Lake Tahoe Real Estate Market Review for March

lake tahoe waterfront home for saleIf you’ve been following my blogs and articles you’ll find the South Lake Tahoe real estate figures for the month of March as expected, but if you haven’t been reading you may say “WOW!”

Median Price of Lake Tahoe Homes Sold

We had seen a big dip in the median sales price in South Lake Tahoe, CA during the last 2 years.  The median of homes sold in March was $349,000, exactly $100,000 more than March of 2012!  This is also the highest monthly figure since March of 2009 when the median was $352,049.  Just 30 days ago the median price was $295,000.

Closed Sales

Over the last 12 months, there were 763 closed sales of homes in South Lake Tahoe.  This is up 14.2% from the same period last year when there were 668 sales.  When looking at the month of March, you’ll see 2013 had 54 closed sales which were 1.8% less than 2012’s 55 sales.

Homes for sale in South Lake Tahoe

The number of homes for sale in South Lake Tahoe continues to dwindle, and there a few reasons why.  There were just 226 homes for sale this past month which is a 44.5% drop from March 2012.  The last 12 months have seen a 37.6% drop in inventory. To put these numbers into perspective, there were 829 homes for sale in August of 2007 and 692 in July of 2011.  We now have less than 1/3 of that number currently for sale.

lake tahoe real estate

 

New Listings of Homes for Sale in Lake Tahoe

One thing that we weren’t quite expecting was an increase in the new listings of homes for sale.  We’ve been seeing a  decrease in new listings but March 2013 saw a 10% increase from March 2012 and was the 3rd straight month with an increase.  There were 77 new listings this month, 70 in March last year but an overall drop of 16.5% over the last 12 months.  Over the last 12 months, there were 908 new listings of homes for sale in South Lake Tahoe, CA and there were 1,087 over the previous 12 month period.

If you divide up the South Lake Tahoe, CA market into the 4 price ranges used by Realtors, you’ll see the higher end homes saw the largest increase of new listings while those homes priced under $435,000 saw decreases.

We saw some homes pulled off the market in March due to homeowners that don’t have to sell right away deciding to sit back and wait for the median sales price to go up. Will this month’s big increase cause them to re-enter the market?  We’ll have to wait and see.

Lake Tahoe Real Estate

Want to keep up on the currents trends?  Looking to buy a home in Lake Tahoe? In this very hectic real estate market you’ll need to act very quickly!  I have told buyers to follow these 4 steps to gain the upper hand in their home search in Lake Tahoe:

  1. 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.
  2. Another way to find out about the Lake Tahoe real estate market is to sign up to receive my blogs via email.
  3. Receive my monthly newsletter.
  4. Be prepared with cash or a pre-qualification letter from your mortgage broker or bank to write an offer. I will move quickly for you to avoid being beaten out by the heavy competition.

Request more information on real estate in Lake Tahoe by contacting Dan Spano directly.