South Lake Tahoe Real Estate Market Update, July 1- July 8

 Why invest in South Lake Tahoe? Well, take a look at this photo taken on July 4th and you will have to admit that folks do like it here. And to look a bit further, check out the real estate market activity that took place over the holiday. According to the South Lake Tahoe Association of Realtors’ MLS there were 29 NEW (or back on the market) listings, 6 more than the previous week’s 23. The lowest priced new listing was $189,000 for 3324 Ash, a 2 bedroom, 1 bath with 660 square feet. The highest priced new listing was $1,995,000 for 2160 Balboa, a Tahoe Keys home with 4 bedrooms, 3.5 baths and 3122 square feet. The overall median asking price last week was $349,750.

There were 8 NEW ESCROWS this past week, an improvement of 1 over the previous week’s 7. The lowest pending sale price was $150,000 for 971 Kiowa, a North Upper Truckee home with 2 bedrooms, 1 bath and 768 square feet.  The highest pending sale price was $599,000 for 716 Lakeview, a 4 bedroom, 2.75 bath with 2963 square feet.  The overall median home price among last week’s pending sales was $302,000 with an average time on the market of only 39 days.

 There were just 3 CLOSED sales this past week, down substantially from the previous week’s 18. Perhaps the holiday office closing played a role here but more than likely, these closings were the result of accelerated sales trying to take place with the Federal tax credit. There were 2 homes that sold for $280,000 which was the lowest sale price for the week. These homes were 695 El Dorado (2 bedrooms, 2 baths, 1100 sf) and 2154 Washington (3 bedrooms, 1.75 baths and 1537 sf).  The highest priced sale was $715,000 for 1917 Cathedral, a 3 bedroom, 2.5 bath with 2363 square feet. The overall median sale price for the past week was $280,000 with an average time on the market (including the escrow period) of just 43 days.