In South Lake Tahoe real estate terms, March was much of the same when looking at the figures of home sales over the last year.
Median Sale Price and Closed Sales of Homes Sold in South Lake Tahoe
Over the past 12 months, the median price of homes in South Lake Tahoe, CA sold leveled off at $320,000, but that’s still 25.5% over last year’s average of $255,000. For the month of March, 2014, the median rose to $365,000 (this reflects homes that closed escrow in March). There were 49 closed sales which brought the total of sales in the last year to 731, which is down 4.7% from the previous year.
On the Nevada side of South Lake Tahoe they saw a much different picture in the terms of median price. In the past year, 212 condos and homes sold from a low of $125,000 to a high of $5,800,000. The median sales price was $484,000. If you take the condos at Summit Village (normally lower priced that the rest of the Nevada side) out of the mix, the median rises to $553,000 with 165 sales. This reflects an increase in the number of sales by almost 18% over the past 12 months. The median sales during that period of time much higher since one home sold for $8,500,000 and another for $20,900,000.
Inventory of Homes for Sale in South Lake Tahoe
There are currently 117 homes and condos for sale on the Nevada side of South Lake Tahoe and 137 on the California side. Over the last year, the number of homes for sale on the California side dropped 2.4% (but there are 37.5% fewer than just 2 years ago). We have had more homes listed over the last year than in previous years due to a confidence in the market and sellers believing they’ll get a good price for their home. You can see a list of all homes for sale in South Lake Tahoe, CA and South Lake Tahoe, NV.
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