East Shore Nevada- South Lake Tahoe Real Estate Market Update, Jan. 13- Jan. 19
Winter is back and excitement about returning to the ski slopes is abundant. With that long awaited event under our belts, let’s move forward to the real estate market report.
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.
South Lake Tahoe Real Estate Market Update, Jan. 12- Jan. 18
According to the South Lake Tahoe Association of REALTORS’ Multiple Listing Services, there were 8 new listings posted over the past week. Among these new listings, the lowest priced property is $184,900 for 1893 Hunkpapa (listed by the Souers team). This home is located in the Pioneer Trail neighborhood and features 2 bedrooms, 2 baths and 960 square feet of living space. The highest priced new listing over the past week is listed at $695,000 for 1640 Venice in the Tahoe Keys neighborhood. This property has 4 bedrooms, 3 baths and 2,444 square feet of living space. The overall median list price for these new listings was $411,950 and the overall average list price was $427,100.
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.
Y Area- End of the Year Comparisons
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- End of the Year Comparisons
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.
Tahoe Keys- End of the Year Comparisons
Tahoe Keys 2011 Median Home Price
Buyers looking for waterfront properties will be thrilled to know that their best opportunities may be right here/right now. According to the South Tahoe Association of REALTORS®’ MLS, there were 63 closed escrows in the Tahoe Keys neighborhood during 2011. This number remained about the same as the previous year, in 2010 there were 67 closed escrows. In 2009 the number of closed Tahoe Keys sales was much lower at 38.
The median sales price for the Tahoe Keys homes that sold in 2011 was $515,000. This number was higher in 2010 with a median of $625,000. And in 2009 it was even a bit higher at $670,000.
As for the list price to sold price ratio, the homes that sold in the Tahoe Keys during 2011 sold for an average of 93.6% of the asking price. The list to sold ratio has pretty much remained the same over the last couple of years, in 2010 they sold for an average of 93% and in 2009 the homes sold for an average of 9+2.4% of the asking price.
The average amount of time on the market for the homes that sold in Tahoe Keys in 2011 was 220 days (this is including the escrow period). During 2010 they were on the market for an average of 188 days. Two years before in 2009 the average time on the market was 189 days.
At the end of the December in 2011 there were 38 homes and condos listed for sale in the Tahoe Keys neighborhood according to the South Tahoe Association of REALTORS®’ MLS. The lowest priced property on the market at the end of 2011 was $128,725 for 477 Ala Wai #82. This is a studio condo with 1 bath and 502 square feet of living space. The highest priced property at the end of the year was listed at $3,595,000 for 10 Lighthouse Shores. This is a lakefront home with 4 bedrooms, 5 baths and 4433 square feet of living space.