image by Scott Souers

I think the only Souers to not hit the slopes this week is myself.  They are all using the excuse of trying to help me out with new Tahoe images as their reason to strap on their boards.  I guess it’s the thought that counts and i will be forever grateful.  Okay – here is the newest market report.

According to the Northern Nevada Regional Multiple Listing Services, there are 127 single family homes currently listed for sale throughout the Lake Tahoe’s Nevada East Shore neighborhoods (as of February 9th, 2012). Among this group of Nevada homes for sale, there are 21 homes currently in escrow. Among these 21 escrows, over half with 13 are still pending bank approval for a short sale. Throughout these 127 active listings, the median list price is $1,145,000 while the average list price is at $2,710,419. Among the 21 homes that are in escrow, the median listing price is $350,000 and the average listing price is $592,133.

There were 2 new listings over the past week for the East Shore side of Lake Tahoe, NV, down 1 from the previous week’s 3 new listings. The lowest priced new listing is $359,900 for 301 Cedar, a short sale with 4 bedrooms, 2 baths and 2045 square feet of living space. The highest priced new listing is $429,000 for 769 Lakeview in Zephyr Cove. This home has 3 bedrooms, 3 baths and 2350 square feet. There was 1 new pending sale, up 1 from the previous week. This bank owned home is listed at $474,900 and it is located at 565 Buchanan. This home has 4 bedrooms, 3 baths and 1920 square feet. There was 1 reported sale, up 1 from the previous week. This home is locate dat 266 Lark and it features 3 bedrooms, 2 baths and 2785 square feet. This house sold for $1,250,000.

As of February 9th, 2012 there are currently 66 condominiums listed for sale on the Nevada side of South Lake Tahoe. The median listing price for these condos is $399,000 and the average listing price is $683,172. Out of these 66 condos on the market, there are 7 that are currently in escrow. Among the 7 pending sales, 3 are subject to bank approval for a short sale. The median price for Nevada condos in escrow is $209,900 and the average is $304,614. There was 1 new townhouse put on the market last week. This new townhouse listing is located at 211 Glenbrook Inn and it features 5 bedrooms, 4 baths and 2741 square feet. Unfortunately there were no new pending condo sales or recorded sales over this past week.

image by Jaime Souers

Jaime keeps telling me that I use the word “glorious” too often when describing the weather lately.  But honestly – I can’t think of a better word.  IT IS GLORIOUS.  Okay -b ack to work. According to the South Lake Tahoe Association of REALTORS’ Multiple Listing Services, there were 8 new listings posted over the past week, down 1 from the previous week’s 9. Many of these listings are actually just transfers of timeshares from one brokerage firm to another.  Among these new listings, the lowest priced property is $74,000 for a bank owned home located at 2657 Bertha in the Sierra Tract neighborhood. This home has 3 bedrooms, 1 bath and 776 square feet of living space. The highest priced new listing over the past week  is listed at $389,000 for another bank owned home located at 792 Clement in the Gardner mountain neighborhood. This home has 3 bedrooms, 3 baths and 2286 square feet of living space. The overall median list price for these new listings was $153,450 and the overall average list price was $201,713.

The number of NEW PENDING escrows, over the past week was 13, while still strong was down 4 from the previous week’s 17. The lowest pending list price from this group was $99,900 for 1172 Margaret at the Y.  This homer has 3 bedrooms, 2 baths, 1344 square feet and it is currently bank owned. The highest priced home that went into escrow over the past week is listed at $699,000 for 21479 Inverness, a Tahoe Keys home with 5 bedrooms, 3 baths and 2490 square feet. The overall median list price for the homes in escrow this last week was $339,000 and the overall average list price for these homes was $372,200. The average time on the market for these pending sales was 155 days.

As for the CLOSED escrows, there were 8 reported sales over the past week, down 4 from the previous week’s 12 sales.  The lowest recorded sale price within this group was $127,500 for 1111 Pueblo Street in Meyers. This home was bank owned and it has 3 bedrooms, 2 baths and 1725 square feet of living space. The highest recorded sale last week was a short sale that sold for $395,750 located at 3006 Lodgepole (sold by the Souers team). This home is in Montgomery Estates and it features 4 bedrooms, 3 baths and 2165 square feet of living space.

