image by Jaime Souers

Jaime keeps telling me that I use the word “glorious” too often when describing the weather lately.  But honestly – I can’t think of a better word.  IT IS GLORIOUS.  Okay -b ack to work. According to the South Lake Tahoe Association of REALTORS’ Multiple Listing Services, there were 8 new listings posted over the past week, down 1 from the previous week’s 9. Many of these listings are actually just transfers of timeshares from one brokerage firm to another.  Among these new listings, the lowest priced property is $74,000 for a bank owned home located at 2657 Bertha in the Sierra Tract neighborhood. This home has 3 bedrooms, 1 bath and 776 square feet of living space. The highest priced new listing over the past week  is listed at $389,000 for another bank owned home located at 792 Clement in the Gardner mountain neighborhood. This home has 3 bedrooms, 3 baths and 2286 square feet of living space. The overall median list price for these new listings was $153,450 and the overall average list price was $201,713.

The number of NEW PENDING escrows, over the past week was 13, while still strong was down 4 from the previous week’s 17. The lowest pending list price from this group was $99,900 for 1172 Margaret at the Y.  This homer has 3 bedrooms, 2 baths, 1344 square feet and it is currently bank owned. The highest priced home that went into escrow over the past week is listed at $699,000 for 21479 Inverness, a Tahoe Keys home with 5 bedrooms, 3 baths and 2490 square feet. The overall median list price for the homes in escrow this last week was $339,000 and the overall average list price for these homes was $372,200. The average time on the market for these pending sales was 155 days.

As for the CLOSED escrows, there were 8 reported sales over the past week, down 4 from the previous week’s 12 sales.  The lowest recorded sale price within this group was $127,500 for 1111 Pueblo Street in Meyers. This home was bank owned and it has 3 bedrooms, 2 baths and 1725 square feet of living space. The highest recorded sale last week was a short sale that sold for $395,750 located at 3006 Lodgepole (sold by the Souers team). This home is in Montgomery Estates and it features 4 bedrooms, 3 baths and 2165 square feet of living space.

As of February 8th, 2012, there are currently 372 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 372 active listings, nearly a third at 102 of them are in escrow. Among the 102 escrows, 44 of them are subject to bank approval for a short sale.

January 2012, # of Closed Sales

One of the features we want to bring to you each month is an overall comparison of the current South Lake Tahoe real estate statistics as compared to the two previous years.  These statistics, following the trends set by both the National Association and California Association of REALTORS® are determined by taking an average of the previous 12 months so as to balance out seasonal high and lows.  Areas we will follow (pertaining to single family residences, including condominiums) will be: median home price, percent of list to sale price, days on the market, month supply of inventory, number of homes for sale, and closed escrows.

Starting with the month of January (time period used is February 1, 2011 through January 31 2012) the median home price was $250,000 which was a drop of approximately 17% as compared to $300,000 in 2011 and approximately 21% lower than that reported in 2010.  These numbers are driven strongly by the continuing trend of short and REO (bank-owned) sales.  In other words, the strong majority of homes being sold are those listed under $300,000.

As of January 31, 2012, the comparisons were as follows: LIST TO SALE RATIO (2012) 94.8, (2011) 94.6 and (2010) 95. The # OF CLOSED SALES (2012) 669, (2011) 638 and (2010) 525. The AVERAGE DAYS ON MARKET were (2012) 161, (2011) 154 and (2010) 173.

Now, here’s where the trends are showing glimmers of hope. Real estate is, as is true by most commodities,  by the law of supply and demand and therefore it is helpful for those studying the market to monitor the level of sales activity. The ABSORPTION RATE compares how many homes are for sale (the supply) to how many homes sold that month (the demand).  From here, we can take a stab at determining how many months it would take for all the homes currently listed for sale to actually sell at the current pace.  Generally speaking, a balanced market is one that has approximately 2- 4 months of inventory.  A “Buyer’s Market” is one in which there is a greater absorption rate (more than a 4 month absorption rate equals greater selection to choose from) and anything less than the 2 months absorption rate would favor sellers (less competition hence choices for the buyers).

Although better than many areas throughout the country, South Lake Tahoe has not seen a “balanced market” for quite some time. However, the current indicators are certainly more positive. The number of HOMES FOR SALE  (2012) 534, (2011) 575 and (2010) 594 while the estimated MONTH SUPPLY of INVENTORY was (2012) 9.6,  (2011) 11.4 and (2010) a whopping 15.1

Baby Steps and One Day at a Time yet we will take and delight in any positive news that comes our way.  Ahh – to seek balance is a goal in so many aspects of our lives.

