The Y Area 2011/ 2010 3rd Quarter Comparisons

According to the South Lake Tahoe MLS reports, the single family and condo sales in the Y Area neighborhood showed an increase from the previous 2 years for the first 3 quarters of the year. There were 17 closed sales in the Y neighborhood from January 1st, 2011 through September 30th, 2011.  During this same time period in 2010 there were 13 closed sales and in 2009 during the same time period there were 9 recorded sales. Last year in 2010 for the first 3 quarters of the year the median sale price for Y Area homes and condos was $165,000 and the average sale price was $165,360. Throughout the first 3 quarters of 2011 the median sale price decreased to $150,000 and the average sale price increased to $188,143.

Distressed sales have made up for a great amount of the Y Area sales so far this year. Out of the 17 closed sales from the first 3 quarters of 2011, there have been 10 bank owned sales and 3 approved shorts sales. The lowest sale price in the Y so far this year was $65,000 for 1154 Margaret, a 2 bedroom, 0.75 bath with 578 square feet. The highest sale price this year so far in the Y neighborhood was $375,000 for 1282 Dedi, a 3 bedroom, 2.5 bath with 1,850 square feet.

During the first 3 quarters of 2010 the median dollar per square foot for Y area homes and condos was $189.00 and the average dollar per square foot was also $143.00. In 2011 the median dollar per square foot decreased to $130.00 and the average decreased to $136.00 for the first 3 quarters of the year.

As of October 19th, 2011 there are currently 22 homes listed for sale in the Y neighborhood of South Lake Tahoe according to the South Tahoe Association of REALTORS’ MLS. The average list price is $227,825 and the median list price is $202,000. The average dollar per square foot for the asking price is $176.00 and the median is $174.00. As for distressed sales in this neighborhood, 6 of the current 22 listings are bank owned and 4 of them will need short sale approval. Out of these 22 listings, 6 of them are currently in escrow. Among the 6 escrows, 1 of them will need short sale approval and 2 are bank owned homes. The average price for the homes in escrow is $196,117 and the median is $182,450. The average dollar per square foot for the asking price of homes on escrow is $151.00 and the median is $166.00.