What an Amazing Market We’re In

Here are the sales stats for December 2011 – March 28, 2012

December 2011      Total Sold 61     Short Sales  14   REOs 19
January                                           40                              8               20
February                                         33                              7               15
March                                               41                              7               10
The current inventory of available single family homes in the City and County areas sits at 219.  It has been many years since we’ve seen inventory that low.  I mentioned in a previous blog that, as the inventory and interest rates remain low, the prices continue to fall, however slowly, and those facts defy the principal of supply and demand.  I have personally been in multiple offer situations over the past weeks while representing sellers and buyers which tells me that the consumer confidence is beginning to rise.  The wild card in this mix is the inventory of upcoming bank owned properties and short sale homes. The market is good for sellers who want to sell and buyers who want to buy.  We are not at the bottom of this market yet, we are close enough that if you are looking for Tahoe home and plan to keep it over the long haul, get in the mix and buy something.
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GOOD TO GIVE

I was invited to go to Nicaragua on a Medical/Dental Mission trip by a longtime Tahoe friend and I said “Yes”. Way back when, I was a dental assistant and they needed one on this trip. We had no dental instruments or supplies built up in reserve as this was a first mission of this type for my friend who generally does construction projects in Central American countries. I made a few phone calls and was amazed at the generosity of all my old dental contacts so we had more than enough to do the job.

We went to a very poor area in the north western part of Nicaragua called San Ramon and Bonete #7 (which is a word similar to borough) to serve the people, some of them had walked 6 hours to get there. I was told it would be hot, but it was HOT. The work was hard in hard in dirty, smelly places. We were able to provide basic medical services and the Tahoe dentist and I helped approximately two hundred people with pain relief (extractions) over four and a half days of clinics. It was a stretch for everyone and nerves were frayed at the end but I just had to think that I would be cool, comfy (with enough food to eat) at home soon but the Nicaraguans would still be right where we left them. I hope I don’t forget them and their conditions as I see how rich we are here. I am glad I had something to give to these people who gave me so much more than they know.

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New Perspective on Foreclosures

Sign Of The Times - Foreclosure
Image by respres via Flickr

There is a new may of thinking about foreclosure for the American homeowner,  especially the homeowner who is not in financial distress and is able to pay the mortgage payment.  These homeowners are viewing their homes as bad investments and are choosing to walk away rather than pay for years on a property that may never be worth what they owe.  Take a look at this video from the Today Show where homeowners who are doing just that, and notice the shift from the “guilty feelings” that generally go along with such a decision.  http://today.msnbc.msn.com/id/26184891/vp/36661157#36661157

I am not advocating a position either way on a “Strategic Foreclosure”, but rather, just wanted to make note of this amazing paradigm shift and what it may mean in this economic crisis.

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South Tahoe Real Estate Stats for March 2010

                                                                                                                                                                                                                                                                                                                                                                     Sold Stats for March 2010

  •  37 Total Sold Listings in March                  
  •  14 REO (37.8%% of total March sales)
  •   7 Short Sales (18.9% of total March sales
  •   Distressed Properties Comprising 37.8% of total homes sold in March

Active Listings Stats

  • 306 Single Family Properties Currently Listed (Not in Escrow)
  •   19   REO (.063% of total)
  •   35  Short Sales (11.44% of total)
  •  Distressed Properties Comprising 17.65% of Market Total

Pending Listing Stats (Homes in Escrow)

  •  110 Currently in Escrow  
  •    20 REO (18%)
  •    53 Short Sales (48%)
  •   REO & Short Sales Comprising 66.3% of the Total Homes in Escrow

Average Number of Days on Market (DOM) From Listing to Close of Escrow

  •  96 DOM for REO Sales
  • 204 DOM for Short Sales
  • 232 DOM for Non Distressed Properties

These numbers still show that homes that are a better value are selling quickly, as any of you who have attempted to get an offer accepted on any of these well priced homes can attest. 

The Average sales price for March was $407,790 which is up slightly from February, whose average sales price was $401,652.  Does that mean the end is near, I think not with the number of notices of defaults and notices of sales still out there.  What it does means is that there is still plenty of opportunity for people who are in a position to purchase these homes.  With the threat of increasing interest rates, things could heat up in the buying arena.  Stay tuned for more updates.

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