South Lake Tahoe Real Estate Market Update, May 9- May 15
According to the South Tahoe Association of REALTORS’ Multiple Listing Services, there were 16 new listings posted over the past week, 4 less than the week before. The lowest priced new listing was $149,900 for 3738 Aspen, a 1 bedroom, 1.5 bath with 899 square feet. This is a bank owned home located in the Ski Run area. The highest priced new listing is $1,150,000 for 2232 White Sands in the Tahoe Keys. This home has 5 bedrooms, 3 baths and 3249 square feet of living space. The median new asking price was $390,000 and the average new asking price was $558,663.
The number of NEW PENDING escrows over the past week was 16, down 4 from the previous week’s 20. The lowest pending list price from this group was $150,000 for 2568 Osborne in the Sierra Tract neighborhood. This home has 3 bedrooms, 1 bath and 832 square feet. The highest priced home that went into escrow over the past week is listed $1,195,000 for 2217 Balboa in the Tahoe Keys. This home has 3 bedrooms, 3.5 baths with 3448 square feet. The overall median asking price for homes that went into escrow last week was $321,500 while the average overall was $399,219. The average time on the market was just 37 days.
As for the CLOSED escrows, there were 13 during the past week, up 3 from the previous week. The lowest recorded sale price within this group was $179,000 for 2612 Rose in the Sierra Tract. This home has 3 bedrooms, 1 bath and 1120 square feet. The highest recorded sale last week sold for 775,000 for 559 Lucerne in the Tahoe Keys. This home has 4 bedrooms, 3 baths and 2184 square feet of living space. The median sale price was $375,000 and the average was $411,146. The average time on the market (including the escrow period) was 140 days.
As of May 15, 2013 there are currently 243 homes and condos on the market. Out of these 243 properties for sale, 105 of them are in escrow. Within the 105 properties in escrow, 20 of them are still pending bank approval for a short sale.
South Lake Tahoe Real Estate Market Update, May 2- May 8
The South Lake Tahoe real estate market continues along a steady course with improvements in nearly every category. According to the South Tahoe Association of REALTORS’ Multiple Listing Services, there were 20 new listings posted over the past week, the same number as the week before. The lowest priced new listing was $165,000 for 1223 Margaret in the Y neighborhood. This home has 2 bedrooms, 1 bath and 792 square feet. The highest priced new listing is $829,000 for 2081 Slalom in the Tahoe Keys. This home features 4 bedrooms, 2.5 baths and 2394 square feet of living space. The median new asking price was $404,500 and the average new asking price was $414,321.
The number of NEW PENDING escrows over the past week was 20, up 1 from the previous week’s 19. The lowest pending list price from this group was $154,900 for 3535 Lake Tahoe Blvd. #9 in the Lakeland Village complex. This is a bank owned studio condo with 1 bathroom and 448 square feet. The highest priced home that went into escrow over the past week is listed $818,000 for 1480 Glen Eagle in the Pioneer Trail area (yeah Pinnacle.) This home has 4 bedrooms, 3 baths and 3426 square feet. The overall median asking price for homes that went into escrow last week was $324,250 while the average overall was $341,850. The average time on the market was 40 days.
As for the CLOSED escrows, there were 10 during the past week, down 5 from the previous week. The lowest recorded sale price within this group was $105,000 for an uncompleted Sierra Tract home located at 2529 Armstrong. This home has 3 bedrooms, 1.5 baths and 1400 square feet. The highest recorded sale last week sold for $450,000 for 2367 Wagon Train in Montgomery Estates. This home has 3 bedrooms, 2.5 baths and 2068 square feet. The median sale price was $307,500 and the average was $310,900. The average time on the market (including the escrow period) was 70 days.
As of May 8, 2013 there are currently 275 homes and condos on the market. Out of these 275 properties for sale, 118 of them are in escrow. Within the 118 properties in escrow, 22 of them are still pending bank approval for a short sale.
East Shore, NV- South Lake Tahoe Real Estate Market Update, Apr. 30- May 6
According to the Northern Nevada MLS there are 113 single family homes for sale throughout the Lake Tahoe’s Nevada East Shore neighborhoods (as of May 6th, 2013). Among this group of Nevada homes for sale, there are 31 homes currently in escrow. Among these 31 escrows, 4 of them are still pending bank approval for a short sale. Throughout these 113 active listings, the median list price is $1,450,000 while the average list price is at $3,370,057. Among the 31 Nevada homes that are in escrow, the median listing price is $599,995 and the average listing price is $1,337,540.
There were 4 new listings this past week for Nevada single family homes, up 3 from the previous week. The lowest priced new listing is $549,000 for 630 Freel, a 3 bedroom, 1 bath with 1184 square feet in Zephyr Cove. The highest priced new listing was $1,750,000 for 354 Mackay Ct. in Stateline. There was 1 home that went into escrow over the past week in Nevada, the same as the previous week. The home that went into escrow is listed at $375,000 for 121 Dagget, a 3 bedroom, 2 bath with 1600 square feet in Kingsbury. There were 2 homes that recorded and closed escrow, the same as the week before. The lowest sale price was $629,000 for 174 Pine in Kingsbury, a 4 bedroom, 4 bath with 2016 square feet. The highest sale price was $4,395,000 for 84 Skyland Ct., a 5 bedroom, 3 bath with 3398 square feet.
