South Lake Tahoe’s Real Estate Market Looking Upward in 2010
Depending on newspaper you are reading, news channel your are tuned in to or online news source is popping up every time you sit at your computer, to say the least, the real estate news can be a bit confusing. Up or Down? Forward or Back? Are we moving at all?
It is for this very reason, we thought we would simply post the statistics straight out of the South Tahoe Association or Realtors’ multiple listing service. Interpret them how you will, but all in all, the news is certainly encouraging. During the first four months of 2010, there was an improvement in regards to the median home prices, number of residential homes sold and the time those listings were on the market. This first trimester revealed 167 single family residences sold as compared to the 112 in 2009. The median home price of those homes sold was $315,000 up from last year’s $306,250 and the time on the market declined from 2009″s 148 days to 122 in 2010.
When looking at the median home prices posted within the South Tahoe Association of Realtors’ statistical report, it is important to know that the data is based upon an average of the preceding twelve months. When one looks at the median home price posted at the end of April, 2010, they will see that the median home price is $318,000 which is down 19.4% from the $395,000 posted during the same period in 2009. Why does the latter report show an overall decline and the above show quite the opposite? It’s simple – the positive news of the past four months is being pulled down by the preceding twelve. If the current trends continue/strong> it is likely that by the end of 2010, the median home prices will show welcomed improvement. It is hard to tell at this point, but we like what we are seeing and we are going to keep an optimistic outlook going for as long as we can.
A Pinnacle Open House
We would like to invite the public to stop by our Open House this Saturday, the 24th, from noon until three. The Open House is being held at 2146 Marshall Trail in Montgomery Estates. Take Pioneer Trail past the Sierra House School and turn up Marshall Trail. Follow the signs and you will find yourself close to the entrance to the High Meadows Trail forest entrance. Across the street and on adjacent sides of this home are more government owned lots providing plenty of elbow room and privacy.
This three bedroom, two bath home features a rare floor plan that allows a great opportunity for family and friends to gather comfortably yet at the same time, residents can enjoy some privacy with the separated bedrooms. Features include vaulted pine ceilings, lots of mountain and forest views, custom cabinetry and four separate outdoor decks.
We hope to see you and promise to provide plenty of information on the current real estate market.
Open House Saturday, March 20 in Heavenly
If you are looking for the ideal Tahoe ski cabin, be sure to drop by our Open House at 3775 Overlook Court this Saturday between 1 – 4 in the afternoon. This is a rare opportunity to find a diamond in the rough (many homes in the area are worth over a million dollars) with lake, mountain and forest views. Take Ski Run Blvd to Needle Peak, left on Wildwood and left on Overlook.
Whether you are looking for a Tahoe cabin “getaway” or an investment with income opportunities, this classic Tahoe cabin features 3 bedrooms, 3 bath home will do the trick. Features include vaulted pine ceilings, large windows, fully furnished and ambiance galore. All for under $400,000. Dare to compare – the possibilities are endless. Lake view homes are getting harder to find, certainly at this price and these opportunities don’t come along everyday.
If you would like to preview this property, take a look at this fun video. You can learn more about this home by visiting the property page for 3775 Overlook Court or give us a call for a personal tour. Don & Theresa Souers toll free at 877.768.3775.
So. Lake Tahoe Negotiating Room is Slimming Down
Everyone knows by now that most sellers are willing to negotiate their asking price in today’s market. However, the most recent statistics released by the South Tahoe Association of Realtors Multiple Listing Services shows that the sales to list ratio is slowly closing it’s gap for single family residences throughout the South Lake Tahoe real estate market. Between January 1 and March 8th of 2010, there were 69 reported sales, up from 52 in 2009 and 36 in 2008.
The homes that closed escrow within 60 days of listing averaged a sale to list ratio of 101.78%. There were 14 sales within this group and one can assume that the majority of these homes were bank-owned sales. The homes that closed escrow within 61 – 90 days of listing in 2010 averaged a sale to list ratio of 96.94% up from the 94.04% reported in 2009. Similarly, the homes that closed escrow within 91 – 120 days in 2010 averaged 92.16% as compared to 90.69% in 2009. Small steps but we’ll take them.
