June 2009 South Lake Tahoe Real Estate Market Update

June 4th, 2009

It’s almost summer here in South Lake Tahoe, and while the temps aren’t too hot with this recent cold front, the real estate market is scorching. We haven’t seen buyer activity like this in years. I’ve seen several properties receive multiple, competing offers. They are oftentimes selling for more than list price. Things are getting crazy here and many of us real estate professionals are putting in long hours in order to keep up.

At the moment, there are 94 homes in escrow in South Lake Tahoe (We hit 100 last Friday.) We haven’t seen this many homes in escrow since July 2005, which was a month before the peak of the market. See the tables below for more statistics.

Our overall inventory is shrinking as well. Currently, there are 381 single-family residences for sale. Last year there were 414. The year before, 522. In May 2006, there were 424. With Tahoe homes reaching affordable prices and buyer confidence increasing, look for these trends to continue.

Speaking of prices, home prices have leveled off since the start of the year. I’ve checked the homes currently in escrow, and median sale price will continue to hold steady for at least the next couple months. Perhaps we are at the bottom of the market?? Statistics are increasingly pointing in that direction. A balanced market is traditionally defined by 5 to 7 months of inventory on the market. At 6.1 months of inventory, we have already reached that point in the under-$300,000 price band. We are quickly approaching that point in the $300,000-$400,000 price band. As inventory continues to decrease and sales increase, the statistics should catch up and begin to truly reflect how busy our market is.

A couple caveats …

Ninety-four homes in escrow today can’t be compared to 94 homes in escrow a few years ago. The reason for this is short sales. Short sales typically take longer to close than a normal escrow. Thus, with some homes sitting in escrow for long periods of time, this inflates the total. That said, however, only 15 short sale homes went into escrow over 45 days ago. Subtract these from our total and the 79 remaining homes in escrow still hasn’t been matched since September 2005, which was virtually the peak of the market.

In addition to this, the traditional definition of a balanced market, 5 to 7 months of inventory, may not apply in this market. Previous markets have not been affected by foreclosures like this. A new wave of foreclosures could drive prices down further. On the other hand, prices have leveled off for the last half year. And no one can argue that our shrinking inventory is a good sign of rebound.

All that said, now might be THE time to buy in South Lake Tahoe. And with another amazing Tahoe summer approaching, what better a time to come and start shopping!

Month & Year Listings at Month’s End Escrows at Month’s End Homes Sold Median $ Over Last 90 Days Median Sale $

May 2009

381
94
26
$315,000
$315,000

Apr 2009

383
60
28
$319,000
$295,000

Mar 2009

372
46
26
$320,000
$335,250

Feb 2009

381
39
28
$360,000
$329,500

Jan 2009

367
36
17
$370,000
$302,000
Dec 2008
354
32
26
$401,000
$412,450
Nov 2008
369
35
31
$425,000
$370,000
Oct 2008
395
35
46
$440,000
$470,000
Sept 2008
435
69
29
$420,000
$440,000

Aug 2008

468
45
34
$399,000
$443,750
July 2008
482
53
36
$396,000
$391,500
June 2008
465
57
30
$392,000
$365,000
May 2008
414
47
31
$396,000
$415,000
Apr 2008
372
44
21
$387,000
$379,000
Mar 2008
361
40
34
$402,500
$387,500
Feb 2008
374
52
16
$445,750
$412,500
Jan 2008
366
33
16
$466,500
$428,000
Dec 2007
382
28
34
$460,000
$502,000
Nov 2007
403
42
27
$415,000
$460,000
Oct 2007
353
15
39
$415,000
$425,000
Sept 2007
442
30
30
$415,000
$398,250
Aug 2007
538
45
38
$437,500
$421,500
July 2007
557
40
25
$440,000
$435,000
June 2007
552
33
35
$435,000
$440,000
May 2007
522
47
32
$465,500
$460,000
Apr 2007
423
32
28
$474,000
$392,500
Mar 2007
359
37
30
$482,500
$507,000
Feb 2007
327
25
25
$485,000
$492,500
Jan 2007
331
37
21
$475,750
$395,750
Dec 2006
339
29
40
$477,000
$497,500
Nov 2006
362
50
44
$464,000
$483,500
Oct 2006
411
55
53
$444,000
$450,000
Sept 2006
463
63
31
$449,500
$442,000
Aug 2006
548
46
36
$465,000
$427,500
July 2006
571
49
37
$480,000
$475,000
June 2006
532
51
37
$482,290
$480,000
May 2006
424
50
35
$482,580
$465,000
Apr 2006
302
50
32
$489,000
$504,000
Mar 2006
264
39
38
$495,000
$485,140
Feb 2006
262
51
21
$477,000
$489,000
Jan 2006
256
32
20
$464,500
$508,750
Dec 2005
198
n/a
31
$460,000
$450,000
Nov 2005
282
42
53
$485,000
$455,000
Oct 2005
300
69
55
$500,000
$485,000
Sept 2005
313
93
63
$495,000
$495,000
Aug 2005
270
96
79
$485,750
$510,000
July 2005
209
110
74
$482,000
$484,500
June 2005
188
113
65
$480,000
$456,000
May 2005
172
96
57
$489,000
$495,000
Apr 2005
116
91
72
$475,000
$488,500
Mar 2005
88
83
50
$440,000
$440,000
Feb 2005
72
86
34
$433,000
$449,500
Jan 2005
85
63
47
$405,000
$405,000

