As of January 1st, 27% of the single family homes sold over the last 90 days were bank owned properties or short sales. At the beginning of 2012 distressed sales accounted for over 50% of our local sales. Although our short sale numbers are just starting to decline, over the last 90 days our REO-bank owned properties have decreased 42%. This is especially good news for those looking to sell their residential or investment property. A decrease in the number of distressed sales has stabilized market values creating more multiple offers due to a decline in local inventory. There are currently only 117 available homes on the market as compared to 223 last year - a 48% decline. As of December 31st the single family residential median sold price per the South Tahoe Association of Realtors had declined 7.5% from $265,000 a year ago to our current $245,000. This was our areas median sales price last month too. We hit bottom in August at $234,000. Statistics for some of our area neighborhoods: Gardner Mountain area has increased 2.1% in value from a year ago. Montgomery Estates is down 15.6% while Y Area values are up 37.2% from a year ago. For those living in Tahoe Keys, market values have increased 3.9%.
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