Year to date in South Lake Tahoe there have been 42 single family homes that have closed escrow. I continue to see the number of bank owned and short sale properties making up over 50% of the market. Especially surprising numbers since that type of listing is just 19% of the properties that are for sale.
Sold Stats for 2010
- 42 Sold Listings in 2010
- 15 REOs
- 9 Short Sales
- Comprising 57% of total homes sold
Active Listings Stats
307 Single Family Properties Currently Listed (Not in Escrow)
34 Short Sales
Comprising 19% of Market Total
Pending Listing Stats (Homes in Escrow)
- 87 Listings Currently in Escrow
- 20 REOs
- 45 Short Sales
- Comprising nearly 75% of the Total Homes in Escrow
These numbers are amazing to me because they show that the distressed properties are selling and other listings are not. I would caution any seller who attempts to navigate these turbulent times of home selling to price their home boldly, perhaps even a bit under the current market value to play the same game as the banks. This strategy can create a “feeding frenzy” and savvy sellers could end up with multiple offers which can go over the listed price. Otherwise you may be looking at a listing that can languish on the market without activity for months while the value continues to decline. If you need to sell a property now, price courageously and get the listing on as many websites as possible with an agent who has access to an extensive National Distribution Network on the Internet.