Price Range
Active Listings
Absorption Rate in sales/mo. (% of inventory) Months Supply of Inventory (Sept.)
$0-$300,000
50
8.17 (16.33%)

6.1

$300,001-$400,000
67
8.08 (12.06%)
8.3
$400,001-$500,000
67
5.08 (7.59%)
13.2
$500,001-$650,000
57
4.00 (7.02%)
14.3
$650,001-$800,000
49
2.00 (4.08%)
24.5
$800,001-$1,000,000
35
1.33 (3.81%)
26.3
$1,000,001-$2,000,000
40
1.17 (2.92%)
34.3
$2,000,001 and up
16
0.08 (0.52%)
192.0

South Lake Tahoe Foreclosures - May 19, 2009

May 19th, 2009

Once again, all is quiet on the South Lake Tahoe foreclosure front. Not much has happened in the last two weeks.

I had the chance to drop by 489 Tahoe Keys Blvd. #69. I videoed while I was there. Click the link below to see it.

489 Tahoe Keys Blvd. #69 Video

If you’re interested in receiving the foreclosure lists by e-mail, please let me know at drew@southtahoehouses.com. If you are interested in property on this list or any property in South Lake Tahoe, e-mail me or call me at (530) 545-1831.

Address
Bed/Bath/
Gar
Square Feet
Days
on
Market
Price
3305 Treehaven Dr. #1
2/1.5/1
960
101
$152,000
3025 Christmas Valley Rd. #11
2/1
960
5
$244,900
2613 Pinter Ave. #1-2 (duplex)
4/2
1776
76
$249,900
489 Tahoe Keys Blvd. #69
1/1
754
56
$264,900
1038 Moss Rd. (2 units)
4/3.5
1754
35
$258,900
806 Stanford Ave.
3/2/2
1300
6
$295,000
776 Panther Ln.
4/3/1
2240
134
$309,800
1081 Bowers Ave.
5/4/1
2416
243
$334,900
1286 Mount Rainier Dr.
4/3/1
1983
54
$362,900
1542 Ormsby Dr.
4/2/1
2323
34
$369,000
1243 Sierra Blvd. (duplex)
4/2/2
1966
53
$404,900

South Lake Tahoe Foreclosures - May 5, 2009

May 5th, 2009

There is very little to report on South Lake Tahoe foreclosures at the moment. Our foreclosure list has dwindled to a mere 10 properties. Only 7 of these are single-family residences. A 90-day foreclosure moratorium was passed in late February. Thus, we should see a big wave of foreclosures hit the market later this month and in June when the moratorium is no longer in effect.

If you’re interested in receiving the foreclosure lists by e-mail, please let me know at drew@southtahoehouses.com. If you are interested in property on this list or any property in South Lake Tahoe, e-mail me or call me at (530) 545-1831.

Address
Bed/Bath/

Gar

Square Feet
Days

on

Market

Price
3305 Treehaven Dr. #1
2/1.5/1
960
87
$152,000
1161 Julie Ln.
2/1.5/1
1004
32
$204,900
2613 Pinter Ave. #1-2 (duplex)
4/2
1776
62
$249,900
489 Tahoe Keys Blvd. #69
1/1
754
42
$264,900
1038 Moss Rd. (2 units)
4/3.5
1754
21
$271,900
776 Panther Ln.
4/3/1
2240
120
$309,800
1081 Bowers Ave.
5/4/1
2416
229
$334,900
1286 Mount Rainier Dr.
4/3/1
1983
40
$369,900
1243 Sierra Blvd. (duplex)
4/2/2
1966
39
$404,900
1363 Wildwood Ave.
4/3/2
2988
43
$525,000

South Lake Tahoe Foreclosures - April 3, 2009

April 3rd, 2009

There appears to be increased activity in all areas of the South Lake Tahoe real estate market. Foreclosure activity is definitely up. In 2008, there were 72 foreclosure sales. There have been 30 sales in 2009. This means we’re on pace for 120 foreclosure sales for this year, a 67% increase.

