Closed Home Sales on the Rise
It appears that the South Lake Tahoe real estate recovery trend 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 closed 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% gain in sales over last year. The only price range category that actually saw fewer sales in June were the homes priced over $650,000.
Closed sales since January of 2007
Inventory of Tahoe Homes for Sale Decreases
Also at a 6 year low is the number of homes for sale in South Lake Tahoe. There were 370 homes for sale in June, compared to 689 in July of 2012. That drop of over 53% is a very important fact when looking at action in the Lake Tahoe real estate market.
Increased Interest in Lake Tahoe Real Estate
If you take all of these facts and figures you will see that home buyers interested in the Lake Tahoe region continue to rise. Their interest is in a rapidly reducing number of homes for sale where homes sales are rapidly rising. The average selling price of homes are staying fairly low (between $226,000 to $249,000 in the last 4 months) but we should see that start to rise due to the facts of closed sales and number of homes for sale. You can follow sales over the last 12 months on my website which breaks down all home sales in South Lake Tahoe by neighborhood.
What I’ve also seen is a rise in interest of Nevada homes for sale in Lake Tahoe which are in the $1,000,000 to $2,000,000 price range. Just one year ago we hardly ever saw customers looking to buy homes in this range and now we’re seeing several.
No matter what the price range, the reason people are telling us that is spurring their interest in buying a Tahoe home is their perception that this may be the last time they’ll be able to afford a home in the area. Their dreams of owning a home in our beautiful area is coming to a reality and they’re excited to see it happen, and quickly.