South Lake Tahoe Real Estate Market Update, July 31 – Aug 6.

The weather was absolutely gorgeous this entire past week.  That combined with the Hot August Nights festival, Boz Scaggs and simply being the best place to be in the country, the real estate market activity in South Lake Tahoe was fairly active.

There were 32 new listings (up from last week’s 29 and 18 two weeks ago,)  Among these new listings, the lowest price was a studio cabin for $150,000 and the high end of the range was $1,500,00 for a four bedroom, 4.5 bath home with over 4, 400 SF of living space.  The median home price for these new listings was $439,000.

 

 The good news was the report of 12 new pending sales as compared to 9 the two previous weeks.  The low end of the price range within this category was $158,000 for a one bedroom, one bath condo near Camp Richardson.  the high end of the range was $1,100,000 for a 3 bedroom, 2.5 bath with over 2,100 SF in the Tahoe Keys.  This last property is a short sale.  The median home price of the new pending sales is $461,5000.  The average tie on the market for these homes is 91 days.

Another good sign of a healthier market trend is the 14 closed sales, again up from the 10 the previous week and 4 two weeks ago.  Among these recent sales was a low of $245,000 for a two bedroom, two bath cabin in the Sierra Tract and a high of $755,000 for a four bedroom, 3.5 bath home featuring almost 3,200 SF of living space within popular Montgomery Estates.  The median home price for these closed sales wwas $418,000.  The average time on the market was 104 days, including the average 45 day escrow period.  

This week’s Home of the Week is 536 Cayuga.  Located in desirable North Upper Truckee, this three bedroom home features upstairs living with views of forested land and is literally steps to the Desolation Wilderness.  If you are seeking quality and quiet, you will want to check out this home.

Click here to view a visual tour of 536 Cayuga in South Lake Tahoe.