Foreclosure listings haven’t been able to keep up with buyer activity, however. There are only 16 single-family residences remaining on the foreclosure list. There are 59 single-family residences in escrow right now. Last month there were 39. Last year at this time there were 40. Our inventory is also down 5.7% from this time last year.

With the summer coming, interest rates at historic lows, and many homebuyer incentives, look for buyer activity to continue to increase. Future foreclosure lists may continue to be short lists!

If you’re interested in receiving the foreclosure lists by e-mail, please let me know at drew@southtahoehouses.com. If you are interested in property on this list or any property in South Lake Tahoe, e-mail me or call me at (530) 545-1831.

Address
Bed/Bath/
Gar
Square Feet
Days
on
Market
Price
2617 Fountain Ave.
2/0.75
575
91
$154,900
926 Macinaw Rd. (duplex)
4/2
1512
87
$183,500
3305 Treehaven Dr. #1
2/1.5/1
960
55
$199,900
1049 Reno Ave.
2/1/1
889
21
$199,900
2140 Cornelian Dr.
3/1/2
1092
18
$214,900
2734 Knox Ave.
2/1
1042
223
$214,999
1611 Bel Aire Cir.
3/1/1
1080
94
$248,900
2613 Pinter Ave. #1-2 (duplex)
4/2
1776
30
$264,900
489 Tahoe Keys Blvd. #69
1/1
754
10
$280,900
1590 Jackson Ct.
3/1.75/2
1676
114
$295,000
706 Hazel Dr.*
3/2/2
1410
10
$299,000
1081 Bowers Ave.
5/4/1
2416
197
$334,900
776 Panther Ln.
4/3/1
2240
88
$334,900
1490 Seminole Dr.
3/2/2
1872
85**
$349,900
1286 Mount Rainier Dr.
4/3/1
1983
8
$388,900
1243 Sierra Blvd. (duplex)
4/2/2
1966
7
$404,900
315 Uplands Way
3/2.5/2
2264
79
$450,900
1363 Wildwood Ave.
4/3/2
2988
11
$525,000
581 Gardner St.
4/2.5/2
4028
51
$645,550

* The listing agent chose not to publish his or her listing to internet MLS searches.
** 1490 Seminole Dr. has been listed as a foreclosure since 8/21/2008. Days on Market was reset when a new agent took the listing.

South Lake Tahoe Foreclosures - March 15, 2009

March 15th, 2009

It’s been a little while since the last South Lake Tahoe foreclosure list, but not too much has changed. A few properties went into escrow but then returned to the market. There were also a few price reductions. 1081 Bowers did not go to auction, as scheduled, and is now at $334,900 for a price per square foot of $138.

If you’re interested in receiving the foreclosure lists by e-mail, please let me know at drew@southtahoehouses.com. If you are interested in property on this list or any property in South Lake Tahoe, e-mail me or call me at (530) 545-1831.

Address
Bed/Bath/
Gar
Square Feet
Days
on
Market
Price
2617 Fountain Ave.
2/0.75
575
72
$154,900
2680 Rose Ave.*
2/1
799
59
$189,900
3305 Treehaven Dr. #1
2/1.5/1
960
36
$199,900
1049 Reno Ave.
2/1/1
889
2
$199,900
2734 Knox Ave.
2/1
1042
204
$214,999
650 Anita Dr.
2/1
1152
74
$250,000
1611 Bel Aire Cir.
3/1/1
1080
75
$256,900
952 Tahoe Island Dr.
4/2/1
1650
24
$265,000
1577 Atroari St.
3/1/0
1014
82
$278,646
1590 Jackson Ct.
3/1.75/2
1676
95
$295,000
1020 Modoc Way
3/1.75/2
1828
3
$296,800
1121 Fairway
3/1.75
1345
41
$299,000
1077 Onnontioga St.*
2/1/1
1040
58
$325,000
1081 Bowers Ave.
5/4/1
2416
178
$334,900
776 Panther Ln.
4/3/1
2240
69
$359,900
1490 Seminole Dr.
3/2/2
1872
66**
$389,900
315 Uplands Way
3/2.5/2
2264
60
$499,900
581 Gardner St.
4/2.5/2
4028
32
$645,550
2224 Inverness Dr.
4/2.5/2
3000
165
$720,000

* The listing agent chose not to publish his or her listing to internet MLS searches.
** 1490 Seminole Dr. has been listed as a foreclosure since 8/21/2008. Days on Market was reset when a new agent took the listing.

