• Poineer Trail area had 5 foreclosure sales
• Sierra Tract had 13 foreclosure sales
• Sky Meadows had 1 foreclosure sale
• Stateline had 2 foreclosure sales
• Tahoe Island Drive had 5 foreclosure sales
• Tahoe Island Park had 7 foreclosure sales
• Tahoe Keys had 5 foreclosure sales
• Tahoe Paradise had 10 foreclosure sales
• The Y Area had 6 foreclosure sales

Here is what the foreclosures in South Lake Tahoe sold for by price range.

• Under $100,000= 1 sold foreclosures
• $100,000 to $139,999= 3 sold foreclosures
• $140,000 to $159,999= 6 sold foreclosures
• $160,000 to $179,999= 6 sold foreclosures
• $180,000 to $199,999= 10 sold foreclosures
• $200,000 to $249,999= 27 sold foreclosures
• $250,000 to $299,999= 36 sold foreclosures
• $300,000 to $349,999= 20 sold foreclosures
• $350,000 to $399,999= 9 sold foreclosures
• $400,000 to $449,999= 5 sold foreclosures
• $450,000 to $499,999= 4 sold foreclosures
• $500,000 to $549,999= 1 sold foreclosure
• $550,000 to $599,999= 3 sold foreclosures
• $600,000 to $649,999= 2 sold foreclosures
• $700,000 to $749,999= 1 sold foreclosure
• $750,000 to $799,999= 2 sold foreclosures
• $800,000 to $849,999= 1 sold foreclosure

With the number of foreclosures for sale in South Lake Tahoe so far in 2010, the South Lake Tahoe real estate market should supply some great deals for home buyers in 2010. For more information on foreclosures in South Lake Tahoe, call South Lake Tahoe Real Estate Agent Brent Johnson today!

It may have taken you 5 minutes to unbury your car out of the snow, upon leaving work, but you wouldn't have experienced this sight the next day.

It's all about how you choose to look at what life brings us.

For Instance, the Real Estate Market In Lake Tahoe:

Houses are selling! Yes, you are probably working a little harder for your clients, the sale prices are not what they were a few years ago, but you are working and your clients appreciate all your hard work, in this competitive market. Their family and/or friends may want to participate in one of the BEST Lake Tahoe Sales...another client.

Our children who have grown up in Lake Tahoe, whom have left to go to college, can now consider returning home to Lake Tahoe, where they can now afford their own home.

Families who vacationed here for the last 20 plus years, can actually "Live Their Dreams" of owning their own cabin in Lake Tahoe.

The "Good Word" has to start with you! Can you share a positive word today and everyday? You will be pleasantly surprised!

Created by Pamela Francis, the SoTahoe Group, at Century 21 At Tahoe Paradise. www.SoTahoe.com , www.info@SoTahoe.com , 888.925-4949

The sun is out and you can watch the snowflakes drifting through the rays of sunshine. Another beautiful winter day in the paradise of Lake Tahoe. We are blessed to call this home. At this moment in the Lake Tahoe real estate market, so can many more of you, who at one time considered this only a "dream".

I hope that those of you who are wondering if this is the time to re-investigate the possibilities, don't waste another moment. The most affordable opportunities are here. Others who have been considering the possibility of Lake Tahoe, home ownership, have moved forward.

According to the STAOR MLS, for CA - Single Family Homes and Condos, from Jan. 1, 2010 - Jan. 23, 2010:

34 Listings went Active Pending

25 Listings that were in escrow during these last 23 days, CLOSED ESCROW! SOLD!

If we can help you make your decision to move forward, answer ALL questions for you and set up a tour for you to start previewing the possibility of your next Lake Tahoe home, please contact our team of Specialists...SoTahoe. To view ALL Lake Tahoe Listings, www.SoTahoe.com or call us 888.925-4949.

This Lake Tahoe blog was created by Pamela Francis - member of the "SoTahoe" specialists.

The South Lake Tahoe real estate market finished out the year with another strong month of single family home sales. December had the most single family home , sales of 2009 with 48, topping the months of October and November in which 46 single family homes were sold. This was a big improvement from December 2008 when 26 single family homes sold in South Lake Tahoe. Although the number of homes sold in 2009 was up 20 units, the median sales price was down 16% from December 2008.

Distress sales accounted for 42% of the single family homes sold in December. There were 14 bank owned properties and 6 short sales that were reported as sold on the South Lake Tahoe mls. The six short sale closings is an improvement from November when only 2 short sales sold. The short sales that closed escrow in December had an average days on the market of 295, much higher than the foreclosures that sold which only had an average days on the market of 60. As of January 6th there are still 38 short sales that are still in escrow on the South Lake Tahoe mls.

South Lake Tahoe Real Estate Statistics for December

• There were 48 single family homes sold in December 2009, up from 41 in November 2009, and up from 26 in December 2008.
• The average sales price was $472,453, up from $386,217 in November, and down from $523,490 in December 2008.
• The median sales price was $346,500, up from $320,000 in November, and down from $412,450 in December 2008.
• The average price per square foot was $220, down from $222 in November, and down from $249 in December 2008.
• The average days on the market was 155, down from 158 in November, and down from 204 in December 2008.
• The median days on the market was 110, down from 122 in November, and down from 136 in December 2008.

There were 4 newer foreclosures in South Lake Tahoe sold that were built in 2003 or later, but the other 10 were older homes that needed work. The 14 foreclosures that sold in December had an average sales price of $294,660 and a median sales price of $269,400. The average price per square foot for the sold foreclosures was $176.

Currently on the South Lake Tahoe MLS there are 369 single family homes listed and 80 of them are in escrow. Short sales account for 73 of those listings, and 37 of the short sales are in escrow. There are 42 bank owned foreclosures, and 22 of the foreclosures are currently in escrow.

South Lake Tahoe home buyers took advantage of 22% total decrease in the median home sales price in 2009. There was a 22% increase in homes sold in South Lake Tahoe from 364 units in 2008, to 445 units in 2009. There was also a 3% increase in total volume from $178,081,602 in 2008 to $183,711,317 in 2009. It is clear that home prices are down, and buyer activity is up in South Lake Tahoe.

If you have any further questions regarding South Lake Tahoe Real Estate please contact South Lake Tahoe Real Estate agent Brent Johnson today!