Median Home Prices in California on the Rise, Lake Tahoe included

homes for sale in lake tahoeLake Tahoe home prices are finally seeing an upturn, and by looking at the chart on the right, we’re no different than the rest of California.

While we don’t have 42 years worth of local figures, we can evaluate the median sales price over the last 6 years in Lake Tahoe.

Lake Tahoe Median Home Prices

The following figures are for the month of January and June in each year:

Jan, 2007      $469,000

June, 2007    $454,000

Jan, 2008       $428,000

June, 2008     $400,000

Jan, 2009       $387,500

June, 2009     $363,000

Jan, 2010        $315,000

June, 2010      $312,000

Jan, 2011        $300,000

June, 2011      $290,000

Jan, 2012        $250,000

June, 2012      $235,000

Jan, 2013        $245,525

If you compare the prices for all of California with those on the California side of Lake Tahoe, you’ll see that Lake Tahoe was a bit slower in regaining the increase of the median price.  The state saw an increase in 2010 and a slight decrease in 2011, then up again in 2012.  South Lake Tahoe saw the increase starting in July of 2012. I predict these numbers to continue to climb at a faster rate than expected by almost everybody in the real estate business. Also, it’s still a very good time to purchase in Lake Tahoe because the prices are still very low compared to where the market is going. However, wait until the February 2013 numbers come out next month to witness the furious pace the medium price is increasing in the Lake Tahoe homes for sale marketplace.

Real Estate is Rebounding

Many signs have been pointing to a recovery in the local, as well as in the California real estate market.  Some people thought we’d see a large burst of newly foreclosed homes on the market, but that hasn’t happened. The “shadow” inventory just hasn’t shown itself and Lake Tahoe foreclosures are down.  New listings of foreclosed homes are down 42% over the last year, and down over 66% in January.  The median sales price for homes in Lake Tahoe went up 33% in January over the same month in 2012.

Purchase a Home in Lake Tahoe before it’s too late

The number of homes for sale in Lake Tahoe is down drastically, so buyers are very interested in getting an advantage in the housing market.  By signing up on my website you will get email notifications the moment a house goes on the market which enables you to stay ahead of everyone else.  Contact us to take advantage of the opportunities before it’s too late!