As of December 1st, 27.5% of the single family homes sold over the last 90 days were bank owned properties or short sales. At the beginning of the year distressed sales accounted for over 50% of our local sales. Although our short sale inventory has remained stable over the last 90 days, REO-bank owned property listings have declined 60% over the same time period.
This is especially good news for those looking to sell their residential home or investment property. A decrease in distressed sales has stabilized market values with multiple offers coming back if your home is priced correctly. There are currently only 151 available homes on the market - a 38% decline from this time last year. Reduced inventory can often return a higher sales price and shorter time on market.
As of November 30th the single family residential median sold price per the South Tahoe Association of Realtors had declined 11% from $275,000 a year ago to our current $245,000. This is a another month over month uptick in our area median sales price. We hit bottom in August 2012 at $234,000.
Statistics for some of our area neighborhoods: Gardner Mountain area has increased 4.4% in value from a year ago. Montgomery Estates is down 6.3% while Y Area values are up 28.9% from a year ago. For those living in Tahoe Keys, market values have declined 1.1%.
