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.