South Tahoe Real Estate Market Update, May 13 – 20th, 2010

Yes, it’s May and real estate is supposed to be slow, the weather mild and not much happening.  This is certainly no a case of “Ground Hog’s Day.” Although not quite as busy in regards to NEW LISTINGS as last week, never-the-less, it was an active week.  According to the South Lake Tahoe Association of Realtors’ MLS, there were 19 NEW (or back on the market) listings this past week which was slightly less than last week’s 21.  The  lowest priced new listing was $150,000 for 1008 Eagle, a three bedroom home with 1922 square feet. Don’t get fooled by this one.  Major work needs to be done.  The highest priced new listing was $2,200,000 for 336 Ala Wai #271, a three bedroom, two bath waterfront home with 1558 square feet of living space located in the Tahoe Keys.  The overall median new listing price for this week’s newest inventory was $319,900.

The good news was that there were 18 new PENDING sales, up from the previous week’s 14.  The lowest asking price among these new pending sales was $129,000 for a small, two bedroom, one bath cabin with 815 square feet of living space.  The highest priced new escrow was 2380 Dundee located in the Angora Highlands neighborhood.  This home was listed at $790,000.  Way to go Pinnacle!  The  overall median home price among the new pending sales was $314,000 yet with only 17 days on the market.

Now, here’s the really good news!!  There were more than double the amount of CLOSED escrows with twelve as compared to five during the previous week.  The lowest priced home among the closed sales was $155,000 for a small two bedroom, one bath cabin on Fairway within the Bijou neighborhood.  This home was quite the contrast to the $1,060,000 home sold at 1321 Wildwood found within the Heavenly Mountain neighborhood.  This home had four bedrooms, three baths and 3, 433 square feet of living space.  The overall median home price was $370,000 with approximately 90 days on the market.  With the average escrow period being around 45 days, this time on the market is relatively short.

To learn more about the Tahoe real estate market, be sure to visit our website.