According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 24 properties sold through the year of 2011 in the neighborhood of Al Tahoe. In 2010 there were 38 properties sold.
From the 24 properties sold last year year, 2 of them were short sales and 8 were foreclosures. Of 38 properties sold in 2010, 8 of them were short sales and 11 were foreclosures.
Of the 24 homes sold this year, the median home price is $257,500, the median home price in 2011 was down 8% from $280,000 during 2010. The average price per square feet of single family homes was $189, down from $210 price per sqft in 2010. The average days on the market was 149 days, compared to 182 days during 2010.
As for the list price to sold price ratio, the homes that sold in Al Tahoe during 2011 sold for an average of 89.5% of the original asking price. The list to sold ratio in 2010 was 90.8% of the original asking price, pretty much the same compared to 2011.
There were more homes for sale on the market in 2010 compared to 2011. The month supply in 2011 was 6.9 months of inventory, 31.5% down from 2010 that had a supply of 10 months worth of inventory.
There are currently 15 homes on the market within the Al Tahoe area as of January 18th, 7 of which are in escrow. Of the homes in escrow, the prices range from a low of $199,000 up to $395,000, all with an average of $170 price per square feet. The home listed for $199,000 is a 3 bedrooms/2 baths/2 car garage home with 1,247sqft built in 1963. The home listed for $395,000 is a 3 bedrooms/3 baths/2 car garage home with 2,286sqft built in 2006.
Summarizing all this information for the neighborhood of Al Tahoe we can say that compared to 2010, last year (2011) we had less sales and less homes on the market. The median home price went down from the previous year but homes were selling faster. Also, there were less distressed properties on the market in 2011 compared to 2010.