The inventory of active single family homes for sale in South Lake Tahoe remained relatively low in February. There are now 401 houses listed on the South Lake Tahoe MLS, 298 of the homes are active and 103 of the homes are in escrow. Distress sales are still the most active part of the real estate market in South Lake Tahoe. Out of the 103 houses in escrow, 51 are short sales and 22 are bank owned foreclosures.
There were 23 single family homes that closed escrow in February, down from 29 in February 2009, and also down from 32 in January. The difficulty with getting short sales closed is one of the reasons that the number of houses sold was down in February. There are currently 51 short sales that are in escrow, and only 4 short sales closed escrow last month! Each monthmore short sales go into escrow, and only a few end up closing. In January there were 40 short sales in escrow, and in December 2009 there were 38. With 51 short sales tied up in escrow, the number of closings is going to be negatively affected. As soon as some of the short sales that are in escrow start closing, the number of sold houses should get back on track.
February Statistics for the South Lake Tahoe Real Estate Market
- There were 23 single family homes in South Lake Tahoe that sold in February, down from 32 in January, and down from 29 in February 2009.
- The average sales price of the homes sold was $405,461, up from $348,328 in January, and down from $411,156 in February 2009.
- The Median sales price of the homes sold was $312,500, down from $317,250 in January, and down from $319,000 in February 2009.
- The average price per square foot was $213, up from $209 in January, and down from $231 in February 2009.
- The average days on the market was 176, up from 162 in January, and up from 167 in February 2009.
- The median days on the market was 119, up from 127 in January, and down from 125 in February 2009.
- There were 11 bank owned foreclosures in South Lake Tahoe that sold, there were also 11 foreclosures sold in January, and there were 12 foreclosures that sold in February 2009.
- There were 4 short sales that closed escrow in February, down from 8 sold short sales in January, and up from 1 sold in February 2009.
The percentage of distress sale closings has also continued to increase. In February 65% of the houses sold in South Lake Tahoe were either foreclosures or short sales. This percentage is up from 59% in January.
The foreclosures in South Lake Tahoe that sold in February had a very low average price per square foot of $171. The average sales price for the 11 foreclosures sold was $334,100 and the median sales price was $258,000. The foreclosures had an average days on the market of 79 including the escrow period.
When looking to purchase a foreclosure in South Lake Tahoe, the best advise that I have for home buyers is to act quickly. Most of the foreclosures go into escrow very quickly and have multiple offers in on them. There are many investors and home buyers that are currently in the market looking for deals. There are also many buyers looking to take advantage of the home buyer tax credit that expires on April 30th. If you see a foreclosure on the South Lake Tahoe MLS that you are interested in, make sure to call me before it is too late!
Comments(0)