South Lake Tahoe Real Estate Market Update, Aub. 12- Aug. 18

Would you like to ride in my beautiful balloon?  Way up in the sky . . .  wait, my mind is wandering as I wake up to yet, another day in Paradise.  Wandering mind behind me, it is time to get back to work.  So, just how did the South Lake Tahoe real estate market fare this past week?  According to the South Lake Tahoe Association of Realtors’ Multiple Listing Services, there were 14 NEW (or back on the market) listings this past week.  This number is down 3 from the previous week’s 17 as is typical this time of year.  New listings should continue to decline as the summer months wane.  Among the this group, the lowest priced new listing was a mere $185,000 for 1046 Herbert. This property is a 3 bedroom, 2 bath with 1248 square feet of living space. The highest priced new listing was $866,000 for 844 Muskwaki, a 5 bedroom, 3.5 bath bank-owned property with 4475 square feet and gorgeous mountain views.  The overall median asking price last week was $249,00o.

Continuing along on a steady pace, this past week there were 13 new PENDING ESCROWS, down 4 from the previous week’s 17. The lowest pending sale price among this group was $149,500 for 2110 10th St, a 1 bedroom, 1 bath with 624 square feet.  On the complete opposite swing of the pendulum, the highest pending sale price was $3,900,000 for 231 Beach, a 4 bedroom, 5 bath waterfront home with 4139 square feet located in the Tahoe Keys. The overall median home price among last week’s pending sales was $299,000 with an average time on the market of 99 days.

The number of closed escrows declined considerably with only 4 reported sales this past week, down 7 from the previous week’s reported 11. The lowest sale price within this group was $180,000 for 2529 Osborne, a 2 bedroom, 1 bath in the Sierra Tract neighborhood with 775 square feet. The highest sale price was $527,000 for 2100 Shawnee, a 4 bedroom, 2.5 bath with 2649 square feet in the North Upper Truckee area. The overall median sale price was $268,000 with an average time on the market (including the escrow period) of 76 days.

Stay tuned for further weekly reports.  Based on what we are experiencing in the number of inquiring phone calls and emails, we are expecting a spurt of activity during the month of September.  Combined with the continuing record low interest rates and a wide variety of inventory choices, the Lake Tahoe real estate market continues to hold interest among both recreation lovers and investors.