South Lake Tahoe Real Estate Statistics

With 16 single family houses listed under $200,000, the South Lake Tahoe Real estate market now has a home for just about any home buyer. In previous years it was almost unheard of to find a house in South Lake Tahoe that was for sale under $200,000. If you were able to find one, it was most likely a small one bedroom cabin. There are now listings on the South Lake Tahoe mls that are 2 and 3 bedroom homes being offered for under $200,000! 

Out of the 16 houses for sale under $200,000, 7 are currently in escrow, 6 are bank owned foreclosures, and 4 are short sales.

• For the 7 houses in escrow under $200,000, the average list price per square foot is $197
• The median square footage is 799
• The median list price is $182,400
• The median days on the market is 79
• 44% of the listings under $200,000 are currently in escrow

Almost half of the houses priced under $200,000 are currently in escrow! As you increase the price range, the ratio of pending listings to active listings goes way down.

There is also a great selection of houses priced from $201,000 to $300,000. There are currently 64 houses listed for sale on the South Lake Tahoe mls. Out of the 64 single family listings, 17 are currently in escrow, 15 are bank owned foreclosures, and 8 are short sales.

• For the 17 houses in escrow priced between $201,000 and $300,000, the average price per square foot is $223
• The median square footage is 1288
• The median list price is $275,000
• The median days on the market is 68
• 27% of the houses priced from $201,000 to $300,000 are currently in escrow

For the buyers looking at homes in the $301,000 to $400,000 price range, there are currently 83 houses listed. Out of the 83 houses for sale, 11 are in escrow, 5 are bank owned foreclosures, and 7 are short sales.

• For the 11 houses in escrow priced between $301,000 and $400,000, the average price per square foot is $220
• The median square footage is 1,716
• The median list price is $399,000
• The median days on the market is 147
• 13% of the houses priced from $301,000 to $400,000 are in escrow

As you start to look at the higher priced real estate in South Lake Tahoe, the amount of foreclosure listings and number of escrows goes down. Out of the 59 listings on the South Lake Tahoe mls priced from $401,000 to $500,000, 8 are in escrow, 6 are short sales, and only 2 are foreclosures.

• For the 8 houses in escrow between $401,000 and $500,000, the average list price per square foot is $224
• The median square footage is 1865
• The median list price is $426,500
• The median days on the market is 331
• 13.5% of the houses priced between $401,000 and $500,000 are currently in escrow

Once you look at the houses priced over $500,000, the buyer activity slows way down, so I placed all of the listings over $500,000 into one category. Out of the 228 listings available over $500,000, only 11 are in escrow. Four of the houses that are in escrow are in the Tahoe Keys area. There are only 3 foreclosures and 9 short sales listed over $500,000.

• For the 11 houses in escrow that are over $500,000 the average price per square foot is $298
• The median square footage is 2283
• The median list price is $649,000
• The median days on the market is 167
• Less than 5% of the houses listed over $500,000 are currently in escrow

Not only are there now a lot more lower priced single family listings on the South Lake Tahoe mls, it is the houses under $200,000 and $300,000 that are selling! It is not only the South Lake Tahoe real estate market that is seeing a lot of houses and buyer activity in the lower price ranges. In California, the median price of sold homes in February was $247,590, down 40.8% from February 2008, which was $418,260. With the lower prices, the number of sold homes this February in California was 620,410, which is up 83% from February 2008!

One of the factors driving the massive increase in home sales in the lower price ranges is distress sales. The decline in value for the lower price ranges has been greater due to the volume of foreclosure, short sales, and distressed homeowners. According to the California Association of Realtors, homes under $500,000 have experienced larger price declines due to distress sales.

If you look at the overall South Lake Tahoe Real estate market, there are currently a total of 450 single family listings on the mls. Out of the 450 listings, 54 are currently in escrow which is 12% of the inventory. There are 33 single family foreclosure listings, and 15 of them are currently in escrow. There are 35 single family short sale listings, and 6 of the short sales are currently in escrow.

Make sure to keep up to date on the South Lake Tahoe real estate market conditions by reading my blog at www.JohnsonsTahoeRealEstate.com. For more information about the South Lake Tahoe real estate market please contact Brent and Jill Johnson today!