South Lake Tahoe Real Estate Market Update, Sept. 4 – 10

The following information is taken from the South Lake Tahoe Association of Realtors as reported on Thursday, September 10th, 2008.

Another glorious week in regards to weather, beauty and quiet surroundings.

This past week saw 17 new listings posted.  Among these 17 listings, the lowest asking price was $290,00 for a 2 bedroom, 2 bath home in the Sierra Tract.  On quite the opposite end of the scale is a high of $2,495,000 for a 5 bedroom waterfront home with over 3,200 SF of living space within the Tahoe Keys.  The median home price of these homes is $635,000 up from last week’s $499,00.

The number of new escrows is 14, up from last week’s 12.  The lowest price home in this category is $224,900 for a 2 bedroom, 2 bath home in the Sierra Tract while the high end of the range was another Tahoe Keys home listed for $849,900 with 4 bedrooms, 2.5 baths and approximately 2,300 SF.  The median home price in this group was $424,000, slightly up from last week’s $417,000.  The average time on the market for these properties was 71 days, similar to last week’s 76 days.

And now, let’s here the cheers and pats on the backs for the 5 closed escrows. The lowest priced recorded sale was $240,000 for a 2 bedroom, 2 bath condo near the Heavenly ski area.  The high end of the range was $350,000 for a 3 bedroom, 2 bath home with 1,345 SF in the Tahoe Island area.  The median home price was $327,950  with an average of 64 days on the market.