South Lake Tahoe Market Update for the Al Tahoe Neighborhood, 3rd Quarter, 2011

According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there have been 19 homes sold through the first three quarters of the year (January 1 – September 30) of 2011 in the neighborhood of Al Tahoe, including only single family residential properties. From the 19 properties sold in the first three quarters of 2011, 1 of them was a short sale and 7 were foreclosures. During the same period in 2010 there was 32 homes sold. Of 32 properties sold in 2010, 6 of them were short sales and 8 were foreclosures.

Of the 19 homes sold this year, the median home price is $303,976, the median home price is only $37,259, down from $341,235 during 2010. The average days on the market in the first three quarters of 2011 is 136 days, compared to 180 days during the same period in 2010. The average for the current price per square feet is $193, down from $219 pr/sqft in 2010.

There are currently 17 homes on the market within the Al Tahoe area as of October 3rd, 4 of which are in escrow. Of the homes in escrow, the prices range from a low of $199,000 up to $275,000, all with an average of $167 price per square feet.