home sales

After the frantic pace of home sales in South Lake Tahoe over the past two years, things are starting to slow down to a more level pace. Home sales in South Lake Tahoe, California dropped 13% in the month of July, mainly due to the fact that there is a lower inventory of homes priced under $300,000. Homes priced between $435,000 and $650,000 actually saw a rise in closed sales, up 20.5%. There was a huge surge in home sales from 670 a year in 2012, to a peak of 790 for the year ending in May of 2013, back to 678 for the past 12 months.

The real estate market in South Lake Tahoe continues to show strong numbers, no matter which set of figures you look at. What was especially high in October was the median price of homes sold.

Median Sales Price Continues to Rise

The median sales price of homes sold in South Lake Tahoe rose for the 14th straight month in September, 2013. Almost all other figures moved in a positive direction as well.

Median Sales Price Continues to Rise

Lake Tahoe real estate had seen a steady down trend in home sales over the last few years, and the last 9 months has seen a steady upward climb. In February of 2013 buyers seemed to be on a buying frenzy and sellers were deciding not to sell and hold on for a higher sales price in the future. The big topic of conversation among Lake Tahoe Realtor's is the lack of homes for sale and how sellers are pulling their homes off of the market.

Closed Sales of South Lake Tahoe Homes

Home sales around Lake Tahoe increased substantially in 2012, with a 34 percent rise in units sold and a 40 percent jump in sales volume, according to a year-end report released by Lake Tahoe-based real estate company Chase International.

The median home prices of California homes sold reached a 4-year high in August according to the California Association of Realtors. In their August sales report released this week, CAR reports that home sales fell off slightly for the month but are maintaining a strong pace with 5 straight months of year over year sales gains. They also reported that inventory of homes for sale continues to be an issue with inventory at a 6 year low. You will notice similar trends in Lake Tahoe as I explain in more detail below.

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

Perhaps we're starting to sound like a broken record since each month's Lake Tahoe real estate sales figures continue to outshine the figures from the month before.

Closed Home Sales Rise

It appears that the recovery trend of real estate in South Lake Tahoe is continuing, based on figures just in for the month of June. Closed home sales saw a dramatic increase, both over last year's sales figures as well as those from last month. In June of 2012 there were 81 closes home sales, the highest figure in over 6 years. If you break apart the figures and look at sales in the different price ranges, the homes which sold at $300,000 or less saw a 54 percent gain in sales over last year.

Vacation property sales have picked up around Lake Tahoe as plunging home prices bring buyers back, according to the Sacramento Business Journal.
Home sales have picked up significantly this year as investors, vacation home buyers and even first-time buyers respond to declining prices and historically low interest rates. The trend is evident on both sides of the California and Nevada state line.