Lake Tahoe Real Estate Figures for September 2012
Submitted by Anonymous on Mon, 10/01/2012 - 11:38pm
In Lake Tahoe real estate, each month brings better news than the month before. When comparing September to the month and year before there were more closed sales, fewer homes on the market, fewer new listings, and a new category - increasing median sales price!
Lake Tahoe Median Sales Price on the Rise
Even when the real estate market was showing recovery in the number of homes sold and number of homes for sale, median sales prices weren't recovering. That may have just turned the bend in the month of September. In 2011 the median price of homes sold in September was $230,000. Last month that figure was $262,500, a 14.1 percent increase. September was the third month in a row that had median sales prices on the rise in South Lake Tahoe. August's median price was $236,250 and July's was $227,500. The lowest median sales price in the last 5 years in the area was in February of this year when the price was $197,500.
Closed Sales of Lake Tahoe Home Increase Again
Homes sold at the highest rate in over 5 years in September, 2012. The 84 homes that closed escrow this month brought the total for the last 12 months to 766. Compare that to 643 during the previous 12 months which shows a 19.1 percent increase. I've been listing weekly the lists of homes sold with their selling price and asking price. These have been very busy times for the Lake Tahoe real estate market!
New Listings of Homes for Sale in Lake Tahoe
Another list I've been posting weekly are the homes new to the market. We've been seeing fewer homes enter the market for months now. There was a high of 203 new listings in May of 2007 to the low this last month of just 43 new listings. To put that low figure into more perspective there were 90 new listings in August 2012 and 115 in May 2012.
Higher End Lake Tahoe Real Estate Starting to Sell
In September, 7 homes sold that were priced at $650,000 and above. This is a 133 percent increase over September of 2011 when there were just 3 homes sold in that price range. There are currently 79 homes for sale in Lake Tahoe in this range, the highest asking price being $5,250,000.
Shift to a Seller's Market Around the Corner?
We continue to see more people interested in owning a home in Lake Tahoe. Their perception is that this may be the last time they can afford to own a home in one of the most beautiful areas in the world. Interest rates may be increasing, so combine this with fewer homes for sale and increasing sales, we could see a seller's market soon. Homes over $400,000 will still be in a buyer's market, but those homes under this are starting to sell for at, or above, their asking price, thus creating a seller's market.
How to get an advantage when looking for a home in Lake Tahoe?
You can see by the above figures that homes are selling. Buyers are still getting good deals but there are less of the deals available for sale than in the past. If you are looking to purchase a home in the Lake Tahoe are, now is the time to sign up for email notifications of the Lake Tahoe MLS new home listings. You will be notified of homes coming on the market the moment they are listed. You will know as soon as the agents know. Another way to find out about the Lake Tahoe real estate market is to sign up to receive my blogs via email and to receive my monthly newsletter.
Request more information on real estate in Lake Tahoe by contacting me directly.