Christmas Valley, S. Lake Tahoe Real Estate Market Update
Good news for Christmas Valley: the real estate market in the Christmas Valley 1 & 2 neighborhoods is picking up. According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services,when comparing the Christmas Valley 1 & 2 single family home sales from the first quarter of 2010 to the first quarter of 2011 (January 1st through March 31st) there is a positive increase in the number of sales, the recorded sales prices and the dollar per square foot price.
During the first quarter of 2011 the amount of homes sold doubled in comparison to the year before with 6 recorded sales, compared to 3 in the first quarter of 2010. The home prices also increased in 2011 with the average price being $346,833 and the median sale price being $362,750. These 6 sales of 2011 were on the market for an average of 189 days, which included the escrow period. The dollar per square foot prices also increased for this year’s first quarter sales with an average of $216.00 and a median of $259.00. The homes also sold closer to their asking prices with an average list to sale ratio of 93.3% and a median list to sale ratio of 97.6%. It is also important to note that out of the 6 sales in the Christmas Valley neighborhood there were no short sales or foreclosure sales.
Throughout the first quarter of 2010 there were 3 recorded sales in the Christmas Valley 1 & 2 neighborhoods. None of these sales were bank owned homes, 1 was an approved short sale and 2 were traditional sales. These 3 sales averaged a sale price of $307,333 with a median sale price of $295,000. These homes were on the market for an average of 215 days. The median dollar per square foot for the 3 sales during the 2010 first quarter was $160.00 and the average dollar per square foot was $171.00. The median list price to sale price ratio showed that these homes sold for 92.5% of the asking price while the average was just about the same at 92.4%.
As of April 20th, 2011 there are currently 19 homes listed for sale in Christmas Valley 1 & 2 neighborhoods. These homes are averaging a list price of $439,379 and have a median list price of $458,900. Out of the 19 listed single family homes, 4 of them are currently in escrow. 1 of the escrows is pending short sale approval from the bank and the other 3 are traditional sales.
