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!
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.
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.
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.
* 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.
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.
* 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.
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.
* 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.
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.
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.
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.
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.
