South Lake Tahoe Real Estate Market Update, May 28- June 3

The South Tahoe real estate market appears to be following its traditional “relaxed” activity for the period between the middle of May to the middle of June. The good news is that we can actually take a bit of time away from the computer and get out to enjoy the Tahoe beauty. Many thanks to my good friend Dewitt Jones for capturing a moment of pure fun. Dewitt is always reminding us to celebrate what’s right with the world and I must admit, golfing in a slight drizzle and somewhat chilly temperatures in Tahoe, is right up there at the top of the list. Now, back to work.

According to the South Lake Tahoe Association of Realtors’ multiple listing services, there were 20 NEW (or back on the market) listings this past week , up 2 from the previous week’s 18.  The lowest priced new listing is $235,000 for 3311 Bruce, a 2 bedroom, 1 bath with 1962 square feet located in the Bijou neighborhood. The highest priced new listing was $2,195,000 for 2049 Aloha, a Tahoe Keys home with 5 bedrooms, 4 baths and 2893 square feet.  The overall median new listing price for this week’s newest inventory was $389,450.

There were only 9 new PENDING sales, down from the previous week’s 15.  Perhaps all of our recent snowstorms have dampened the spirits of spring visitors. The lowest asking price for the new pending sales is $150,000 for 1008 Eagle, a 3 bedroom a bank-owned fixer (an understatement) with 1922 square feet. Good job Pinnacle. The highest priced new escrow is $536,500 for 2142 Monterey, a 3 bedroom, 2 bath with 1832 square feet located in the Tahoe Keys.  The  overall median home price among the new pending sales was $264,900 with an average time on the market of only 19 days.

There were 5 CLOSED sales this past week, the same as the previous week.  The lowest priced sale was $229,900 for 3534 Pinecrest, a bank-owned 3 bedroom, 2 bath with 1732 square feet. The highest priced sale was a short sale at $370,000 for 686 Michael, a 3 bedroom, 2 bath with 1570 square feet.  This home is located just outside the Tahoe Keys. The overall median home price was $267,500 with an average time on the market of 78 days.