As of February 8th, 2012, there are currently 372 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 372 active listings, nearly a third at 102 of them are in escrow. Among the 102 escrows, 44 of them are subject to bank approval for a short sale.

January 2012, # of Closed Sales

One of the features we want to bring to you each month is an overall comparison of the current South Lake Tahoe real estate statistics as compared to the two previous years.  These statistics, following the trends set by both the National Association and California Association of REALTORS® are determined by taking an average of the previous 12 months so as to balance out seasonal high and lows.  Areas we will follow (pertaining to single family residences, including condominiums) will be: median home price, percent of list to sale price, days on the market, month supply of inventory, number of homes for sale, and closed escrows.

Starting with the month of January (time period used is February 1, 2011 through January 31 2012) the median home price was $250,000 which was a drop of approximately 17% as compared to $300,000 in 2011 and approximately 21% lower than that reported in 2010.  These numbers are driven strongly by the continuing trend of short and REO (bank-owned) sales.  In other words, the strong majority of homes being sold are those listed under $300,000.

As of January 31, 2012, the comparisons were as follows: LIST TO SALE RATIO (2012) 94.8, (2011) 94.6 and (2010) 95. The # OF CLOSED SALES (2012) 669, (2011) 638 and (2010) 525. The AVERAGE DAYS ON MARKET were (2012) 161, (2011) 154 and (2010) 173.

Now, here’s where the trends are showing glimmers of hope. Real estate is, as is true by most commodities,  by the law of supply and demand and therefore it is helpful for those studying the market to monitor the level of sales activity. The ABSORPTION RATE compares how many homes are for sale (the supply) to how many homes sold that month (the demand).  From here, we can take a stab at determining how many months it would take for all the homes currently listed for sale to actually sell at the current pace.  Generally speaking, a balanced market is one that has approximately 2- 4 months of inventory.  A “Buyer’s Market” is one in which there is a greater absorption rate (more than a 4 month absorption rate equals greater selection to choose from) and anything less than the 2 months absorption rate would favor sellers (less competition hence choices for the buyers).

Although better than many areas throughout the country, South Lake Tahoe has not seen a “balanced market” for quite some time. However, the current indicators are certainly more positive. The number of HOMES FOR SALE  (2012) 534, (2011) 575 and (2010) 594 while the estimated MONTH SUPPLY of INVENTORY was (2012) 9.6,  (2011) 11.4 and (2010) a whopping 15.1

Baby Steps and One Day at a Time yet we will take and delight in any positive news that comes our way.  Ahh – to seek balance is a goal in so many aspects of our lives.

Overview of Types of Sales

image by Jaime Souers - Hard at Work

Jaime was sent over to check out Nevada’s real estate for an update and figured the quickest route was over the slopes of Heavenly.  Good thing she brought us this image to prove she was working.  As far as her report, this is what she found.  According to the Northern Nevada Regional Multiple Listing Services, there are 129 single family homes currently listed for sale throughout the Lake Tahoe’s Nevada East Shore neighborhoods (as of February 2nd, 2012). Among this group of Nevada homes for sale, there are 20 homes currently in escrow. Among these 20 escrows, over half with 13 are still pending bank approval for a short sale. Throughout these 129 active listings, the median list price is $1,245,000 while the average list price is at $2,723,163. Among the 20 homes that are in escrow, the median listing price is $382,450 and the average listing price is $664,545.

There were 3 new listings over the past week for the East Shore side of Lake Tahoe, NV, up 2 from the previous week’s 1 new listing. The lowest priced new listing is $474,900 for 565 Buchanan Drive in the Mid Kingsbury area. This home is bank owned and has 4 bedrooms, 3 baths and 1920 square feet of living space. The highest priced new listing is $5,995,000 for 2010 Pray Meadow Road in Glenbrook. This home features 5 bedrooms, 5 baths and 9125 square feet. Unfortunately there were no new pending sales reported for the past week either, the same as the week before. There were also no reported sales over the past week, down 3 from the previous week.

