The South Tahoe Realty Blog

June 2009 South Lake Tahoe Real Estate Market Update

admin — Thu, 04 Jun 2009 19:50:47 +0000

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

admin — Tue, 19 May 2009 17:07:04 +0000

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

admin — Tue, 05 May 2009 23:59:37 +0000

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.

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

admin — Fri, 03 Apr 2009 21:31:33 +0000

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!

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

admin — Sun, 15 Mar 2009 20:44:46 +0000

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.

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

South Lake Tahoe Foreclosures - January 29, 2009

admin — Thu, 29 Jan 2009 06:55:02 +0000

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.

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

1588 Skyline Dr. and 2680 Osborne Ave. Videos

admin — Tue, 27 Jan 2009 20:03:16 +0000

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

admin — Fri, 23 Jan 2009 19:25:21 +0000

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

admin — Thu, 15 Jan 2009 06:15:50 +0000

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

admin — Thu, 01 Jan 2009 04:14:46 +0000

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.

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.