Closed sales of South Lake Tahoe homes continue to rise in August
Submitted by Anonymous on Thu, 09/06/2012 - 11:10am
The August real estate figures are in for South Lake Tahoe and there are no surprises. We continue to see increased sales, decreased new listings and decreased number of homes on the market. The only thing that really isn't following the expected pattern is the median home price of homes sold in the area.
Increased Sales of Tahoe Homes
There was a 37.5 percent increase of homes sold in August 2012 over August of 2011. If you look at the whole year ending in August there was a 16.8 percent increase over the same period the year before. There were 77 closed sames in August 2012 and 56 in August 2011. 751 homes were sold during the last 12 months and 643 the previous year. The pace is accelerating.
New Listings of Homes on the Market on the Decline
As I've been stating for several months, new listings of homes for sale in Lake Tahoe are on the decline. August was no different. There were 77 homes new to the market in August of 2012, a 7.3 percent decline from August, 2011. When looking at the whole year ending last month, there was a 15.6 percent drop over the 12 months prior.
Median Prices of Homes Sold Stabilize
The figure in South Lake Tahoe real estate statistics that hasn't changed much is the median price of homes sold. August 2012 saw a decrease of the median price from $279,200 in August 2011 down 15.8 percent to $235,000. But, as mentioned before, this figure doesn't accurately show what is going on in the local market. The market is divided into 4 price ranges, $299,887 and below, that figure up to $434,999, then up to $649,999 and $650,00 and above. If more homes sell at the lower categories than at the upper, it will appear the median price is reduced. All upper price ranges saw an increase in median prices of homes sold, with the lowest range the only one seeing a decrease.
The last three months have seen a stabilization of the overall median sales price. In June 2012 it was $227,500, July $234,050 and in August, $235,000.
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