According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 27 properties sold through the past 12 months (March 2011 through February 2012) in the neighborhood of Meyers. During the same period in 2010 there were 12 properties sold.
From the 27 properties sold in the past 12 months, 14 of them were foreclosures and 4 were short sales. Of the 12 properties sold in 2010, 1 of them was a foreclosure and 2 were short sales.
Of the 27 homes sold in the past 12 months, the median home price is $185,000, the median home price in 2011 went down 33.6% from $278,500 during 2010. The average price per square feet of single family homes was $158, down from $203 price per sqft in 2010. The average days on the market was 166 days, compared to 130 days during 2010.
As for the list price to sold price ratio, the homes that sold in Meyers the past 12 months sold for an average of 83.6% of the original asking price. The list to sold ratio in 2010 was 90.2% of the original asking price, 7.3% more compared to 2011.
There were more homes for sale on the market in the past 12 months compared to the same period in 2010. The month supply in the past 12 months was 7.6 months of inventory, 21.4% up from 2010 that had a supply of 6.3 months worth of inventory.
There are currently 17 homes on the market within the Meyers area as of March 30th, 5 of which are in escrow. Of the homes in escrow, the prices range from a low of $174,900 up to $489,000, all with an average of $186 price per square feet. The home listed for $174,900 is a 2 bedrooms/1 bath/1 car garage home with 936sqft built in 1982. The home listed for $489,000 is a 3 bedrooms/3 baths/3 car garage home with 2,250sqft built in 2011.
Summarizing all this information for the neighborhood of Meyers we can realize that compared to 2010, in the past 12 months we had more sales and more 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.