California Home Prices Rise in September; Sales Fall

lake tahoe real estateThe California Association of Realtors (C.A.R.) released their September sales report this week. They report that a continued shortage of available homes for sale lowered California home sales in September, while the median price reached the highest level in more than four years. We saw this coming since sales have been so strong.  With a reducing amount of homes for sale we knew we’d start seeing reduced sales sooner or later.

Lake Tahoe Homes Sales Up

When looking at the whole state, “Sales in the inland and coastal markets continue to move in different directions.  Low inventory – especially in distressed areas – is dampening sales activity,” said C.A.R. President LeFrancis Arnold.  “In many of these areas, there is a one- to two-month supply of REO homes on the market.  The Inland Empire and the Central Valley have experienced double-digit sales declines compared with last year.  Meanwhile, sales were higher in San Diego and most Bay Area counties, where the economies appear to be growing faster than the rest of the state.”In South Lake Tahoe, there is low inventory so fewer homes for sale to choose from but sales continued at a very strong pace. There were 25% more closed sales of homes in SLT in September than in August and 19.4% more than in September 2011.

Median Prices Up

The median price of homes sold in South Lake Tahoe rose 12% from August’s figures and 14.1% from September 2011.  The median price is now $262,500, the highest it’s been in 12 months.  In California,  the median price rose  .3% to $343,820.

Homes for sale in Lake Tahoe on the market longer than rest of California

State-wide, homes sold faster in September, with the median number of days it took to sell a single-family home falling to 39.3 days in September 2012 from 41.1 days in August and down from a revised 54.2 days for the same period a year ago. Homes in South Lake Tahoe take much longer to sell.  Lower priced homes (under $299,888) that sold in September took an average of 135 days to sell, 4 days less than in 2011 and 5 more than in 2010, so roughly the same.  South Lake Tahoe homes priced $650,00 and over took an average of 208 days to sell in September. The fastest moving inventory were homes priced between $435,000 and $649,999.  They took an average of 101 days to sell.

So far in October, there have been 33 closed sales of homes in South Lake Tahoe. When comparing this to the 37 from October of 2011, it shows we’re also starting to see sales slowing down. We’ll have to wait and see how the rest of the month turns out, but whatever they show, with reduced homes for sale this is the time to start looking for your Lake Tahoe home to purchase.

South Lake Tahoe Real Estate – How to get an advantage when looking for a home in Lake Tahoe?

If you are looking to purchase a home in the Lake Tahoe area, 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 Dan Spano directly.