Real Estate Market Report for 2011 – Bijou 1 neighborhood in South Lake Tahoe, CA

According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 48 properties sold through the year of 2011 in the neighborhood of Bijou 1. In 2010 there were 41 properties sold.

The closed sales in the Bijou 1 area for the last 3 years
The closed sales in the Bijou 1 area for the last 3 years

 

From the 48 properties sold last year year, 12 of them were short sales and 18 were foreclosures. Of 41 properties sold in 2010, 6 of them were short sales and 12 were foreclosures.

Here is a breakdown of Traditional, Foreclosure, and Short Sales over the last 3 years
Here is a breakdown of Traditional, Foreclosure, and Short Sales over the last 3 years

 

Of the 48 homes sold last year, the median home price is $207,450, the median home price in 2011 was down 19.1% from $256,500 during 2010. The average price per square feet of single family homes was $167, down from $178 price per sqft in 2010. The average days on the market was 147 days, compared to 126 days during 2010.

This is the median sales price for the Bijou 1 area over the last 3 years
This is the median sales price for the Bijou 1 area over the last 3 years

 

As for the list price to sold price ratio, the homes that sold in Bijou 1 during 2011 sold for an average of 87.9% of the original asking price. The list to sold ratio has declined a little from 2010 when homes were being sold for an average of 90.5% of the original asking price.

The percent of original listing price that the sellers received upon selling their home
The percent of original listing price that the sellers received upon selling their home

 

There were almost the same amount of homes for sale on the market in 2010 compared to 2011. The month supply in 2011 was 9.7 months of inventory, 8.7% down from 2010 that had a supply of 10.6 months worth of inventory.

This is the months supply of homes for sale within the Bijou 1 Area
This is the months supply of homes for sale within the Bijou 1 Area

 

There are currently 29 homes on the market within the Bijou 1 area as of January 20th, 11 of which are in escrow. Of the homes in escrow, the prices range from a low of $89,000 up to $379, 500, all with an average of $147 price per square feet. The home listed for $89,000 is a 2 bedrooms/1 bath/no garage home with 800 sqft built in 1950. The home listed for $379, 500 is a 4 bedrooms/3 baths/3 car garage home with 2,089 sqft built in 2002.

Summarizing all this information for the neighborhood of Bijou 1 we can say that compared to 2010, last year (2011) we had more sales and less homes on the market. The median home price went down from the previous year and homes took a little longer to sell. Also, there were more distressed properties on the market in 2011 compared to 2010.

 

 


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