Real Estate Market Report for 2011 – Bijou 2 neighborhood in South Lake Tahoe, CA

According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 31 properties sold through the year of 2011 in the neighborhood of Bijou 2. In 2010 there were 20 properties sold.

This is the number of closed sales in the Bijou 2 Area compared to the last 3 years
This is the number of closed sales in the Bijou 2 Area compared to the last 3 years

 

From the 31 properties sold last year year, 4 of them were short sales and 9 were foreclosures. Of 20 properties sold in 2010, 2 of them were short sales and 10 were foreclosures.

This is a breakdown of traditional versus foreclosure and short sale homes over the last 3 years
This is a breakdown of traditional versus foreclosure and short sale homes over the last 3 years

 

Of the 31 homes sold last year, the median home price is $225,000, the median home price in 2011 was up 18.4% from $190,000 during 2010. The average price per square feet of single family homes was $162, down from $179 price per sqft in 2010. The average days on the market was 156 days, compared to 130 days during 2010.

This shows the median sales price of homes sold over the last 3 years
This shows the median sales price of homes sold over the last 3 years

 

As for the list price to sold price ratio, the homes that sold in Bijou 2 during 2011 sold for an average of 84.3% of the original asking price. The list to sold ratio in 2010 was 86% of the original asking price, only 2% higher compared to 2011. 

This is the percent of the original listing price that sellers received upon closing the sale of their homes
This is the percent of the original listing price that sellers received upon closing the sale of their homes

 

There were more homes for sale on the market in 2010 compared to 2011. The month supply in 2011 was 8.9 months of inventory, 11.3% down from 2010 that had a supply of 10 months worth of inventory. 

This is the months supply of homes for sale in the bijou 2 area
This is the months supply of homes for sale in the bijou 2 area

 

There are currently 5 homes on the market within the Bijou 2 area as of January 20th, 2 of which are in escrow. The homes that are in escrow are listed for $129,000 and $224,900, all with an average of $139 price per square feet. The home listed for $129,000 is a 2 bedrooms/1 bath/no garage home with 736 sqft built in 1957. The home listed for $224,900 is a 3 bedrooms/2 baths/1 car garage home with 2,175 sqft built in 1962.

Summarizing all this information for the neighborhood of Bijou 2 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 up from the previous year but homes took a little longer to sell. Also, there were less distressed properties on the market in 2011 compared to 2010.

 

 


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