Montgomery Estates sees Improving Sales Activity in South Lake Tahoe

Here it is – straight from the South Lake Tahoe Association of Realtors’ Multiple Listing Services, the first of our studies to compare Year-to-Date (January 1st through April 30th) sales statistics for the past three years.
The news is rather encouraging for the Montgomery Estates neighborhood. The number of closed escrows totaled ten which was slightly up from last year’s nine and soared above 2008’s total of only three. While still below the average and median home prices of 2008, the numbers were definitely up as compared to last year at the same time.

This increase of median and average home prices scored better than the picture presented throughout the overall South Lake Tahoe area. The overall median home price (based upon the average from the preceding twelve months,) appears to have settled during the past six months. These statistics show a median home price of $318,500, down from last year’s $395,000 posted at the end of April.

Following are the ten posted sales for Montgomery Estates during the first trimester of 2010.
2303 Sutter built in 2003 with 2,971 SF sold for $564,500
2341 Cold Creek built in 1974 with 2,703 SF sold for $775,000
1802 Amador built in 1991 with 2,448 SF was a short sale at $400,000
1215 Gold Dust built in 1991 with 2,814 SF sold for $518,000
3100 Jacarillo built in 1982 with 1,400 SF and backing forest sold for $355,000
1157 Early Dawn built in 1973 with 1,120 SF sold for $298,000
1148 Golden Bear built in 1972 with 1,846 SF was a short sale at $350,000.
2384 Cold Creek built in 1977 with 1,832 SF was a bank-owned sale at $351,000.
1701 Pepperwood built in 1969 with 1,064 SF was a bank-owned sale at $214,800.
3025 Lodgepole built in 1996 with 2,578 SF and backing forest sold for $540,000

Let’s all keep our fingers crossed and hope this encouraging news is only the beginning of a stabilizing market. While we are at it, let’s keep those interest rates at record lows and keep those smiles first and foremost.