Lake Tahoe Real Estate Market Update, Sept. 11 – 18, 2008

For those of you checking in our on our weekly updates, we apologize for the delay this past week.  While traveling, we discovered glitches to email service which we thought no longer existed.  Boy, isn’t it amazing how quickly we get accustomed to today’s technology and how lost we can be when it is not readily at hand?

But, we are back, up and running and so – let’s continue our market watch.  During the week of September 11 through the 18th, South Lake Tahoe witnessed the following market activity:

There were 11 new listings reported starting with a low of $26,900 for a 2 bedroom, 1 bath home on Pinecrest to a high of $3, 225,000 for a stunning 3 bedroom, 3 bath home with a full guest apartment located right on the lake.  (Way to go Vicki at Pinnacle.)  The median home price among the new listings was $445,000.

There were 10 new escrows reported (down from the previous two weeks 14 & 12) during the past week.  The low end of the price range was $150,000 for a 1 bedroom, 1 bath condo along Emerald Bay highway.  The high end of the range was $1,159,000 for a newer, 4 bedroom, 3.5 luxury home built in the Angora Highlands area – more cheers for Pinnacle! The median price among the new escrows is $419,450, down from last week’s $424,760 and the average days on the market for these homes was 83 days, up slightly from last week’s 76.

Okay – now for our favorite part of this weekly update.  Last week, South Lake Tahoe’s real estate market reported 9 closed sales, nearly double of the 5 reported last week.  The lowest recorded sale was $349,500 for a 3 bedroom, 2 bath home on Clear Creek.  The highest priced home sold $593,000 for a 3 bedroom, 2 bath home located right at the foot of Heavenly Mountain skiing.  Someone is going to have a great time this winter.  The median home price was $449,000, up from last week’s $327,950.  The average time on the market for these homes was only 70 days.

The information above was taken from the South Lake Tahoe Association of Realtors as of Friday, September 18th, 2008

Be sure to visit our web site at www.HomeInTahoe.com,  to learn more about the South Lake Tahoe real estate market, neighborhood trends, news and more.  See you in a few days.  

And, don’t forget to VOTE!