South Lake Tahoe Market Update for the Bijou 1 and Bijou 2 Neighborhoods, 3rd Quarter, 2011

Bijou 1

According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there have been 28 homes sold through the first three quarters of the year (January 1 – September 30) of 2011 in the neighborhood of Bijou 1, including only single family residential properties. From the 28 properties sold in the first three quarters of 2011, 7 of them were a short sale and 12 were foreclosures. During the same period in 2010 there was 25 homes sold. Of 25 properties sold in 2010, 4 of them were short sales and 7 were foreclosures.

Of the 28 homes sold this year, the median home price is $212,586, the median home price is down $95,270, from $307,856 during 2010. The average days on the market in the first three quarters of 2011 is 152 days, compared to 155 days during the same period in 2010. The average for the current price per square feet is $170, down from $177 pr/sqft in 2010.

There are currently 47 homes on the market within the Bijou 1 area as of October 5th, 15 of which are in escrow. Of the homes in escrow, the prices range from a low of $85,000 (small 1br/1bath old cabin w/528 sqft that needs some work) up to $839,500 (new construction 4br/5baths w/ 4,064 sqft), all with an average of $175 price per square feet.

Bijou 2

According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there have been 13 homes sold through the first three quarters of the year (January 1 – September 30) of 2011 in the neighborhood of Bijou 2, including only single family residential properties. From the 13 properties sold in the first three quarters of 2011, 1 of them was a short sale and 2 were foreclosures. During the same period in 2010 there was 10 homes sold. Of 10 properties sold in 2010, 1 of them was a short sale and 5 were foreclosures.

Of the 13 homes sold this year, the median home price is $226,150, the median home price is down $116,640, from $342,792 during 2010. The average days on the market in the first three quarters of 2011 is 128 days, compared to 141 days during the same period in 2010. The average for the current price per square feet is $167, down from $193 pr/sqft in 2010.

There are currently 12 homes on the market within the Bijou 2 area as of October 5th, 3 of which are in escrow. Of the homes in escrow, the prices range from a low of $139,900 up to $325,000, all with an average of $148 price per square feet.