Overview of Types of Sales

image by Jaime Souers - Hard at Work

Jaime was sent over to check out Nevada’s real estate for an update and figured the quickest route was over the slopes of Heavenly.  Good thing she brought us this image to prove she was working.  As far as her report, this is what she found.  According to the Northern Nevada Regional Multiple Listing Services, there are 129 single family homes currently listed for sale throughout the Lake Tahoe’s Nevada East Shore neighborhoods (as of February 2nd, 2012). Among this group of Nevada homes for sale, there are 20 homes currently in escrow. Among these 20 escrows, over half with 13 are still pending bank approval for a short sale. Throughout these 129 active listings, the median list price is $1,245,000 while the average list price is at $2,723,163. Among the 20 homes that are in escrow, the median listing price is $382,450 and the average listing price is $664,545.

There were 3 new listings over the past week for the East Shore side of Lake Tahoe, NV, up 2 from the previous week’s 1 new listing. The lowest priced new listing is $474,900 for 565 Buchanan Drive in the Mid Kingsbury area. This home is bank owned and has 4 bedrooms, 3 baths and 1920 square feet of living space. The highest priced new listing is $5,995,000 for 2010 Pray Meadow Road in Glenbrook. This home features 5 bedrooms, 5 baths and 9125 square feet. Unfortunately there were no new pending sales reported for the past week either, the same as the week before. There were also no reported sales over the past week, down 3 from the previous week.

As of February 2nd, 2012 there are currently 66 condominiums listed for sale on the Nevada side of South Lake Tahoe. The median listing price for these condos is $399,000 and the average listing price is $683,475. Out of these 66 condos on the market, there are 7 that are currently in escrow. Among the 7 pending sales, 5 are subject to bank approval for a short sale. The median price for Nevada condos in escrow is $209,900 and the average is $304,614. There were no new condo listings put on the market last week, down 2 from the week before. There were also no new pending condo sales, the same as the prior week. There was 1 recorded condo sale last week, the same as the week before. This condo has 2 bedrooms, 2 baths, 864 square feet and is located at 115 Tramway Drive. This was a short sale that sold for $119,000.

The number of NEW PENDING escrows over the past week was 17, up a whopping 7 from the previous week’s 10. The lowest pending list price from this group was $151,200 for 1619 Atroari, a bank-owned home located in the Tahoe Paradise neighborhood. This home has 3 bedrooms, 2 baths and 1248 square feet. The highest priced home that went into escrow over the past week is listed at $964,900 for 2165 Balboa, a 4 bedroom, 4 bath in the Tahoe Keys with 4150 square feet of living space. This home is also currently bank owned. The overall median list price for the homes in escrow this last week was $299,000 and the overall average list price for these homes was $372,653. The average time on the market for these pending sales was 81 days.

As for the CLOSED escrows, there were 12 reported sales over the past week, up 1 from the previous week.  The lowest recorded sale price within this group was $127,000 for 1261 Heather Lake, a 3 bedroom, 2 bath with 1232 square feet. This home was a bank owned sale and it is located in the Bijou neighborhood. The highest recorded sale last week sold for $575,000 for 1901 Blackfoot in the Tahoe Paradise area. This home was a short sale with 5 bedrooms, 4 baths and 3438 square feet of living space.

As of February 1st, 2011, there are currently 370 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 370 active listings, 103 of them are in escrow. Among the 103 escrows, 49 of them are subject to bank approval for a short sale.

As we head out the door to enjoy an absolutely GLORIOUS day in Lake Tahoe, we thought it best to finish up one bit of business.  That is the posting of the weekly real estate report for the East Shore of Nevada.  According to the Northern Nevada Regional Multiple Listing Services, there are 126 single family homes currently listed for sale throughout the Lake Tahoe’s Nevada East Shore neighborhoods (as of January 26th, 2012). Among this group of Nevada homes for sale, there are 18 homes currently in escrow. Among these 18 escrows, 11 are still pending bank approval for a short sale. Throughout these 126 active listings, the median list price is $1,295,000 while the average list price is at $2,744,704. Among the 18 homes that are in escrow, the median listing price is $350,000 and the average listing price is $614,988.

There was 1 new listing over the past week for the East Shore side of Lake Tahoe, NV, down 2 from the previous week’s 3 new listings. The new listing is asking $274,900 for a home located at 740 Kingsbury. This home is bank owned and it has 3 bedrooms, 2 baths and 1969 square feet of living space. Unfortunately there were no new pending sales reported for the past week either, the same as the week before. There were, however, 2 homes that closed escrow over the past week, up 2 from the week before. The lowest sale price was $265,500 for 649 N. Martin. This home has 3 bedrooms, 1 bath and 1024 square feet. The highest recorded sale was $480,000 for 314 Ute Way in Round Hill. This is a 4 bedroom, 2 bath with 2501 square feet.

