North Upper Truckee, S. Lake Tahoe Real Estate Market Update

Great news for the Upper Truckee Neighborhood!  According to the South Tahoe Association of Realtors’ MLS reports, the North Upper Truckee 1 & 2 neighborhood have seen quite an increase in activity when comparing the first quarter of 2010 to the first quarter of 2011. During the time period of January 1st through March 31st, 2010 there were 6 recorded sales in the North Upper Truckee 1 & 2 neighborhoods.  These homes were on the market for an average of 188 days (including the escrow period). Throughout the same time period in 2011, the number of sales almost doubled with a total of 11. Even better news is that out of these 11 sales, there was only one bank owned home and 1 approved short sale. The 2011 sales were on the market for an average of 196 days.

The sale prices for North Upper Truckee 1 & 2 homes also increased during the first quarter of 2011. In 2010, the first quarter sales averaged a sale price of $494,265 and had a median sale price of $522,500. During 2011 these numbers increased to an average sale price of $588,727 and a median sale price of $595,000. During 2010, the average dollar per square foot for the 6 sales was $184 and the median was $188. During 2011, these numbers increased as well with an average dollar per square foot for the 11 sales of $220 and a median dollar per square foot of $225.

As for the list to sale price ratio, those numbers decreased slight from the 2010 first quarter statistics to the 2011 first quarter statistics. In 2010 the homes that recorded escrow had an average sale price of 96.1% of the asking price and a median of 99.1% of the asking price. In 2011, however, the sold homes had an average list price to sale price ratio of 90.5% and a median of 96.1%.

There are currently 18 homes listed for sale on the South Tahoe Association of Realtors’ MLS in the North Upper Truckee 1 & 2 neighborhoods. The 18 homes have an average asking price of $688,561 and a median asking price of $453,950. Out of these 18 listings, 7 of them are currently in escrow.

Pioneer Trail, S. Lake Tahoe Real Estate Market Update

The Pioneer Trail neighborhood saw a similar first quarter of 2011 for single family home sales as the first quarter of 2010.  According to the South Lake Tahoe Association of Realtors’ MLS reports, in 2010 there were 10 homes sold in this area between January 1st and March 31st. Out of these 10 homes, 3 of them were bank owned, 5 of them were approved short sales and just 2 of them were traditional sales. These homes were on the market for an average of 143 days. In 2011, there were 7 homes sold in this area during the first quarter of the year.

The good news for the Pioneer Trail neighborhood is that the number of distressed sales decreased to just 1 bank owned home and 2 short sales in 2011. These 7 homes were on the market for an average of 151 days, similar to the amount of time in 2010.

The 10 Pioneer Trail homes that sold in 2010 averaged a sale price of $317,800 with a median sale price of $307,500. The 7 Pioneer Trail homes that sold during the first quarter of 2011 had an average sale price that went up to $354,843. The median, however, went down slightly to $285,000. During the first quarter of 2010, the average list price to sale price ratio for the 10 homes was 97.5% with a median list price to sale price ratio of 96.4%. During 2011, the numbers stayed just about the same with the 7 homes selling for an average of 97.5% of the asking price and for a median of 95.5% of the asking price.

As for the dollar per square foot, Pioneer Trail saw an increase from 2010 to 2011. In 2010, the average dollar per square foot was $184 and the median dollar per square foot was $180. In 2011 these numbers jumped to an average dollar per square foot of $201 with a median dollar per square foot of $207.

Currently, there are 10 homes listed for sale in the Pioneer Trail neighborhood (as of May 1st, 2011). These 10 listings are averaging an asking price of $472,350 with a median asking price of $422,000. Out of the 10 homes on the market there are 2 that are currently in escrow.

Montgomery Estates, S. Lake Tahoe Real Estate Market Update

In a good sign of a real estate market holding steady in South Lake Tahoe, the Montgomery Estates neighborhood has stayed the same when comparing the first quarter home sales of 2010 with the first quarter home sales of 2011. Although the average sale prices decreased slightly, there was an increase in list price to sale price ratios and another increase in the dollar per square foot amount for the sales in 2011.

In the first quarter of 2010, there were 8 recorded sales in the Montgomery Estates neighborhood according to the South Tahoe Association of Realtors Multiple Listing Service.  For the same time period of 2011 that number decreased just by one with a total of 7 sales. Out of these 7 sales, 2 were bank owned and 2 were approved short sales.

The 2010 first quarter sales averaged a sale price of $495,188 with a median sale price of $459,000. The 2011 first quarter sales showed slightly lower numbers with an average of $458,429 and a median of $439,000.

