So. Lake Tahoe Market Update, March 21-27

Did you hear the news? This past Tuesday morning, the media reported that the overall national sales showed February boasting an increase in home sales (approximately 2% higher) than preceding months. This was the first positive report in over a year. Is this the beginning of a trend or simply a fluke? No matter – good news is good news.

The past week’s market activity was rather similar to previous weeks except for the number of new listings within the city limits. There were a total of 18 new/back on the market listings just within the city however, 7 of these included a group of condos and town homes all within the $345,000 range. The top of the scale was a lake view condo located in the Tahoe Keys for $1,595,000. Amenities include a boat dock, two swimming pools, tennis and more. There were 4 new escrows of which the two lowest priced properties were in the Bijou area and both were listed for $372,000. Must be a magic number. Now, here are some big numbers – 9 homes closed escrow within the city last week. These ranged from a low of $165,000 for tiny cabins within the Sierra Tract to a high of $1,180,000 for a deluxe Heavenly Mt. home with over 3,000 SF of living space. There was no activity in regards to city lots last week.

The county area market activity was busy as well. There were 3 new/back on the market listings starting with a 2 bedroom cabin with 864 SF for $335,000 to an affordable contemporary house for $569,000. New escrows totaled 3 with a range of $379,000 for a 4 bedroom home to $664,000 for a newer 2,820 SF home. Both were bank-owned properties. Three seems to be the consistent number for the county. There were 3 closed sales starting with $350,000 for a five bedroom home to $649,000 for a newer construction home on Elk’s Club. Again, these two properties were bank-owned. Wrapping up the county activity were 3 new lot listings ranging from $145,000 – $199,000 for a view lot with a building allocation. There was one closed lot sale for $190,000.

Our property of the week is a 2 bedroom townhouse located near the foot of Heavenly Mountain. Year round recreation lovers will enjoy the easy access to the slopes, forested trails and Lake Tahoe beaches. Extra bonuses not found within most of the area’s condo developments are a pool, clubhouse, spas AND covered parking. Click here to Check out the Visual Tour.

South Lake Tahoe – March 14th – 20th, Weekly Market Update

When talking recently with fellow Realtors throughout the Lake Tahoe area, we are pleased to be hearing the same somewhat positive comments. The phones are ringing with increasing inquiries, the number of potential buyers actually touring homes is up and the overall mood is that of cautious optimism. Inspired by this gleam of good news, we came up with an idea to present visual tours for some of our favorite listing on this blog site.

The activity during the past seven days was fairly similar to that of the past couple of weeks. Within the city limits, there were 6 new residences posted as “new/back on the market.” The range saw a low of $150,000 for a studio apartment along Emerald Bay Highway to $599,999 for a three bedroom, 2 bath home with almost 2,500 SF of living space in the Al Tahoe area. Down from the previous week’s 5, this past week saw 3 new pending sales ranging from $269,900 for a Tahoe Keys studio to $449,000 for a three bedroom home backing the meadow in the Bijou area. There were 5 reported sales, up from last week’s 2. The low was $245,000 for a small 2 bedroom cabin in the Sierra Tract to $434,000 for a townhouse in the Tahoe Island area.
During the same period last year, there were 3 reported sales ranging from $330,000 – $677,000.

The County area reported 5 “new/back on the market” listings as compared to last week’s 6. The range started with $479,000 for a three bedroom home in the Tahoe Paradise area to $859,000 for a river front property along the Truckee River in Christmas Valley. The number of new pending sales was 2, half that of last week. These homes were both below $400,000. As within the city limits, the number of closed sales was also higher with 5 ranging from $399,000 for a bank-owned property in the Meyers area to $937,500 for a newer 5 bedroom 4 bath home.
During the same period last year, there were 2 reported sales ranging from $535,000 to $1,150,000.

In regards to vacant land, there were a total of 7 new listings. 2 were within the city limits and the remaining 5 were in the county. These prices range from $99,000 – $200,000. There were no reported pending or closed sales. During this same period last year, there were two closed sales, one in each the city and county.