As of February 2nd, 2012 there are currently 66 condominiums listed for sale on the Nevada side of South Lake Tahoe. The median listing price for these condos is $399,000 and the average listing price is $683,475. Out of these 66 condos on the market, there are 7 that are currently in escrow. Among the 7 pending sales, 5 are subject to bank approval for a short sale. The median price for Nevada condos in escrow is $209,900 and the average is $304,614. There were no new condo listings put on the market last week, down 2 from the week before. There were also no new pending condo sales, the same as the prior week. There was 1 recorded condo sale last week, the same as the week before. This condo has 2 bedrooms, 2 baths, 864 square feet and is located at 115 Tramway Drive. This was a short sale that sold for $119,000.

The number of NEW PENDING escrows over the past week was 17, up a whopping 7 from the previous week’s 10. The lowest pending list price from this group was $151,200 for 1619 Atroari, a bank-owned home located in the Tahoe Paradise neighborhood. This home has 3 bedrooms, 2 baths and 1248 square feet. The highest priced home that went into escrow over the past week is listed at $964,900 for 2165 Balboa, a 4 bedroom, 4 bath in the Tahoe Keys with 4150 square feet of living space. This home is also currently bank owned. The overall median list price for the homes in escrow this last week was $299,000 and the overall average list price for these homes was $372,653. The average time on the market for these pending sales was 81 days.

As for the CLOSED escrows, there were 12 reported sales over the past week, up 1 from the previous week.  The lowest recorded sale price within this group was $127,000 for 1261 Heather Lake, a 3 bedroom, 2 bath with 1232 square feet. This home was a bank owned sale and it is located in the Bijou neighborhood. The highest recorded sale last week sold for $575,000 for 1901 Blackfoot in the Tahoe Paradise area. This home was a short sale with 5 bedrooms, 4 baths and 3438 square feet of living space.

As of February 1st, 2011, there are currently 370 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 370 active listings, 103 of them are in escrow. Among the 103 escrows, 49 of them are subject to bank approval for a short sale.

As we head out the door to enjoy an absolutely GLORIOUS day in Lake Tahoe, we thought it best to finish up one bit of business.  That is the posting of the weekly real estate report for the East Shore of Nevada.  According to the Northern Nevada Regional Multiple Listing Services, there are 126 single family homes currently listed for sale throughout the Lake Tahoe’s Nevada East Shore neighborhoods (as of January 26th, 2012). Among this group of Nevada homes for sale, there are 18 homes currently in escrow. Among these 18 escrows, 11 are still pending bank approval for a short sale. Throughout these 126 active listings, the median list price is $1,295,000 while the average list price is at $2,744,704. Among the 18 homes that are in escrow, the median listing price is $350,000 and the average listing price is $614,988.

There was 1 new listing over the past week for the East Shore side of Lake Tahoe, NV, down 2 from the previous week’s 3 new listings. The new listing is asking $274,900 for a home located at 740 Kingsbury. This home is bank owned and it has 3 bedrooms, 2 baths and 1969 square feet of living space. Unfortunately there were no new pending sales reported for the past week either, the same as the week before. There were, however, 2 homes that closed escrow over the past week, up 2 from the week before. The lowest sale price was $265,500 for 649 N. Martin. This home has 3 bedrooms, 1 bath and 1024 square feet. The highest recorded sale was $480,000 for 314 Ute Way in Round Hill. This is a 4 bedroom, 2 bath with 2501 square feet.

As of January 26th, 2012 there are currently 66 condominiums listed for sale on the Nevada side of South Lake Tahoe. The median listing price for these condos is $394,000 and the average listing price is $630,807. Out of these 66 condos on the market, there are 7 that are currently in escrow. Among the 7 pending sales, 4 are subject to bank approval for a short sale. The median price for Nevada condos in escrow is $209,900 and the average is $307,457. There were 2 new condo listings put on the market last week, up 2 from the week before. The lowest new asking price is $313,500 for 229 Clubhouse, a 3 bedroom, 3 bath with 1676 square feet. This condo is currently bank owned. The other new listing is asking $625,000 for 121 Holly B in the Lake Village complex. This condo has 3 bedrooms, 2 baths and 2112 square feet of living space. There were no new pending condo sales, the same as the prior week. As for recorded sales, there was one condo that sold for $96,000. This condo was a foreclosure sale and it has 2 bedrooms, 2 baths and 1232 square feet. It is located at 383 B Tramway at the top of Kingsbury Grade.