As of January 26th, 2012 there are currently 66 condominiums listed for sale on the Nevada side of South Lake Tahoe. The median listing price for these condos is $394,000 and the average listing price is $630,807. Out of these 66 condos on the market, there are 7 that are currently in escrow. Among the 7 pending sales, 4 are subject to bank approval for a short sale. The median price for Nevada condos in escrow is $209,900 and the average is $307,457. There were 2 new condo listings put on the market last week, up 2 from the week before. The lowest new asking price is $313,500 for 229 Clubhouse, a 3 bedroom, 3 bath with 1676 square feet. This condo is currently bank owned. The other new listing is asking $625,000 for 121 Holly B in the Lake Village complex. This condo has 3 bedrooms, 2 baths and 2112 square feet of living space. There were no new pending condo sales, the same as the prior week. As for recorded sales, there was one condo that sold for $96,000. This condo was a foreclosure sale and it has 2 bedrooms, 2 baths and 1232 square feet. It is located at 383 B Tramway at the top of Kingsbury Grade.

image by Theresa Souers

We enjoyed a splash of winter this past week however, it looks like the coming weekend will once again return to Spring.  Knowing what could be around the corner, we will take advantage of the warmer temperatures and head outdoors for some fresh air.  Now, onward to the weekly real estate report.  According to the South Lake Tahoe Association of REALTORS’ Multiple Listing Services, there were 7 new listings posted over the past week, down 1 from the previous week’s 8. Among these new listings, the lowest priced property is $115,000 for 2580 Alma. This is a bank-owned home in the Sierra Tract neighborhood with 2 bedrooms, 1 bath and 864 square feet of living space. The highest priced new listing over the past week  is listed at $549,000 for 1301 Susie Lake Road. This Bijou home has 3 bedrooms, 3 baths and 2655 square feet. The overall median list price for these new listings was $359,000 and the overall average list price was $335,643.

The number of NEW PENDING escrows over the past week was 10, down 4 from the previous week’s 14.  Condos seem to be the bookends for this week’s pending sales.  The lowest pending list price from this group was $49,000 for a bank-owned condo located at 1223 Bonanaza #4 in the Y neighborhood. This condo has 2 bedrooms, 1 bath and 841 square feet. The highest priced home that went into escrow over the past week is listed at $449,000 for 439 Ala Wai #135. This Tahoe Keys condo has 3 bedrooms, 3 baths and 1870 square feet.The overall median list price for the homes in escrow this last week was $203,125 and the overall average list price for these homes was $235,842. The average time on the market for these pending sales was 101 days.

As for the CLOSED escrows, there were 11 reported sales over the past week, up 5 from the previous week’s .  The lowest recorded sale price within this group was $108,900 for 3804 Alder, a 3 bedroom, 2 bath with 1235 square feet located in the Ski Run area. This home was a bank-owned sale. The highest recorded sale last week sold for $815,000 for 3606 Mackedie, a 5 bedroom, 3 bath with 3186 square feet of living space (congratulations to Mark Salmon with Pinnacle Real Estate) located at the foot of Heavenly Mt.  The overall median sale price for the past week was $185,000 and the overall average sale price was $276,627.

As of January 25th, 2011, there are currently 380 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 380 active listings, 108 of them are in escrow. Among the 108 escrows, 52 of them are subject to bank approval for a short sale.

According to the Northern Nevada Regional Multiple Listing Services, there are 122 single family homes currently listed for sale throughout the South Lake Tahoe’s Nevada East Shore neighborhoods (as of January 19th, 2012). Among this group of Nevada homes for sale, there are 16 homes currently in escrow. Among these 16 escrows, 9 are still pending bank approval for a short sale. Throughout these 122 active listings, the median list price is $1,270,000 while the average list price is at $2,789,061. Among the 16 homes that are in escrow, the median listing price is $369,500 and the average listing price is $657,181.

There were 3 new listings over the past week for the East Shore side of Lake Tahoe, NV. The lowest new listing price is $459,000 for 654 Jeffrey Lane in the Stateline area. This home has 4 bedrooms, 3 baths and 2,806 square feet of living space.  The highest priced new listing is $2,000,000 for 179 Yerington Circle in the Glenbrook community. This home features 4 bedrooms, 4 baths and 3,097 square feet of living space. The median list price for the new listings is $1,295,000 and the average is $1,251,333. Unfortunately there were no new pending sales reported for the past week either, the same as the week before. There were also no reported sales for single family homes.

As of January 19th, 2012 there are currently 65 condominiums listed for sale on the Nevada side of South Lake Tahoe. The median listing price for these condos is $389,000 and the average listing price is $626,680. Out of these 65 condos on the market, there are 7 that are currently in escrow. Among the 7 pending sales, 4 are subject to bank approval for a short sale. The median price for Nevada condos in escrow is $149,500 and the average is $279,800. This was a very slow week for Nevada condo activity as there were no new condos listed for sale, no new pending sales and unfortunately no recorded sales either.

