Lake Tahoe Real Estate Market Update – Nevada East Shore, Aug. 26th.
Full Moon At Baldwin Beach, Lake Tahoe
We are adding a new field to our weekly real estate market updates which will now include weekly market updates in regards to the real estate activity along the East Shore of the Nevada side of Lake Tahoe. These weekly updates will include the number of new listings as well as the high and low ends of the price range, the number of closed escrows (again with the high and low ends), the number of active listings and the number of pending sales.
As of today, August 26th, there are 148 active single family home listings posted within the Northern Nevada Regional Multiple Listing Services. Of those 148 listings, there are ten pending sales of which three are subject to bank approval for a short sale. The median list price among this group is $997,450. Between August 15th and today, there were four new listings. The lowest priced new (or back on the market) listing was 174 Cottonwood which is a three bedroom, two bath home with 1,570 square feet of living space within the Lower Kingsbury neighborhood. The highest priced new listing is $2,799,000 for a three bedroom, four bath Glenbrook home with approximately 3,800 square feet of living space.
During this same week, there were three closed sales. At the lower end of the price range among these closed sales was 448 Quaking Aspen which was a five bedroom home located across from the Stagecoach lift on Heavenly Mountain. This home was listed at $775,900 and sold for $750,000. At the top end of the scale was 1362 Winding Way located in the Cave Rock neighborhood. This five bedroom, four and a half bath home had 4,970 square feet of living space and wonderful lake views. It was originally listed for $1,995,000, eventually reduced to $1,365,000 and closed as a bank approved short sale for $1,320,000.
Among the condominium market, there were no new escrows or closed sales as of August 15th. There are currently 81 condos on the active market with 15 of those being in escrow. Of these 15 escrows, 5 are subject to the bank’s approval for a short sale. At the lower end of the price range for active condo listings is $64,900 for a one bedroom, one bath ski condo at Heavenly. This property is currently in escrow. At the top end of the active listings is $3,995,000 for a five bedroom lake front townhouse in Glenbrook. The overall median list price among condos is $365,000.
Heavenly Valley, So. Lake Tahoe Neighborhood Market Update
IT’S A DONE DEAL! 3775 Overlook, one of our favorite listings (take a look at one of it’s magical sunsets) was reported as SOLD in South Lake Tahoe this past week. The original family owners, with a wide range of emotions, turned the keys over to a wonderful new family ready to create their own Tahoe memories. Sometimes we all have to smile knowing that the perfect match was made.
Along with posting the closed sale for 3775 Overlook in the Heavenly Valley neighborhood of South Lake Tahoe, we thought it would be a good opportunity to update the year to date market report for the area. Much to our pleasant surprise, the Heavenly Valley neighborhood values are holding up, despite all of the current negative real estate news played out within the media.
Among the many areas throughout the South Lake Tahoe real estate market showing positive changes was the Heavenly Valley neighborhood. In fact, when looking at the same period for 2009, (January 1 through August 21,) it was clear to see that both the number of closed escrows as well as the median home price were both improved. The negative news was in regards to the dollar per square foot. With more and more folks striving to keep their loans within the conventional loan limits of $415,000 in order to take advantage of record low interest rates, the competition among sellers is pushing them to price their homes below the $500,000 range. While folks seem to be willing to spend a bit more, they are certainly seeking the “biggest bang for the buck.” Following is the annual comparison for number of units sold, the median home price and the median time on the market in regards to both single family homes as well as condominiums:
Single Family/Condos # of Units Sold Median Home Price Average $/SF Median Days on Market
2010 14/7 $455,650/$245,000 $251/$220 129/245
2009 8/2 $430,000/$220,000 $219/$246 127/316
There are currently 41 homes and condominiums for sales within the Heavenly Valley neighborhood. Among these 41 properties, 4 are in escrow, 2 of which are pending the banks’ approvals for short sales.
Those of you interested in this area, you may want to check out our page on Heavenly Valley, South Lake Tahoe Real Estate. In the meantime, get those skis and boots out of the closet – the snow is right around the corner. And where better to be than in the Heavenly Valley area?
South Lake Tahoe Real Estate Market Update, Aub. 12- Aug. 18
Would you like to ride in my beautiful balloon? Way up in the sky . . . wait, my mind is wandering as I wake up to yet, another day in Paradise. Wandering mind behind me, it is time to get back to work. So, just how did the South Lake Tahoe real estate market fare this past week? According to the South Lake Tahoe Association of Realtors’ Multiple Listing Services, there were 14 NEW (or back on the market) listings this past week. This number is down 3 from the previous week’s 17 as is typical this time of year. New listings should continue to decline as the summer months wane. Among the this group, the lowest priced new listing was a mere $185,000 for 1046 Herbert. This property is a 3 bedroom, 2 bath with 1248 square feet of living space. The highest priced new listing was $866,000 for 844 Muskwaki, a 5 bedroom, 3.5 bath bank-owned property with 4475 square feet and gorgeous mountain views. The overall median asking price last week was $249,00o.
