South Lake Tahoe Real Estate Market Update, Aug.21 – 28
How can it be? Summer is winding down. The good news is that our favorite season of the year is just around the corner. You simply cannot beat Lake Tahoe in the fall, glorious colors from above and below, ideal temperatures and a slower pace of life.
The following information is taken from the South Lake Tahoe Association of Realtors as reported on Thursday, August 28, 2008.
The previous week reported 16 new listings marking the fourth week in a row of declining numbers. Within these 16, the lowest asking price is $150,000 for a 1 bedroom, 1 bath condo along Emerald Bay Highway. The highest asking price is $745,000 for a 3 bedroom, 2.5 bath home on Lukins Way which is close to beaches, bike trails, and the Tahoe Keys. Within the new listings, the median home price is $375,000, down from last week’s $459,750.
Check this out! Another strong week of sales with 14 NEW Pending Escrows. The lowest asking price among these 14 homes is $159,000 for a 2 bedroom, 1 bath condo with 844 SF located within the Y area. The high end of the pending range is $895,000 for a 3 beroom, 2 bath home with 1,809 square feet of living space within the Tahoe Keys. The median home price for new pending sales is $459,000, up from last week’s $425,000. Most surprising is that these homes averaged only 43 days on the market prior to going into escrow.with an average time on the market of only 41 days.
Hats off to the buyers and sellers of the 7 reported closed sales. The lowest asking price among this group was $350,000 for a 4 bedroom, 2 bath home on Seneca in the North Upper Truckee area. The higest reported sale for the week was $746,000 for a 3 bedroom, 2.5 bath Tahoe Keys home on Garmish. This home had approximately 2, 500 square feet of living space. The median home price among the closed sales was $410,000. The average time on the market was 115 days.
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South Lake Tahoe Real Estate Market Update Aug14 – 20
What an absolutely gorgeous week. This past Tuesday, it felt as though Autumn was in the air. Yet, by 4:00 in the afternoon, summer had returned in all its glory.
There were 17 new listings reported in the South Lake Tahoe Multiple Listing Association, down from 24 last week (and 32 the week prior.) Of these 17, the lowest asking price is $254,900 for a 2 bedroom, 1 bath home with 864 square feet of living space. This home is located at 2537 Kubel in the Sierra Tract. The highest list price was $1,575,000 (listed by our company, good job Pinnacle) for a 6 bedroom, 5 bath brand new luxury home with approximately 4,700 square feet on Tartan Way in the Angora Highland area. The median price among these 17 new listings is $479,000, slightly up from last week’s $459,750.
Now, here is the big news: There were 17 NEW pending sales (up from last week’s 10) reported for South Lake Tahoe. The lowest asking price among these 17 homes is $279,900 for a 2 bedroom, 1 bath home with 912 Square feet of living space located at 700 Eloise in the Tahoe Island area. The highes price was $769,000 for a fabulous buy on 1835 Mohican, located within the Tahoe Paradise neighborhood. This newer home had 5 bedrooms, 3.5 baths, and approximately 3,300 square feet of living space. The median price for these 17 homes is $425,000 with an average time on the market of only 43 days (down from last week’s 84.)
Now for the drum roll . . . Congratualtions to the buyers and sellers for the 9 closed sales (up from last week’s 5.) The lowest asking price among this group was a super affordable $189,000 for 2682 William located in the Sierra Tract. This home featured 2 bedrooms, 2 baths and approximately 1664 square feet of living space. The opposite end of the price range was $1,200,000 for 2228 Balboa located in the Tahoe Keys. This waterfront home features 4 bedrooms, 2.5 baths, and over 3,000 square feet of living space. The median home price among the closed sales was $439,000 (up from last week’s $326,000. The average time on the market was 142 days, almost double that of last week’s 54.
This week’s Special Find is 2697 South Upper Truckee. This home was just priced at a value to be moved – now. Located on a double lot, within walking distance of the Truckee River, less that thirty minutes to Kirkwood, Sierra At Tahoe & Heavenly Ski Resorts, this home is a true delight. Rarely will you find a home with such quality, amenities, setting and opportunity at this price. Click here to check it out for yourself.
Lake Tahoe Real Estate Market Update, Aug. 7 – 13
Hot August Nights has more than one meaning in the Lake Tahoe area. Combined with neighoring Reno’s annual classic event of old cars, prom events, & cook-offs, we here at the lake have been experiencing what is for us, a HEAT WAVE. Temperatures in the 90′s and we are finding ourselves sans long sleeves in the evenings.
The past week showed somewhat consistant activity within the Lake Tahoe real estate market. Down from last week’s 32 new listings, there were 24 this week (the second highest number in the past 6 weeks.) The lowest asking price is $210,000 for a 2 bedroom, 1 bath condo within the Bijou area. The highest asking price is $2,695,000 for a 5 bedroom, 4 bath Tahoe Keys waterfront home with almost 4,000 SF of living space. The median price for these new listings is $459,750.
