South Lake Tahoe Real Estate Market Update, Aug. 26- Sept. 1

Where Else but Lake Tahoe

There’s a reason people continue to desire Lake Tahoe real estate. There’s a reason we live in Lake Tahoe.  For most of us, our investments and wealth comes not in paychecks but rather in the richness of simplicity.  Case in point, this photo taken during a Tuesday Night Beach Dinner where attendees donned some spiffy attire and headed off to dine in the sand.  Perhaps the lifestyle is one of the driving forces behind the current stabilizing of the Lake Tahoe real estate market.

According to the South Lake Tahoe Association of Realtors’ Multiple Listing Services, there were 17 NEW (or back on the market) listings this past week, down 4 from the previous week’s 21.  Out of this new listing group, the lowest priced home was $140,000 for 2055 Lukins Way, a 3 bedroom, 1 bath home with 1200 square feet of living space. This house is located in the Tahoe Island neighborhood.  The highest priced new listing among this group was $674,900 for 477 Lido, a 4 bedroom, 2 bath with 2755 square feet located in the Tahoe Keys.  The overall median asking price for new listings was $284,900.

This past week there were 13 new PENDING ESCROWS, down 3 from the previous week’s 16. The lowest pending sale price from this group was $275,000 for 2301 Eloise, a 3 bedroom, 2 bath with 1792 square feet located in the Tahoe Island area.  The highest pending sale list price this past week was $1,150,000 for 636 Alpine. This is another Tahoe Keys home with 4 bedrooms, 3 baths and 3737 square feet of living space.  The overall median home price among last week’s pending sales was $414,000 with an average time on the market of 87 days.

The number of CLOSED SALES increased again with a total of 13 this past week, up 1 from the previous week’s 12 and up 9 from 2 weeks ago when there were just 4 recorded sales.  The lowest recorded sale price within this group was $128,000 for 2683 Pinter. This house is in the Sierra Tract neighborhood and has 2 bedrooms, 1 bath and 696 square feet lof living space.   The highest sale price was $1,225,000 for 2176 White Sands. This home has 5 bedrooms, 3.5 baths, 3206 square feet and is located in the Tahoe Keys neighborhood.  The overall median sale price was $280,000 with an average time on the market (including the escrow period) of only 78 days.

As of September 2, 2010 there are 607 active listings on the South Lake Tahoe Association of Realtors MLS. out of these 607, 109 of them are currently in escrow. Out of the 109 pending escrows, there are 30 that are awaiting bank approval for a short sale.