Continuing along on a steady pace, this past week there were 13 new PENDING ESCROWS, down 4 from the previous week’s 17. The lowest pending sale price among this group was $149,500 for 2110 10th St, a 1 bedroom, 1 bath with 624 square feet. On the complete opposite swing of the pendulum, the highest pending sale price was $3,900,000 for 231 Beach, a 4 bedroom, 5 bath waterfront home with 4139 square feet located in the Tahoe Keys. The overall median home price among last week’s pending sales was $299,000 with an average time on the market of 99 days.
The number of closed escrows declined considerably with only 4 reported sales this past week, down 7 from the previous week’s reported 11. The lowest sale price within this group was $180,000 for 2529 Osborne, a 2 bedroom, 1 bath in the Sierra Tract neighborhood with 775 square feet. The highest sale price was $527,000 for 2100 Shawnee, a 4 bedroom, 2.5 bath with 2649 square feet in the North Upper Truckee area. The overall median sale price was $268,000 with an average time on the market (including the escrow period) of 76 days.
Stay tuned for further weekly reports. Based on what we are experiencing in the number of inquiring phone calls and emails, we are expecting a spurt of activity during the month of September. Combined with the continuing record low interest rates and a wide variety of inventory choices, the Lake Tahoe real estate market continues to hold interest among both recreation lovers and investors.
South Lake Tahoe Real Estate Market Update, Aug. 5- Aug. 11
August Bloom-fest in South Lake Tahoe
Mid summer in South Lake Tahoe is magical in so many ways. But then again, when is it not magical in the Sierras? Besides ideal weather, pristine blue skies and a lake that will take your breath away, the wildflowers are, according to the locals, “the BEST ever.” It seems as though the majority of the various species are all blooming at once. In keeping with the wildflowers, the local real estate market continues to be having its own “bloom-fest” at the moment. According to the South Lake Tahoe Association of Realtors’ Multiple Listing Services, there were 17 NEW (or back on the market) listings this past week, up 2 from the previous week’s 15. Among the this group, the lowest priced new listing was a mere $140,000 for 3765 Alder. This property is a 1 bedroom, 0.75 bath cabin with 532 square feet of living space. At the other end of the spectrum, the highest priced new listing was $980,000 for 1603 Bel Aire Circle, a 3 bedroom, 2.5 bath luxury home with 2733 square feet of living space and water features including waterfalls.The overall median asking price last week was $400,000. This is slightly higher than the current median home price of $326,500 for sales during the past twelve months.
New ESCROWS continue along a strong trend with 17 this week, slightly down from the 22 posted last week. The lowest pending sale price among this group was $119,900 for 3598 Terry Lane #38, a 2 bedroom, 1 bath condo with 896 square feet of living space. The highest pending sale price was $1,127,900 for 2176 White Sands, a 5 bedroom, 3.5 bath Tahoe Keys home with 3206 square feet of living space and 85 feet of water frontage. The overall median home price among last week’s pending sales was $324,900 with an average time on the market of 76 days.
CLOSED sales remain rather consistent with 11 reported sales during this past week, down only 1 from the previous week’s reported 12. The lowest sale price within this group was $58,000 for 3798 Aspen (shall we say “contractor’s special?”) which was a 1 bedroom, 1 bath with 551 square feet. The highest sale price was $610,000 for 1072 Turnback, a 3 bedroom, 3 bath Montgomery Estates bank-owned home with 3,453 square feet. The overall median sale price was $261,000 with an average time on the market (including the escrow period) of 78 days. Of course, the sale on Aspen brought this value down considerably. Overall, the good news continues to come our way.
So. Lake Tahoe Median Home Price Update, July 2010
The median home price in South Lake Tahoe appears to be holding steady following four months of slight yet steady increases. According to the South Lake Tahoe Association of Realtors’ multiple listing services, when focusing on single family residences sold over the past twelve months, as of July 31, 2010, the median home price is posted at $326,500 for the second month in a row. This is down approximately 10.5% from the median home price of $365,000 posted during the same period in 2009. The good news is that this 10.5% reduction is the lowest reduction posted since July of 2009.
Among further positive notes, the number of sales that closed escrow during the August 1 of 2009 through July 31, 2010 was 507 which was a dramatic improvement over the 374 reported for the same period during the previous year. At the same time, the time on the market (which includes the escrow period) shortened from a median time of 175 days in 2009 to 116 days in 2010. The good news continues as the median sales to list ratio during this period in 2010 was 98.9% as compared to 91.5% in 2010. It is our opinion that all three of the above categories were the result of short sales and foreclosures as well as the streamlining of the process within many of the lending institutions.
The statistic that did not show positive signs of improvement had to do with the dollar per square foot. In 2009, the median $/SF was $227 while in 2010, it was reported at $192. Again, distressed sales appears to have been the biggest influence in lowering these numbers. In a nutshell, buyers don’t mind spending a bit more but they are looking for a “bigger bang for their buck.”
Download and print the most recent market update covering the past four years.