Real Estate Market Report for 2011 – Gardner Mountain neighborhood in South Lake Tahoe, CA

According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 25 properties sold through the year of 2011 in the neighborhood of Gardner Mountain. In 2010 there were 18 properties sold.

This is the number of closed sales for the Gardner Mountain Neighborhood
This is the number of closed sales for the Gardner Mountain Neighborhood

 

From the 25 properties sold last year year, 4 of them were short sales and 9 were foreclosures. Of 18 properties sold in 2010, 3 of them were short sales and 3 were foreclosures.

This is the breakdown of closed sales for the Gardner Mountain Neighborhood
This is the breakdown of closed sales for the Gardner Mountain Neighborhood

 

Of the 25 homes sold last year, the median home price is $212,000, the median home price in 2011 went down 18.3% from $259,500 during 2010. The average price per square feet of single family homes was $166, down from $217 price per sqft in 2010. The average days on the market was 162 days, compared to 111 days during 2010.

This is the median sales price of closed sales for the Gardner Mountain Neighborhood
This is the median sales price of closed sales for the Gardner Mountain Neighborhood

 

As for the list price to sold price ratio, the homes that sold in Gardner Mountain during 2011 sold for an average of 86.9% of the original asking price. The list to sold ratio in 2010 was 92.2% of the original asking price, 5.8% more compared to 2011.

This is the percent of original listing price received for the Gardner Mountain Neighborhood
This is the percent of original listing price received for the Gardner Mountain Neighborhood

 

There were more homes for sale on the market in 2010 compared to 2011. The month supply in 2011 was 6.7 months of inventory, 39.1% down from 2010 that had a supply of 11 months worth of inventory.

This is the months supply of homes for sale in the Gardner Mountain area
This is the months supply of homes for sale in the Gardner Mountain area

 

There are currently 16 homes on the market within the Gardner Mountain area as of February 20th, 9 of which are in escrow. Of the homes in escrow, the prices range from a low of $84,900 up to $399,900, all with an average of $143 price per square feet. The home listed for $84,900 is a 1 bedroom/1 bath with no car garage home with 678 sqft built in 1972. The home listed for $399,900 is a 5 bedrooms/5 baths/2 car garage home with 3,822 sqft built in 2001.

Summarizing all this information for the neighborhood of Gardner Mountain 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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