2012 BOARD OF DIRECTORS

It sure looks like the Souers team and members of the Pinnacle Real Estate Group of Lake Tahoe are going to, once again, be pretty active within the South Lake Tahoe Association of REALTORS® leadership team.  As we put this press release together for our local media, we realized that our team was named in numerous elements.

The 2012 South Tahoe Association of REALTORS® kicked off the new year with a Leadership Retreat this past Wednesday, January 25th.  The main topic of the agenda was focused on goals for the year, how best to represent the rights of Lake Tahoe homeowners and getting the various related committees underway.  The 2012 Leadership Team is made up of:

• President: Jill Teakell – C21 Tahoe Paradise
• President Elect: Ken Daley – Re/Max Realty Today
• Vice President: Brooke Hernandez – Chase Int’l So Tahoe Realty
• Secretary Treasurer: Natalie Yanish – Deb Howard & Co
• Immediate Past President: Amanda Adams – Re/Max Tahoe Realty

BOARD OF DIRECTORS

• Pamela Francis – C21 Tahoe Paradise
• Judith Hanson – Chase Int’l So Tahoe Realty
• Pam Belli – Coldwell Banker McKinney & Assoc
• Sheila Edner – Chase Int’l South Tahoe Realty
• Michael Keller – Keller Properties
• Jaime Souers – Pinnacle Real Estate Group
• Dan Spano – Paradise Real Estate
• Jesse Yohnka – Re/Max Realty Today

COMMITTEE CHAIRS

• Community Service: Ellen Camacho – Deb Howard & Co.
• Communications & Public Relations: Theresa Souers – Pinnacle Real Estate Group
• Education: Fawne Hayes – Century 21 Tahoe Paradise
• Grievance Chair: Steve Eisen – McCall Realty
• Local Government Relations: Jill Stanton Bricker – Re/Max Realty Today
• Long Term Planning Chair: Kathy Southern-Mountain View Management
• MLS Tour Director: Nanda Dozier – Pinnacle Real Estate Group
• Professional Standards Chair: Michelle Benedict – Pinnacle Real Estate Group Property Management Chair: Chris Chandler – Coldwell Banker McKinney
• Scholarship Chair: Steve Costanza – McCall Realty
• M.L.S Chairs: Don Souers – Pinnacle Real Estate Group
•           Joe Filipko – Chase Int’l So Tahoe Realty

Following a successful 2011, the South Tahoe Association of REALTORS® honored the following members for their outstanding efforts and leadership:

REALTOR® of the Year: Amanda Adams – Re/Max Realty Today
Distinguished Service: Jill Stanton Bricker – Re/Max Realty Today
Community Service: Jim Wire – Chase Int’l So Tahoe Realty
Rookie of the Year: Natalie Yanish – Deb Howard & Co

This update will be the first since the late 1980s. The TRPA’s regional planning committee is holding meetings throughout the winter and spring of 2011-2012 to update the Regional Plan.  The TRPA intends to have the new Regional Plan in place by the end of 2012.   At TRPA planning meetings, stakeholders meet all day to discuss how they want to update the regional plan. STAR’s representation is felt to be vital as the TRPA’s regional plan will have a direct affect on how people buy and sell homes in the Tahoe Basin.  The TRPA has requirements instructing REALTORS® to give out disclosures regarding TRPA regulations to homebuyers and home sellers.  The TRPA says in its own mission statement that it relies on public-private relationships to meet environmental goals.

