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

According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there have been 23 homes sold through the first three quarters of the year (January 1 – September 30) of 2011 in the neighborhood of Gardner Mountain, including only single family residential properties. From the 23 properties sold in the first three quarters of 2011, 3 of them were short sales and 12 were foreclosures. During the same period in 2010 there was 14 homes sold. Of 14 properties sold in 2010, 3 of them were short sales and 1 was a foreclosure.

Of the 23 homes sold this year, the median home price is $267,432, the median home price is $25,139 up from $292,571 during 2010. The average days on the market in the first three quarters of 2011 is 163 days, compared to 118 days during the same period in 2010. The average for the current price per square feet is $162, down from $221 pr/sqft in 2010.

There are currently 12 homes on the market within the Gardner Mountain area as of October 6th, 1 of which is in escrow. The home in escrow is a 2br/1bath short sale listed at $164,900 with a price per square feet of $190.86.