South Lake Tahoe Real Estate Market Update, Apr. 8- Apr. 14
According to the South Lake Tahoe Association of Realtors there were 15 NEW (or back on the market listings), Down from the previous week’s 22 new listings. The lowest priced new listing is 149,900 for 2600 Kubel, a 2 bedroom, 1 bath with 852 square feet. The highest priced new listing is $1,200,000 for 1396 Keller, a 5 bedroom, 3.5 bath with 3022 square feet. Overall, the median listing price this week was $360,000.
There were 15 homes that went into ESCROW this past week, the same amount as the week before. The lowest priced new escrow is listed at $149,900 for 1200 Wildwood #4, a 2 bedroom, 1.5 bath with 963 square feet.The highest priced new escrow was $4,250,000 for 221 Beach, a 4 bedroom, 4.5 bath with 3904 square feet. The median pending asking price is $329,000 with an average time on the market of 74 days.
This past week showed 12 CLOSED sales, up 4 from the previous week’s 8. The lowest sale price was $160,000 for 2695 Armstrong, a 2 bedroom, 2 bath with 912 sqyare feet. The highest sale price was $700,000 for 470 Capri, a 4 bedroom, 3 bath with 3160 square feet. The median sale price was $347,500 with an average time on the market of 60 days.
South Lake Tahoe Real Estate Market Update, Apr. 1- Apr. 7
The South Lake Tahoe market typically “takes a nap” this time of year however such is not the current case. Whether it is due to the low interest rates, tax credits or simply affordable prices, the activity among home buyers and sellers is holding steady. According to the South Lake Tahoe Association of Realtors there were 22 NEW (or back on the market listings). Up 5 from the previous week’s 17 new listings. The lowest priced new listing is 1040 Fairway for $164,900, this home is a 2 bedroom, 1 bath with 1044 square feet and it is bank owned. The highest priced new listing is $1,795,000 for 358 Beach, a 4 bedroom, 4 bath with 3443 square feet. Overall, the median listing price this week was $389,500.
There were 15 homes that went into ESCROW this past week, 2 less than the week before. The lowest priced new escrow is listed at $129,900 for 1596 Arapahoe, a fixer home with an unfinished top floor addition. The highest priced new escrow is $729,000 for 1857 High Meadow Trail, a 3 bedroom, 2.5 bath with 2900 square feet. The median pending asking price is $299,000 with an average time on the market of 54 days.
This past week showed 8 CLOSED sales, down 6 from the previous week’s 14. The lowest sale price was $269,000 for 535 Cochise, a 3 bedroom, 2 bath with 1440 square feet. The highest sale price was $677,000 for 2225 Minal, a 3 bedroom, 2.5 bath home on the river with 2747 square feet. The median sale price was $420,000 with an average time on the market of 108 days.
South Lake Tahoe Real Estate Market Update, Mar. 25- Mar. 31
What does the South Lake Tahoe real estate market and the local Sierra snow pack have in common? They are both showing improved numbers. Between March 25th and March 31st, there were 16 NEW (or back on the market) listings posted over the past week according to the South Tahoe Association of Realtors. This number is slightly down from the previous week’s reported 17. Among these listings, the lowest asking price is $129,900 for 1596 Arapahoe, a 2 bedroom, 1.5 bath home located in the Meyers neighborhood. This home had an unfinished top floor addition. The highest priced new listing is $699,000 for 1556 Apache, a 4 bedroom, 2.5 bath with 3200 square feet. Overall, the median listing price this week was $332,000. This is up from the current median price of approximately $312,000.
During this same week, there were 17 homes that went into ESCROW this past week. Wow – especially when you note that last week reported only 7 new escrows. The lowest priced new escrow is $149,900 for 2579 Elwood, a 2 bedroom, 1.75 bath with 826 square feet located in the Sierra Tract neighborhood. The highest priced new escrow is $875,000 for 1924 Cathedral, a 4 bedroom, 2.75 bath Tahoe Keys home with 3746 square feet. The median pending asking price is $3285,000 with an average time on the market of 34 days.
Finally, the last week showed 14 CLOSED sales, up 10 from the previous week’s 4. The lowest sale price was $150,000 for a 1353 Meadow Crest, a 5 bedroom, 2 bath Black Bart home with 2329 square feet (this home is going to be a rebuilding/ remodeling project). The highest sale price was $800,000 for 2020 Aloha, a 3 bedroom, 2.5 bath Tahoe Keys with 2329 square feet. The median sale price was $286,700 with an average time on the market of 94 days.
More information about these homes and neighborhoods can be found on our website or simply give us a call at 530.577.0389 for further information.
South Lake Tahoe Learns the New California Purchase Contract
Like it or not, the “old dogs” are learning some new tricks. Beginning April 28th, the California Association of Realtors will be releasing the newest form of their Residential Purchase agreement. This will be the first major revision since 2002. This morning, Gov Hutchinson, Assistant general Counsel and Staff Vice President of the California Association of Realtors, presented a class this morning, April 2nd in South Lake Tahoe through the South Tahoe Association of Realtors. Every page of the eight page contract reflected changes and each page was covered, practically line by line. In attendance were approximately 120 Realtors from the surrounding area. Following the class, many stayed to take a test required to earn continuing education credits.
Significant among the changes were clarifications to timelines. No longer can a deadline fall on a weekend or a legal holiday. While these days can be counted within a timeline, the deadline must be be extended beyond the weekend or legal holiday. For example, if the 17th day of an inspection contingency falls on a Sunday and the following Monday is a holiday as well, the deadline then becomes Tuesday. Another major change to the contract makes it clear that a deposit check can be electronically transferred into escrow without having to go through the hands of the agent. Further changes included: the notice to perform, FHA and VA loans, financing, appraisal contingencies, pest inspections, home warranties and contingencies. There was even language included that addresses whether or not brackets holding up a flat screen tv is considered a fixture or personal property (definitely a sign of the times.)
What do these changes mean to the consumer? Whether a buyer or seller, the greater the clarification in contract terms, the better the protection and risk management. More than ever, a local, knowledgeable Realtor is a valuable asset to the real estate transaction. The next time you find yourself interviewing Realtors, ask them about their continuing education and what they are doing to stay one step ahead of the market trends. You’re going to be pleasantly surprised.