Also down from the previous week’s 12 new pending sales, were this week’s reported 10. The lowest asking price among this category was $139,000 for a studio condo along Emerald Bay Highway near Pope Beach and Fallen Leaf Lake. The highest asking price was $1,495,000 for a 5 bedroom, 3 bath Tahoe Keys home with nearly 3.000 SF of living space. The median price among this category was $464,450. The average days on the market for these homes was 84.
Congratulations and Best Wishes to the buyers and sellers of the 5 reported closed sales (down from last week’s whopping 14.) The low end of the range was $225,000 for a 2 bedroom, 1.5 bath condo near Heavenly Mountain skiing. The top of the range for closed sales was $775,000 for a lodge-style home at the foot of Heavenly Mountain featuring 4 bedrooms, and 3.5 baths. The median home price was $326,000 and the average days on the market for these homes was 54, a relatively short time based on recent history.
Our pick for “Deal of the Week” is 1161 Glenwood. This stylish ranch style home is located in the Bijou area close to nearly every South Lake Tahoe destination of entertainment. Completely remodeled from studs to finish touches, this three bedroom, two bath home features all the “bells and whistles” you will find in homes starting at twice the price. Hardwood floors, granite counters, gas fireplace – it’s all here for an amazing $448,000.
Click Here to See For Yourself
August 21, 2008 | Press Release
Lake Tahoe Real Estate Broker Website Reveals Exclusive Neighborhood Data
Lake Tahoe Real Estate Broker Website Reveals Exclusive Neighborhood Data South Lake Tahoe real estate agents, Don and Theresa Souers, unveil exclusive monthly and weekly website updates and blog posts on the state of the Lake Tahoe real estate market.
South Lake Tahoe, CA (Press Release) August 21, 2008 — When it comes to investing, knowledge is key. Those that take the time to research and make educated decisions generally find themselves in positions of security within their investments. With the intention of aiding those that take the initiative to study the South Lake Tahoe real estate market, Don & Theresa Souers have added two new kinds of content to their Lake Tahoe real estate website.
First, they have created a section called, “Learn About the Neighborhoods” in which every individual neighborhood within the South Lake Tahoe area is identified, described for its unique characteristics, strengths and proximity to popular destinations. Within each neighborhood, a data chart is provided that shows the market activity for the previous twelve months. These Lake Tahoe real estate activity charts illustrate each neighborhood’s number of homes sold, list price, sold price, number of days on the market, sale to list ratio, the size and the dollar per square foot as reported by the South Lake Tahoe Association of Realtors Multiple Listing Services.
This information is updated on a monthly basis and makes it easy to follow the real estate trends in South Lake Tahoe in regards to upward or downward movement within all of the above categories.
The second real estate report for those that choose to follow market trends is provided within their weekly updates to the Souers South Lake Tahoe Real Estate Blog under the category of “Lake Tahoe Real Estate Market Update.” Each week, the number of new listings, pending and closed sales are listed and compared to that of the previous week. Also, reported are the low and high prices within each category as well as the median price. The average “days on the market” are reported for those pending and closed sales.
Theresa Souers, partner in Pinnacle Real Estate Group, Lake Tahoe says, “It seems as though a day cannot pass without the media touting the dismal state of our national housing market. What is not discussed is that the housing market, as are most markets, is cyclical in nature. In the Lake Tahoe real estate market, we have seen downward trends before, and we will see them again. But, how often have we heard the words, ‘I could have, should have’?”
Souers continues, “It is not known how long the housing market will remain in today’s current state. What is known is that it has been quite some time since we have seen such levels of affordability combined with low interest rates in the South Lake Tahoe area.”
South Lake Tahoe real estate neighborhood information can be found here: http://www.homeintahoe.com/real-estate/neighborhoods/
The Souers South Lake Tahoe Real Estate blog can be found here: http://www.homeintahoe.com/blog/
About Don & Theresa Souers
The Pinnacle Real Estate Group Lake Tahoe is a full-time, full-service agency staffed by Lake Tahoe’s hardest working real estate team. They have continuously reached among the highest market share levels for closed sales throughout the South Lake Tahoe real estate market. The new enhancements to their website http://www.homeintahoe.com/ reflects their continued commitment to finding better ways to serve real estate clients and prospects.
So. Lake Tahoe Real Estate Market Update, July 24th – July 30th
Okay – the past week was gorgeous and the South Lake Tahoe real estate market was healthy. There were 22 new listings, up from last week’s 18. Traditionally, the number of new listings at this time of the summer is lower than that which we are currently seeing. Among these new listings, the lowest asking price is $249,000 for a one bedroom, one bath cabin with 676 SF in the Bijou area. The highest asking price is $5,500,000 for a waterfront home in the Tahoe Keys. This home features 4 bedrooms, 4.5 baths, over 4,000 square feet, a 3 car garage and the biggest views you can imaging. The median price for the 22 new listings is $637,475.
Just as last week, the number of new reported escrows was 9. Within these new escrows, the lowest asking price is $174,900 for a 1 bedroom, 1 bath home with approximately 700 SF located within the popular Al Tahoe area. The highest asking price is $1,088,000 for a 2 bedroom, 3 bath home with over 2,000 SF of living space. This home is located in the Tahoe Keys. The median asking price for these 9 new escrows is $578,000. The average time on the market was only 91 days. Looks good!