South Lake Tahoe Real Estate Market Update, Apr. 29- May 5

Looks like the South Tahoe real estate market is not going to experience a period of hibernation in 2010.  According to the South Lake Tahoe Association of Realtors there were 20 NEW (or back on the market listings), one more than the previous week.  The lowest priced new listing is $164,500 for 2580 Fountain within the Sierra Tract neighborhood which is a 2 bedroom, 1 bath with 832 square feet.  The highest priced new listing is $1,300,000 for 2324 Del Norte within the Montgomery Estates neighborhood which is a 4 bedroom, 3 bath with 4145 square feet. The median listing price this week was $369,000.

Now, check this out!  This past week there were 19 homes that went into escrow, 4 more than the precious week’s 15.  The lowest priced new escrow is listed at $164,900 for 1040 Fairway, a 2 bedroom, 1 bath with 1064 square feet.  The highest priced new escrow was a Tahoe Keys home listed for $999,950 which was located at 406 Wedelen, a 4 bedroom, 2.5 bath with 2634 square feet.  The median pending asking price was $298,000 with an average time on the market of 58 days.

There were 8 CLOSED sales this past week, slightly down 2 from the previous week’s 10. The lowest sale price was $144,900 for 2579 Elwood, a 2 bedroom, 1.75 bath with 826 square feet. The highest sale price was for another Tahoe Keys home which sold for $750,000 for 1924 Cathedral which was a 4 bedroom, 2.75 bath with 3747 square feet. The median sale price was $262,500 with an average time on the market of 105 days.

Those of you that have been following the Tahoe market for years will recognize that this busy activity is not normal for this time of year.  Normally, our market goes to “sleep” between April through June.  This sure isn’t the case for Spring, 2010.  Whatever the reason, we will take it.