South Lake Tahoe Real Estate Market Update, July 19- July 25

All three categories that we follow weekly were down this past week including the number of new listings, pending and closed sales.  According to the South Tahoe Association of REALTORS’ Multiple Listing Services, there were 10 new listings posted over the past week, down 13 from the week before. The lowest priced new listing was $150,000 for 1198 Margaret in the Y neighborhood. This home has 2 bedrooms, 1 bath, 928 square feet and it will need short sale approval. The highest priced new listing over the past week  is listed at $839,000 for 415 Emerald in the Tahoe Keys. This home has 4 bedrooms, 2.5 baths and 2044 square feet. The overall median list price for these new listings was $381,500 and the overall average list price was $402,440.

The number of NEW PENDING escrows over the past week was 16, down 4 from the previous week’s 20. The lowest pending list price from this group was $95,000 for 3630 Birch in the Ski Run area. This home has 2 bedrooms, 1 bath and 520 square feet.  The highest priced home that went into escrow over the past week is listed at $889,000 for 1990 Kokanee in the Tahoe Keys. This home has 4 bedrooms, 2.5 baths and 3255 square feet. The overall median asking price for homes that went into escrow was $290,500 while the average overall was $308,913.  The average time on the market for these pending sales was 84 days.

As for the CLOSED escrows, there were 16 reported sales over the past week, down 2 from the previous week. The lowest recorded sale price within this group was $100,000 for 1092 Stockton, a 2 bedroom, 1 bath with 890 square feet. This home was bank owned. The highest recorded sale last week sold for $950,000 for 1934 Marconi, a 4 bedroom, 3 bath with 2628 square feet. This home is in the Tahoe Keys neighborhood. The overall median sale price was $223,700 and the overall average was $300,588.  The average time on the market, including the escrow period, was 132 days.

As of July 25th 2012, there are currently 418 active homes and condos on the market according to the South Tahoe Association of REALTORS®’ MLS.  Out of the 418 active listings, 136 of them are in escrow. Among the 136 escrows, 44 are subject to bank approval for a short sale.