South Lake Tahoe Real Estate Market Update, May 6- May 12

Our run of reduced listings and higher number of new escrows came to an end last week. We’re hoping that the decline in market activity was due to the amazing snow storm we experienced however, all in all, the numbers are still more encouraging than we normally see this time of year.
According to the South Lake Tahoe Association of Realtors there were 21 NEW (or back on the market listings), one more than the previous week.  The lowest priced new listing is $129,000 for 1409 Bonanza, a 2 bedroom, 1 bath with 815 square feet. The highest priced new listing is $999,000 for 1261 Country CLub, a 4 bedroom, 4 bath with 2598 square feet located in the Meyers neighborhood near the Lake Tahoe Golf Course. The median listing price this week was $489,600.

This past week there were 14 homes that went into escrow, down 5 from the previous week’s 19.  The lowest priced new escrow is listed at $139,000 for 3610 Spruce, #6, a 2 bedroom, 1 bath with 896 square feet. The highest priced new escrow is listed at $799,000 for 2301 Cold Creek, a 4 bedroom, 3.5 bath with 3330 square feet in the Montgomery Estates neighborhood. The median pending asking price was $264,250 with an average time on the market of 103 days.

There were 5 CLOSED sales this past week, down 3 from the previous week’s 8. The lowest sale price was $309,000 for 930 Edgewood Circle, a 4 bedroom, 3.5 bath with 2400 square feet. The highest sale price was $650,000 for 1608 Plumas, a 5 bedroom, 3.5 bath with 3199 square feet. The median sale price was $495,000 with an average time on the market of 100 days. The good news is that this median home price is higher than the overall average.