Real Estate Market Report – Montgomery Estates neighborhood in South Lake Tahoe, CA – Past 12 months 2011-2012

According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 42 properties sold through the past 12 months (March 2011 through February 2012) in the neighborhood of Montgomery Estates. During the same period in 2010 there were 35 properties sold. 

This is the number of closed sales in the montgomery estates area
This is the number of closed sales in the montgomery estates area

 

From the 42 properties sold in the past 12 months, 11 of them were foreclosures and 5 were short sales. Of the 35 properties sold in 2010, 10 of them was a foreclosure and 5 were short sales. 

This is the breakdown of closed sales in the montgomery estates area
This is the breakdown of closed sales in the montgomery estates area

 

Of the 42 homes sold in the past 12 months, the median home price is $397,875, the median home price in 2011 went down 14.6% from $465,000 during 2010. The average price per square feet of single family homes was $188, down from $210 price per sqft in 2010. The average days on the market was 160 days, compared to 203 days during 2010. 

This is the median sales price of closed sales in the montgomery estates area
This is the median sales price of closed sales in the montgomery estates area

 

As for the list price to sold price ratio, the homes that sold in Montgomery Estates the past 12 months sold for an average of 90.5% of the original asking price. The list to sold ratio in 2010 was 89.4% of the original asking price, 1.2% less compared to 2011. 

This is the percent of original listing price received in the montgomery estates area
This is the percent of original listing price received in the montgomery estates area

 

There were less 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 7.9 months of inventory, 2% down from 2010 that had a supply of 8.1 months worth of inventory. 

This is the months supply of homes for sale in the Montgomery Estates Area
This is the months supply of homes for sale in the Montgomery Estates Area

 

There are currently 21 homes on the market within the Montgomery Estates area as of March 30th, 8 of which are in escrow. Of the homes in escrow, the prices range from a low of $239,000 up to $399,000, all with an average of $176 price per square feet. The home listed for $239,000 is a 3 bedrooms/2 bath/2 car garage home with 1,056sqft built in 1980. The home listed for $399,000 is a 4 bedrooms/4 baths/2 car garage home with 2,214sqft built in 1980.

Summarizing all this information for the neighborhood of Montgomery Estates we can realize that compared to 2010, in the past 12 months we had more sales and less homes on the market. The median home price went down from the previous year but homes were selling faster.

 


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