South Lake Tahoe Foreclosures - January 29, 2009

January 28th, 2009

There hasn’t been much activity in the South Lake Tahoe foreclosure market over the last couple weeks. When 2680 Osborne Ave. was listed, it went into escrow within a few hours. That was a day before my last foreclosure list was published. It fell out of escrow and is a good buy at $225,000. See this very rough 2680 Osborne Ave. video for a better look at it.

If you’re interested in receiving the foreclosure lists by e-mail, please let me know at drew@southtahoehouses.com. If you are interested in property on this list or any property in South Lake Tahoe, e-mail me or call me at (530) 545-1831.

Address
Bed/Bath/
Gar
Square Feet
Days
on
Market
Price
1909 B St.
1/0.75
583
24
$164,900
3608 Terry Ln. #28
3/1.75
1176
49
$179,900
2680 Rose Ave.*
2/1
799
14
$189,900
2617 Fountain Ave.*
2/0.75
575
27
$196,100
1049 Reno Ave.
2/1/1
889
56
$199,900
926 Macinaw Rd. (duplex)
4/2
1512
23
$213,750
1035 Herbert Ave.
4/2/1
1394
114
$219,900
2680 Osborne Ave.
2/1
1054
17
$225,000
2734 Knox Ave.
2/1
1042
167
$245,000
1611 Bel Aire Cir.
3/1/1
1080
30
$274,900
730 Tahoe Island Dr.
2/2/2
1429
71
$278,000
1577 Atroari St.
3/1/0
1014
37
$308,750
1612 Choctaw St.
6/4/2
2489
195
$314,975
3510 Deer Ln.
3/2/2
1416
101
$319,000
650 Anita Dr.
2/1/0
1152
29
$320,000
1590 Jackson Ct.
3/1.75/2
1676
50
$355,000
2753 Springwood Dr.
3/0/2
1927
37
$359,900
776 Panther Ln.
4/2/1/
2240
24
$369,900
1081 Bowers Ave.
5/4/1
2416
133
$399,900
1490 Seminole Dr.
3/2/2
1872
21**
$399,900
1420 June Way
4/2/0
1584
23
$441,750
2195 Catalina Dr.
6/4/2
2945
101
$759,900

* The listing agent chose not to publish his or her listing to internet MLS searches.
** 1490 Seminole Dr. has been listed as a foreclosure since 8/21/2008. Days on Market was reset when a new agent took the listing.

1588 Skyline Dr. and 2680 Osborne Ave. Videos

January 27th, 2009

Here are rough videos that I shot for clients who were interested in these two homes. Click the links below to see details on these two homes.

1588 Skyline Dr. - 3/2.5/2 - $509,000
2680 Osborne Ave. - 2/1 - $225,000

Note that these are really rough videos. I was using a new camera and had my finger over the mic at one point! To see all my Tahoe real estate videos, click here.

If you’re interested in these homes or any other Lake Tahoe property, please e-mail me at drew@southtahoehouses.com or call me at (530) 545-1831.

If video stops during playback, just press the pause button and wait a minute for the video to download.

1588 Skyline Dr.

Click for 1588 Skyline Dr. Video in High Quality

2680 Osborne Ave.

959 Kekin Street Video Tour

January 23rd, 2009

I’ve created another video tour for my brokerage, Deb Howard & Co. This South Lake Tahoe home backs to the Truckee River and is listed at $649,000. I’d encourage you to watch it in high quality so you can see the property better. If the video stops during playback, just press the pause button and wait a minute for the video to download.

South Lake Tahoe Foreclosures - January 14, 2009

January 14th, 2009

There has been LOTS of activity in the foreclosure market. There has been lots of activity in the real estate market. Today was the first day I didn’t have a property showing scheduled in five days. I’m obviously trying to catch up with things, so I’ll keep this short.

Note that the home on Dedi Street was reduced $60,000. It was listed at $299,900. It’s now at $239,900.

The new listing on June Way is really neat. It’s about 150 meters from the Heavenly Cal Base. Its setting is beautiful, and it’s in great condition for a foreclosure.

Rumor has it that Bowers will soon go to auction. If any of you are really interested in this home (with an incredibly weird floorplan), let me know and I’ll look into it for you.

