143 - Single Family Residential Sales in the last 90 days. 54 are REO and 31 are Short Sales. 9 - Two to Four Family Unit Sales in the last 90 days. 6 are REO and 2 are Short Sales.
UPDATE: Sunday, 01/01/2012 161 - Single Family Residential Sales in the last 90 days. 47 are REO and 27 are Short Sales. 12 - Two to Four Family Unit Sales in the last 90 days. 6 are REO and 2 are Short Sales.
UPDATE: Thursday, 12/01/2011 153 - Single Family Residential Sales in the last 90 days. 45 are REO and 22 are Short Sales. 9 - Two to Four Family Unit Sales in the last 90 days. 4 are REO and 0 are Short Sale.
UPDATE: Tuesday, 11/01/2011
153 - Single Family Residential Sales in the last 90 days. 40 are REO and 20 are Short Sales. 13 - Two to Four Family Unit Sales in the last 90 days. 6 are REO and 0 are Short Sale.
The South Lake Tahoe area is still experiencing a steady flow of REO and Short Sale activity. As of February 1st, 59.4% of the single family homes sold over the last 90 days were REO (bank owned) properties or short sales. This is a 13% increase over the previous 90 day period.
Besides lower interest rates, I really don't see any positive news on the horizon for 2012. As of January 31st the single family residential median sold price in South Lake Tahoe had declined 21.6% from $319,000 in 2011 to the current $250,000. Let's hope market values turns around soon.
The straight fact remains most of our local neighborhoods are still in decline. The few pockets of price growth are located outside of the city limits in the Highland Woods, Christmas Valley and the Stateline areas. It will be interesting to see how continued foreclosure activity effects the area over the next 6 months.
Statistics for some of our area neighborhoods: Gardner Mountain area has declined 13.2% in value from a year ago. Montgomery Estates is down 15.8% while Christmas Valley values are up 19.6% from a year ago. For those living in Tahoe Keys, market values have decreased 8%. For a look at your current neighborhood statistics click on the STATS photo box back at our Home page.