In good news for the Montgomery Estates neighborhood  the numbers went up in 2011 for list price to sale ratios. During the first quarter of 2010, the average list to sale price ratio was 92.9%.  In 2011, the average list to sale price ratio went up to 97.8%. In 2010 the median list to sale price ratio was 93.7% and in 2011 the median also increased to 95.6%.

More good news… along with the increase in the list to sale ratios, there was also an increase in dollar per square foot from 2010 to 2011. During the first quarter of 2010, the average dollar per square foot for the Montgomery Estates sales was $178 and the median dollar per square foot was $211. During the first quarter of 2011 the average dollar per square foot for the homes sold went up to $203 and the median went up to $214.

There are currently 18 homes listed for sale in the Montgomery Estates neighborhood. These 18 listings are averaging an asking price of $657,789 and have a median asking price of $448,500. Out of the 18 listings, there are currently 5 homes that area in escrow.

Meyers, S. Lake Tahoe Real Estate Market Update

The real estate market for the Meyers neighborhood of South Lake Tahoe has remained steady throughout the first quarter of 2010 when compared to the first quarter of 2011 (January 1st through March 31st). According to the South Tahoe Association of Realtors’ MLS statistics, there were 5 homes sold during the first quarter of 2010 in Meyers and in 2011 there were 4.  The good news is that in 2011, there were less “distressed” sales with just 1 bank owned foreclosure, no short sales and 3 traditional sales.

More good news for Meyers: the median home sale price went up in 2011, with the average sale price remaining just about the same. During the first three months of 2010 the median sale price was $260,000 and the average sale price was $298,420. During 2011, the median sale price went up to $316,500 while the average was $298,250.

The average time on the market was also about the same during the 2010 and 2011 first quarters. In 2010 the 5 homes that sold were on the market for an average of 131 days while in 2011 the 4 homes that sold were on the market for an average of 123 days (this included the escrow period).

During the 2010 first quarter, the median dollar per square foot for the 5 sales was $212 while the average dollar per square foot was $188. The good news for sellers is that these numbers increased during the first quarter of 2011 to a median of $217 per square foot and an average of $215 per square foot.

Another area in which the Meyers real estate market has improved is the list price to sale price ratio. In 2010, the homes that sold went for a median list to sale ratio of 80.2% with an average list to sale ratio of 91.3%. According to the MLS statistics, in 2011 these numbers increased with the 4 homes recorded sales selling for a median of 97.8% of the asking price and an average of 92.7% of the asking price.

There are currently 18 homes listed for sale in the Meyers neighborhood of South Lake Tahoe. The median listing price out of these 18 homes is $224,000 and the average is $275,612. Out of the 18 homes for sale, 6 of them are currently in escrow.

Country Club Estates, S. Lake Tahoe Real Estate Market Update

Good news for the Country Club Estates neighborhood–the real estate market appears to be picking up, with more single family home sales in the first quarter of 2011 than in 2010. According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, during the first quarter period of 2010 (January 1st through March 31st), there were 5 home sales, and in the first quarter of 2011 there were 7 home sales.

Of the 5 home sales in the first quarter of 2010, the average for the number of days on the market was 109 days. As previously mentioned, the number of sales increased to 7 closed sales during the first quarter of 2011. Out of these 7 sales, 1 was bank owned, 3 were approved short sales and 3 were traditional sales. These 7 homes spent a little more time on the market with an average of 141 days.

In 2010, the first quarter median sales price was $450,000 and the average was $408,280. The good news is that these numbers slightly increased for the first quarter of 2011 with a median sales price of $485,000 and an average sales price of $420,571.

Although the home prices increased slightly, the dollar per square foot went down a bit for the first quarter comparisons of 2010 and 2011. In 2010 the average dollar per square foot was $245 and the median was $265. In 2011 the average dollar per square foot was $211 and the median was $231.

During the 2010 first quarter, homes sold for an average of 100.5% of their asking price and a median of 96% of the asking price. During the first quarter of 2011, the homes that recorded escrow sold for and average of 98.3% of the asking price and had a median list to sale ratio of 97.2%.

Currently there are 17 homes listed for sale in the Country Club Estates neighborhood of South Lake Tahoe. Out of these 17 listed properties, the median asking price is $449,000 and the average asking price is $553,749. Out of the 17 homes on the market, 4 of them are currently in escrow. The median listing price for the homes in escrow is $387,000 and the average asking price for homes in escrow is $359,472 (these numbers are quite a bit lower than the overall average asking price for Country Club Estates homes). 2 of the 4 homes in escrow are awaiting bank approval for a short sale.