If you’re interested in receiving the foreclosure lists by e-mail, please let me know at drew@southtahoehouses.com. As usual, I have more information on properties that will become foreclosures. However, I don’t feel at liberty to publish this information on the internet. If you are interested in those properties or the ones on this list, call me at (530) 545-1831.

Address
Bed/Bath/
Gar
Square Feet
Days
on
Market
Price
1909 B St.
1/0.75
583
9
$164,900
1414 N. Upper Truckee Rd.
3/1/0
1040
160
$179,900
3608 Terry Ln. #28
3/1.75
1176
34
$194,900
2617 Fountain Ave.
2/0.75
575
12
$196,100
1049 Reno Ave.
2/1/1
889
41
$199,900
1035 Herbert Ave.
4/2/1
1394
100
$239,900
1153 Dedi Ave.
4/1.75/0
1332
78
$239,900
2768 Saint Nick Way
2/1/2
1196
22
$250,000
730 Tahoe Island Dr.
2/2/2
1429
58
$278,000
1611 Bel Aire Cir.
3/1/1
1080
15
$293,900
2460 Del Norte St.
3/2.75/1
1936
7
$297,000
2604 Knox Ave.
4/2/1
2210
160
$304,900
1577 Atroari St.
3/1/0
1014
22
$308,750
1612 Choctaw St.
6/4/2
2489
180
$314,975
650 Anita Dr.
2/1/0
1152
14
$320,000
1590 Jackson Ct.
3/1.75/2
1676
35
$355,000
776 Panther Ln.
4/2/1/
2240
9
$369,900
1490 Seminole Dr.
3/2/2
1872
6*
$399,900
1081 Bowers Ave.
5/4/1
2416
118
$424,900
1420 June Way
4/2/0
1584
8
$441,750
2195 Catalina Dr.
6/4/2
2945
86
$815,900
2227 Dundee Cir.
4/3/2
2622
62
$829,900

* 1490 Seminole Dr. has been listed as a foreclosure since 8/21/2008. Days on Market was reset when a new agent took the listing.

South Lake Tahoe Foreclosures - December 31, 2008

December 31st, 2008

It’s been a while, but here’s the latest foreclosure list.  A couple quick notes:  The home on Bowers appears to be a screaming deal on paper at $176/sqft.  However, it has an incredibly weird floorplan.  Unless it sees a big price reduction, expect it to be on the market for a while.

1818 Jack Bell Ct. was listed yesterday.  A 2,622 sqft. newer construction home is a steal at $519,900.  They had dogs inside a lot and thus, probably need new carpet. The construction wasn’t completely finished either.

If you’re interested in receiving the foreclosure lists by e-mail, please let me know at drew@southtahoehouses.com. As usual, I have more information on properties that will become foreclosures. However, I don’t feel at liberty to publish this information on the internet. If you are interested in those properties or the ones on this list, call me at (530) 545-1831.

Address
Bed/Bath/
Gar
Square Feet
Days
on
Market
Price
3608 Terry Ln. #28
3/1.75
1176
20
$194,900
1414 N. Upper Truckee Rd.
3/1/0
1040
148
$199,000
2601 Pinter Ave.
2/1/0
720
37
$205,000
3675 Larch Ave.
2/1/0
720
50
$216,500
1049 Reno Ave.
2/1/1
889
27
$224,900
2734 Knox Ave.
2/1/0
1042
163
$245,000
2768 Saint Nick Way
2/1/2
1196
8
$250,000
2012 Piute St.
2/1/0
1204
105
$251,900
1035 Herbert Ave.
4/2/1
1394
90
$265,999
1512 Thunderbird Dr.
3/1/0
1945
29
$269,900
1153 Dedi Ave.
4/1.75/0
1332
64
$299,900
650 Anita Dr.*
2/1/0
1152
0
$320,000
1577 Atroari St.
3/1/0
1014
8
$325,000
1612 Choctaw St.
6/4/2
2489
166
$331,550
1590 Jackson Ct.
3/1.75/2
1676
21
$355,000
3510 Deer Ln.
3/2/2
1416
78
$359,000
2753 Springwood Dr.
3/0/2
1927
8
$379,900
1490 Seminole Dr.
3/2/2
1872
106
$409,500
1081 Bowers Ave.
5/4/1
2416
104
$424,900
1818 Jack Bell Ct.
4/3/2
2622
1
$519,900
2195 Catalina Dr.
6/4/2
2945
22
$889,900

* The listing agent chose not to publish his or her listing to internet MLS searches.