South Lake Tahoe Real Estate Market Update, Sept. 2- Sept. 8

As the summer begins to set, the South Lake Tahoe real estate market begins its countdown as to the seasonal countdown.  So far, all continues to look good.  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. This is the same number of new listings as the previous week.  Out of this group of new listings, the lowest asking price is $129,900 for a bank owned fixer located at 1041 River in the Sierra Tract neighborhood. This home has 3 bedrooms, 1 bath and 810 square feet.  The highest priced new listing among this group is $1,349,000 for 2189 Balboa, a 3 bedroom, 3 bath Tahoe Keys home with 2160 square feet of living space.  The overall median asking price for new listings this past week was $445,000.

This past week there were 21 new PENDING ESCROWS (WOW!) according to the South Tahoe Multiple Listing Services, up 8 from the previous week’s 13 pending sales.  The lowest pending sale price from this group was a fixer upper listed at $98,200 for 3669 Rocky Point. This home is located near Heavenly Valley Ski Resort and has 2 bedrooms, 1 bath and 648 square feet.  The highest pending sale price over the past week was $605,000 for 2383 Wagon Train, a 4 bedroom, 3 bath with 3426 square feet. This home is bank owned and is located in the Montgomery Estates neighborhood.  The overall median listing price among last week’s pending sales was $269,000 with an average time on the market of 77 days.

The number of CLOSED SALES over this past week was 9, down 4 from the previous week’s 13.  The lowest recorded sale price within this group was $209,000 for 2322 Sky Meadows, a 3 bedroom, 2 bath with 1280 square feet within a PUD area near the Tahoe Keys. The highest sale price was for a stunning lake front home with panoramic views for $3,575,000 located at 231 Beach Dr. This is a 4 bedroom, 5 bath Tahoe Keys home with 4139 square feet.  The overall median sale price was $485,000 with an average time on the market (including the escrow period) of 84 days.  This median sale price is higher than the current average for the South Lake Tahoe area and most likely, affected by the sale on Beach Drive.

As of September 8, 2010 there are 601 active listings on the South Lake Tahoe Association of Realtors MLS. Out of these 607 listings, 117 of them are currently in escrow. Out of the 109 pending escrows, there are 33 that are awaiting bank approval for a short sale.