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.