August Real Estate in South Lake Tahoe
August was a much better month for the real estate market in South Lake Tahoe than July was. The number of single family homes that were reported as sold on the South Lake Tahoe mls was up from 31 sales in July to 49 sales in August. The number of homes sold was also up from August 2009 when 45 houses were sold. Although the number of houses sold was up, both the median and average sale prices were down from both last month and last year.
South Lake Tahoe Real Estate Statistics
- There were 49 single family houses that were sold on the South Lake Tahoe MLS.
- Bank owned foreclosures accounted for 16 of the sales and short sales accounted for 7.
- The median sales price of the sold homes was $289,000, down from $330,000 in July and down from $325,250 in August 2009.
- The average sales price was $355,002, down from $382,642 in July, and down from $461,591.
- The average days on the market was 128 and the median days on the market was 83.
- The average price per square foot was $207, down from $229 in July, and down from $259 in August 2009.
One of the reasons that the median sales price, average sales price, and price per square foot was down this month was the amount of bank owned properties that sold. There were 16 foreclosures sold that had an average price per square foot of only $177. The median sales price for the foreclosures was only $232,138. If you remove the foreclosures from the statistics, the average price per square foot jumps up to $222, the median sales price goes up to $334,900, and the average sales price goes up to $368,967. As you can see, the foreclosures continue to hurt the housing prices in Lake Tahoe.
The Tahoe Keys area had 6 homes that were sold in August. One of the houses sold in the Keys was a bank owned foreclosure, and one was a short sale. The foreclosure in the Tahoe Keys that sold was 1276 White Sands. This was a 5 bedroom, 3.5 bath, 3206 square foot home listed at $1,127,900. This house sold well above asking price at $1,225,000. Many of the foreclosed properties that are priced well are receiving multiple offers and selling over the list price. The average price per square foot for the sold Tahoe Keys homes was $292. The Median sales price was $575,000 and the average sales price was $669,167.
Although the median sales price and the average sales price was down in August, the number of closed escrows was up. With 112 of the 527 homes that are currently listed on the South Lake Tahoe MLS in escrow, buyer activity continues to be very active. I anticipate another solid month of closings in September because of the high number of pending sales currently on the MLS.
Comments(0)