South Lake Tahoe Real Estate Market Update, Aug. 5- Aug. 11

August Bloom-fest in South Lake Tahoe

Mid summer in South Lake Tahoe is magical in so many ways.  But then again, when is it not magical in the Sierras?  Besides ideal weather, pristine blue skies and a lake that will take your breath away, the wildflowers are, according to the locals, “the BEST ever.”  It seems as though the majority of the various species are all blooming at once.  In keeping with the wildflowers, the local real estate market continues to be having its own “bloom-fest” at the moment.  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, up 2 from the previous week’s 15.  Among the this group, the lowest priced new listing was a mere $140,000 for 3765 Alder.  This property is a 1 bedroom, 0.75 bath cabin with 532 square feet of living space. At the other end of the spectrum, the highest priced new listing was $980,000 for 1603 Bel Aire Circle, a 3 bedroom, 2.5 bath luxury home with 2733 square feet of living space and water features including waterfalls.The overall median asking price last week was $400,000.  This is slightly higher than the current median home price of $326,500 for sales during the past twelve months.

New ESCROWS continue along a strong trend with 17 this week, slightly down from the 22 posted last week. The lowest pending sale price among this group was $119,900 for 3598 Terry Lane #38, a 2 bedroom, 1 bath condo with 896 square feet of living space. The highest pending sale price was $1,127,900 for 2176 White Sands, a 5 bedroom, 3.5 bath Tahoe Keys home with 3206 square feet of living space and 85 feet of water frontage. The overall median home price among last week’s pending sales was $324,900 with an average time on the market of 76 days.

CLOSED sales remain rather consistent with 11 reported sales during this past week, down only 1 from the previous week’s reported 12.  The lowest sale price within this group was $58,000 for 3798 Aspen (shall we say “contractor’s special?”) which was a 1 bedroom, 1 bath with 551 square feet. The highest sale price was $610,000 for 1072 Turnback, a 3 bedroom, 3 bath Montgomery Estates bank-owned home with 3,453 square feet.  The overall median sale price was $261,000 with an average time on the market (including the escrow period) of 78 days.  Of course, the sale on Aspen brought this value down considerably.  Overall, the good news continues to come our way.