Along with CAR’s recognition of the importance for STAR’s involvement with decisions that could affect the South Tahoe area, they acknowledged that the decisions made by the T.R.P.A. could have an effect on the state of California as well. If the TRPA passes ordinances mandating point-of-sale issues, it may set a precedent for other point-of-sale mandates across the state.  Furthermore, since the TRPA must abide by California’s new sustainable communities laws (passed in 2010), how the TRPA interprets and implements these California statewide laws will set a statewide precedent.  For this reason, CAR has encouraged STAR to seek a similar grant on the National level and offered to assist in the effort to do so.

image by Theresa Souers

We enjoyed a splash of winter this past week however, it looks like the coming weekend will once again return to Spring.  Knowing what could be around the corner, we will take advantage of the warmer temperatures and head outdoors for some fresh air.  Now, onward to the weekly real estate report.  According to the South Lake Tahoe Association of REALTORS’ Multiple Listing Services, there were 7 new listings posted over the past week, down 1 from the previous week’s 8. Among these new listings, the lowest priced property is $115,000 for 2580 Alma. This is a bank-owned home in the Sierra Tract neighborhood with 2 bedrooms, 1 bath and 864 square feet of living space. The highest priced new listing over the past week  is listed at $549,000 for 1301 Susie Lake Road. This Bijou home has 3 bedrooms, 3 baths and 2655 square feet. The overall median list price for these new listings was $359,000 and the overall average list price was $335,643.

The number of NEW PENDING escrows over the past week was 10, down 4 from the previous week’s 14.  Condos seem to be the bookends for this week’s pending sales.  The lowest pending list price from this group was $49,000 for a bank-owned condo located at 1223 Bonanaza #4 in the Y neighborhood. This condo has 2 bedrooms, 1 bath and 841 square feet. The highest priced home that went into escrow over the past week is listed at $449,000 for 439 Ala Wai #135. This Tahoe Keys condo has 3 bedrooms, 3 baths and 1870 square feet.The overall median list price for the homes in escrow this last week was $203,125 and the overall average list price for these homes was $235,842. The average time on the market for these pending sales was 101 days.

As for the CLOSED escrows, there were 11 reported sales over the past week, up 5 from the previous week’s .  The lowest recorded sale price within this group was $108,900 for 3804 Alder, a 3 bedroom, 2 bath with 1235 square feet located in the Ski Run area. This home was a bank-owned sale. The highest recorded sale last week sold for $815,000 for 3606 Mackedie, a 5 bedroom, 3 bath with 3186 square feet of living space (congratulations to Mark Salmon with Pinnacle Real Estate) located at the foot of Heavenly Mt.  The overall median sale price for the past week was $185,000 and the overall average sale price was $276,627.

As of January 25th, 2011, there are currently 380 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 380 active listings, 108 of them are in escrow. Among the 108 escrows, 52 of them are subject to bank approval for a short sale.

According to the Northern Nevada Regional Multiple Listing Services, there are 122 single family homes currently listed for sale throughout the South Lake Tahoe’s Nevada East Shore neighborhoods (as of January 19th, 2012). Among this group of Nevada homes for sale, there are 16 homes currently in escrow. Among these 16 escrows, 9 are still pending bank approval for a short sale. Throughout these 122 active listings, the median list price is $1,270,000 while the average list price is at $2,789,061. Among the 16 homes that are in escrow, the median listing price is $369,500 and the average listing price is $657,181.

There were 3 new listings over the past week for the East Shore side of Lake Tahoe, NV. The lowest new listing price is $459,000 for 654 Jeffrey Lane in the Stateline area. This home has 4 bedrooms, 3 baths and 2,806 square feet of living space.  The highest priced new listing is $2,000,000 for 179 Yerington Circle in the Glenbrook community. This home features 4 bedrooms, 4 baths and 3,097 square feet of living space. The median list price for the new listings is $1,295,000 and the average is $1,251,333. Unfortunately there were no new pending sales reported for the past week either, the same as the week before. There were also no reported sales for single family homes.

As of January 19th, 2012 there are currently 65 condominiums listed for sale on the Nevada side of South Lake Tahoe. The median listing price for these condos is $389,000 and the average listing price is $626,680. Out of these 65 condos on the market, there are 7 that are currently in escrow. Among the 7 pending sales, 4 are subject to bank approval for a short sale. The median price for Nevada condos in escrow is $149,500 and the average is $279,800. This was a very slow week for Nevada condo activity as there were no new condos listed for sale, no new pending sales and unfortunately no recorded sales either.