As of May 6, 2013, there are 76 condominiums listed for sale on the Nevada side of South Lake Tahoe according to the Northern Nevada MLS. The median listing price for these condos is $344,450 and the average is $504,318. Out of these 76 condos on the market, there are 22 that are currently in escrow. Among the 22 pending sales, 5 of them are still subject to bank approval for a short sale. The median price for Nevada condos in escrow is $294,000 and the average is $480,563.
There was 1 new condo listings over the past week in Nevada, down 2 from the week before. The lowest new listing price was $262,600 for 192 Clubhouse in Lake Village. This condo has 2 bedrooms, 1 bath and 1248 square feet. The MLS reported no new pending sales, the same as the week before. There was 1 recorded sale this past week, down 4 from the week before. The townhouse sold for $1,150,000 and it is located at 1967 Lincoln in Glenbrook. The townhouse has 3 bedrooms, 3 baths and 2835 square feet.
South Lake Tahoe Real Estate Market Update
Typically speaking, the Lake Tahoe real estate market follows the Bay area by approximately a year and as for now, the trends seem to be holding true. As we are all hearing throughout the state of California, the Lake Tahoe real estate market is seeing declining inventory and rising home values. If a home is competitively priced, it’s not uncommon to see multiple offers. All in all, a recovery appears to be underway.
Normally, we like to report on the statistics found when studying the averages for the previous 12 months. After all, this is how both the state and national Association of Realtors® report sales statistics. And we promise to continue to do so. However, before we head down that path, we would like to share findings just for the month of April, 2013 as compared to April of 2012. Crazy good. During April of 2013 there were a total of 53 sales with a median home price of $341,500. Last year there were only 47 sales with a median home price of $218,000. Last year at this time, there were 314 homes on the market while this year it was reported that there were 166. You can see the trends, right? Best of all, based on the rate of home sales, the monthly supply of homes for sale is 2.7 (indicating a sellers’ market) as compared to 5.9 last year (more of a buyers’ market.)
Okay – time to venture on over to the traditional marketing reports. Keep in mind that these numbers, based upon the average of the previous 12 months will be lower as they are brought down by months in which we were still in a declining market. Even so, the numbers in all categories we follow show definite improvement. Are Happy Days Here again? As for now, we will celebrate all positive signs.
| 12 Mo. Average Through April 30, 2013 | 2013 | 2012 |
|---|---|---|
| Number of Sales | 718 | 606 |
| Median Home Price | $265,000 | $235,000 |
| Average List to Sale Ratio | 96.8% | 95.1% |
| Monthly Supply of Inventory | 4.1 | 8.3 |
| Days on the Market | 145 | 154 |
All of the information above is derived from the South Lake Tahoe Association of REALTORS® Multiple Listing Services with a statistic tool called “The Thing.” The area chosen was based on the zip code 96150 which is assigned to all homes located within the city and unincorporated (we refer to as the county) areas of South Lake Tahoe.
South Lake Tahoe Real Estate Market Update, Apr. 25- May 1
The South Lake Tahoe real estate market continues to move along a busy pace even though this is typically as a shoulder season, this is a slower time of year. All three categories we follow, new listings, escrows and closed sales are up. According to the South Tahoe Association of REALTORS’ Multiple Listing Services, there were 20 new listings posted over the past week, up 11 from the week before. The lowest priced new listing was $79,000 for 1223 Bonanza #37, a 2 bedroom, 1 bath condo with 812 square feet. The highest priced new listing is $1,080,000 for 1754 Meadow Vale in Country Club Estates (listed with Pinnacle Real Estate Group). This home has 6 bedrooms, 5.5 baths with 3500 square feet of living space. The median new asking price was $414,000 and the average new asking price was $487,545.
The number of NEW PENDING escrows over the past week was 19, up 4 from the previous week’s 15. The lowest pending list price from this group was $169,900 for 2728 Knox, a bank-owned home in the Sierra Tract neighborhood. The highest priced home that went into escrow over the past week is listed at $649,000 for 1829 Cold Creek in Montgomery Estates. This home has 5 bedrooms, 3 baths and 3198 square feet. The overall median asking price for homes that went into escrow last week was $289,500 while the average overall was $317,847. The average time on the market was 63 days.
As for the CLOSED escrows, there were 15 during the past week, up 6 from the previous week. The lowest recorded sale price within this group was $236,000 for 2844 Saint Nick Way in Christmas Valley. This home has 3 bedrooms, 2 baths and 1204 square feet. The highest recorded sale last week sold for $1,760,000 for 2157 White Sands, a 5 bedroom, 4 bath Tahoe Keys home with 3688 square feet. The median sale price was $430,000 and the average was $529,127.
As of May 1, 2013 there are currently 262 homes and condos on the market. Out of these 262 properties for sale, 112 of them are in escrow. Within the 112 properties in escrow, 21 of them are still pending bank approval for a short sale.