The number of NEW PENDING escrows over the past week was 14. The lowest pending list price from this group was $75,900 for 1234 Dedi Ave. in the Y neighborhood. This home is currently bank owned and has 2 bedrooms, 1 bath and 868 square feet of living space. The highest priced home that went into escrow over the past week is listed at $510,000 and is located at 1989 Marconi in the Tahoe Keys neighborhood. This home is also bank owned and it features 3 bedrooms, 3 baths and 2697 square feet of living space. The overall median list price for the homes in escrow this last week was $243,700 and the overall average list price for these homes was $260,596. The average time on the market for these pending sales was 100 days.

As for the CLOSED escrows, there were 6 reported sales over the past week.  The lowest recorded sale price within this group was $125,000 for 1208 San Diego in the Meyers neighborhood. This home is a bank owned fixer that had previous water damage and it has 4 bedrooms, 2 baths and 2,022 square feet of living space. The highest recorded sale last week sold for $317,000 for 2244 Inverness. This home is located in the Tahoe Keys and it has 3 bedrooms, 2 baths and 1,530 square feet. The overall median sale price for the past week was $152,500 and the overall average sale price was $175,917. The average time on the market, including the escrow period, was 152 days.

As of January 18th, 2011, there are currently 381 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 381 active listings, 113 of them are in escrow. Among the 113 escrows, 51 of them are subject to bank approval for a short sale.

The 'Y' 2011 Market Report

Home prices actually saw a nice increase in values during 2011.  According to the South Tahoe Association of REALTORS®’ MLS, there were 37 closed escrows in the Y neighborhood during 2011. This number rose from the previous year’s 27 closed sales. Two years ago in 2009 there were 28 sales reported.

The median sales price for the Y homes and condos that sold in 2011 was $121,200. This number is higher than the previous year’s $65,000. In 2009 the median sale price for the Y area was $132,500.

As for the list price to sold price ratio, the homes that sold in the Y during 2011 sold for an average of 92.8% of the asking price. Although it rose slightly, the list to sold ratio has basically remained the same over the last couple of years. In 2010 they sold for an average of 91.8% and in 2009 the homes sold for an average of 91.3% of the asking price.

The average amount of time on the market for the homes that sold in the Y area in 2011 was 153 days (including the escrow period). During 2010 they were on the market for an average of 148 days. In 2009 the sold homes were on the market for an average of 156 days.

At the end of the December in 2011 there were 22 homes and condos listed for sale in the Y neighborhood according to the South Tahoe Association of REALTORS®’ MLS. The lowest priced property on the market at the end of 2011 was just $59,000 for a condo located at 1223 Bonanza #36. This condo is bank owned and it has 2 bedrooms, 1 bath and 1064 square feet. The highest priced listing at the end of the year in the Y neighborhood was $399,900 for 1266 Tata Lane. This home features 3 bedrooms, 2 baths and 1610 square feet of living space.

Tahoe Paradise 2011 Median Home Price

Due to a high number of short sales and bank owned properties, the 2011 statistics weren’t so great for the Tahoe Paradise neighborhood of South Lake Tahoe, that is, unless one is a buyer looking for investment opportunities.  According to the South Tahoe Association of REALTORS®’ MLS, there were 22 closed escrows in the Tahoe Paradise neighborhood during 2011. This number decreased from the previous year, in 2010 there were 37 closed sales and in 2009 there were 29 sales reported.

The median sales price for the Tahoe Paradise homes that sold in 2011 was $268,200 which was $100,000 less than the median from the year before. In 2010 the Tahoe Paradise median sale price was $369,900 and in 2009 it was $422,000.

As for the list price to sold price ratio, the homes that sold in Tahoe Paradise during 2011 sold for an average of 93.9% of the asking price. The list to sold ratio has also declined a bit over the last couple of years, in 2010 they sold for an average of 95.2% and in 2009 the homes sold for an average of 94% of the asking price.

The average amount of time on the market for the homes that sold in Tahoe Paradise in 2011 was 152 days (including the escrow period). During 2010 they were on the market for an average of 122 days and in 2009 they were on for an average of 156 days.

At the end of the December in 2011 there were 10 homes currently listed for sale in the Tahoe Paradise neighborhood according to the South Tahoe Association of REALTORS®’ MLS. The lowest priced property on the market at the end of 2011 was $151,200 for 1619 Atroari. This is a bank owned fixer with 3 bedrooms, 2 baths and 1248 square feet of living space. The highest priced listing in Tahoe Paradise at the end of the year was $649,000 for 1921 Celio. This home features 5 bedrooms, 3 baths and 2992 square feet of living space.