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.