South Lake Tahoe Real Estate Market Update, Oct. 1- Oct. 7
[SinglePic not found]Lots of surprises this week, starting with a surprise winter storm in Lake Tahoe (hint of some fun times ahead.) Next, the South Lake Tahoe real estate market activity continues to show signs of a steady albeit slow recovery. Last week showed 8 NEW LISTINGS, down from the previous week’s 14. The lowest priced new listing is $249,000 for 1033 Cheyenne, a 3 bedroom, 2 bath with 1124 square feet. The highest priced new listing is $1,295,000 for 1790 Meadow Vale, a 6 bedroom, 4 bath with 3200 square feet. This week’s median listing price is $455,000.
There were 14 homes that went into ESCROW this week, one less than last week’s 15. The lowest priced new escrow is $112,900 for 3740 Larch, a 1 bedroom, 1 bath with 468 square feet. The highest priced new escrow is $3,275,000 for 3819 Beach Rd., a 4 bedroom, 2 bath with 2286 square feet. The median pending sale price is $309,500 with and average time on market of 107 days.
This week showed 13 homes recorded as SOLD, up from last week’s 8. The lowest sale price was $130,000 for 1176 Margaret, a 4 bedroom, 3 bath with 2184 square feet. The highest sale price was $1,250,000 for 596 Lucerne, a 4 bedroom, 4 bath with 5313 square feet. The average time on the market (including the escrow period) was 115 days. The median sale price was $275,000.
South Lake Tahoe, Montgomery Estates Market Update
The statistics regarding home sales within the Montgomery Estates neighborhood of South Lake Tahoe has just been updated. The median home price through July 31, 2009 and based upon the previous 12 months sales show a median home list price of $437,000 with a median sold price of $417,000. This number is down from last year’s median home price of $480,000. The good news is that the number of sales and the time on the market have both seen slight improvement.
This week’s Home of the Week is located at 1004 Turnback Trail in Montgomery Estates. We hope that you will check it out for yourself and please, pass the link along to anyone you feel might be interested.
To all of you – have a wonderful and safe Labor Day Weekend.
Market Update – North Upper Truckee, South Lake Tahoe
Those of you that find a benefit to tracking the real estate market trends will want to check out our latest update of the North Upper Truckee area of South Lake Tahoe. According to statistics provided through the South Lake Tahoe Association of Realtors’ Multiple Listing Services, the big picture for North Upper Truckee in general is (applause, applause) a median home price of $407,500, near the peak of $415,000 found during the months of Oct. 2008 & Feb.- Mar. 2009.
North Upper Truckee 1 (located where North Upper Truckee Rd feeds off of Hwy 50 near Meyers and ends at Zuni Rd) saw an estimated 8% decrease in median home prices ($395,750 to $362,750) between the period of Aug. 1, 2008 through July 31, 2009 when compared to the same months one year earlier. On the positive side, there were 28 closed transactions as compared to 20 in the previous year.
North Upper Truckee 2 (the area from Zuni Rd to Tahoe Mountain Rd) saw an estimated 6% increase in value, from $547,000 – $580,000, with half as many sales – that being 5 as compared to 10 the previous year. This area was hardest hit during the 2007 Angora Fire and is currently undergoing a transformation from smaller homes in wooded areas to newer, larger homes with wide open views.
Be sure to check out more information regarding the North Upper Truckee area. Within this neighborhood profile, one can learn more about the overall make-up of the area, nearby points of interest and follow the real estate market activity as far back as 2003.
Market Update – Meyers, South Lake Tahoe
Homeowners in the neighborhood of Meyers, (the entrance to South Lake Tahoe via Highway 50 from Sacramento,) should be smiling a bit more these days. A review of the previous twelve months’ homes sales through the end of July, 2009, show a 15% improvement in property values as compared to the same period one year ago. According to statistics provided by the South Tahoe Association of Realtors’ MLS, for the first time since this past March, the median home list price rose to $399,000 with a median sale price of $405,000. Can you believe it? This represents a list to sale ratio of 101.5%, (most likely due to one or more properties selling above asking price – one can assume these would be REO sales.) The median home price of $405,000 is the neighborhood’s highest value in the past twelve months.South Lake Tahoe Named in Top 10
[SinglePic not found]I knew it, I knew it, I knew it. (Just love saying it.) And finally, I read it. What, you ask, am I carrying on about? The fact that SOUTH LAKE TAHOE SHOULD BE ONE OF THE BEST RESORT AREAS IN THE COUNTRY in which to invest, especially in today’s real estate environment. And now, I just read, much to my shear delight, an article posted by MSN Money naming South Lake Tahoe as one of the top 10 places in which to purchase a second home.
The criteria noted for being included in this list is taken directly from the May 17th, 2009 article written by Liz Pulliam Weston are as follows:
- Proximity to growing urban centers. Vacation towns typically need to be within a two- to three-hour drive of a major city, or at least reasonably close to a big airport.
- Plenty of recreational opportunities. There has to be lots of stuff to do beyond shopping, which is why most thriving resort towns are near ski lifts, beaches or mountains. Some cultural cachet such as a theater or film festival, galleries or museums.
- Decent weather. You have to be able to get outside to enjoy all that recreation.
- Significant commercial investment. The old-timers may grouse about the new hotels or malls, but these are good indicators that others think the community is on the way up.
- The “it” factor. The community gets discovered by movers, shakers and celebrities, or at least enough other folks like you for prices to get bid up.
There was some misinformation quoted however. Within the article, it was stated that the median home price was up 21% over last year. The fact is that when comparing S.T.A.O.R.’s Multiple Listing statistics year over year, the median sold price for a single family residential home is down 7.8% from the previous year. This figure covers the City & County areas of South Lake Tahoe in El Dorado County only and reflects the period of 4/30/08-4/30/09 as compared to sold listing data for the period of 4/30/07-4/30/08. On the positive side, this percentage drop is relatively small compared to other areas in the United States in the current economic climate, which actually highlights a strength and stability in our market.