Click here to view a Visual Tour of the property shown in the snow scene above 

South Lake Tahoe – March 7 – March 13th Weekly Market Update

The sun is shining a pleasant 78 degrees and following a 9 hole stroll on the golf course, we ventured over to the beach to take in a bit of snorkeling. Oh wait – we’re in Hawaii, not Lake Tahoe. Boy, it can be a bit difficult keeping one’s Paradises straight.

Typically March is the beginning of a slow time for real estate in Lake Tahoe which is why we take this time for some annual R & R. However, our timing may not have been so great this year as March is proving to be one of the busiest months in quite some time.

Within the city limits, there were 4 new homes reported under the “new/back on the market” category during the past week. The lowest priced home among this group was a 3 bedroom, 2 bath home built in 1964 which was listed for $419,000. The top of the range was $1,140,000 for a 4 bedroom, 2.5 bath home with over 2,000 sq. ft. Just like last week, there were 5 new pending escrows reported with a range of $269,000 for a 3 bedroom home with 1,600 SF in the Y area and a high of $550,000 for a 3 bedroom, 2 bath home in the Bijou area. Finally, there were 2 reported closed sales starting with a 2 bedroom Bijou home for $275,000 to a newer, 2007 built Al Tahoe home for $737,000.

Vacant land activity showed one new listing in the Sierra Tract area for $95,000 as well as a whopping $1,100,000 for a 5 acre parcel with lake views.

The County area showed a bit more activity as compared to the city this past week with 6 new listings. Again, there was quite a range in values starting with a low of $384,000 for a 1,633 SF home in the Meyers home to $1,039,000 for a lake view home in the Angora Highlands area. 4 new escrows were reported with including a low of $369,000 for a short sale in the North Upper Truckee to a high of $850,000 for a lake view home in the Montgomery Estates area. This property was also a short sale. To wrap up the residential activity, there were 3 reported closed sales all within the range of $360,000 in the North Upper Truckee area to a high of $400,000 for a bank-owned Montgomery Estates home.

As far as county lots, there was one new listing for $107,500 and one new escrow for $175,000 in the North Upper Truckee area.

So. Lake Tahoe – February 29th – March 6th Weekly Market Update

Could the South Lake Tahoe market be experiencing a bit of a turn-around? As of today, Friday, April 7th, there are 60 single family residences and condos listed as being in escrow. Although my memory is not the best, this seems to be fairly comparable to the peak of last summer. And the snow hasn’t even melted yet.Within the city limits, there were 5 new homes reported as new or “back on the market” during the past week (down from the 7 & 14 during the previous two weeks.) The list prices ranged from $269m900 for a 2 bedroom house with 912 SF to $585,000 for a newer 3 bedroom, 2 bath home with aover 2,200 SF of living space.

The number of homes that went into escrow was 5, the same as last week- and what a range! The lowest priced home was $174,900 for a very small, 2 bedroom home (only 504 SF) to $1,245,000 for a newer 3,200 SF, 4 bedroom home at the foot of Heavenly Mt.

There were 3 reported sales (up from 1 last week) ranging from $310,000 – $800,000.

There was no activity within the lot market.

The county area reported 3 new or “back on the market” (down from last week’s 9.) The lowest priced new listing is $309,000 for a 2 bedroom, 1 bath home in the Meyers area to $639,900 for a newer Christmas Valley home with approximately 1,800 Sf.

There were 7 new escrows (that would be a wow!) The lowest price property was only $273,000 however, the property was actually just the beginning of a construction project. The top of the range was a $1,050,000 brand new home in the North Upper Truckee area. 5 of these 7 homes were built after 2005.

There were no closed sales for the county (but watch out 6 weeks from now.)

The county lot activity saw 3 new listings and 2 new pending sales. The total group ranged from $140,000 – $299,000.