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.

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