Here we are April 2018 and another ski season is winding down and another tax filing date almost behind us. I was reminded recently that we all basically work for free for the first quarter of the year. Not good. The state of the real estate market was a bit quiet in February but now it is picking up in full swing. It is surprising how fast homes are selling here in South Lake Tahoe.
This house was recently listed and I immediately previewed it and thought to myself “this will sell in 5 days.” I was wrong it took 4.
The reasons this house sold so quick is the fact that it is in the county, 2400 sq.ft., 4 bedrooms, 3 bathrooms, 2 car garage, comes furnished and is in great condition. The list price was $739,000 and my guess it will sell for full price since it sold so in 4 days.
So how is the market performing after this first quarter in 2018? As we all know all over California inventory is low, very low. At the end of March we have 132 single family homes on the market compared to the end of March 2017 we had 92 homes so really the inventory is up. However so are the prices this time last year there were 120 homes on the market over $500,000 and now there are 166 over $500,000 and many more over a million dollars.
The median price now for single family homes is $450,000 and this time last year it was $420,000. (based on 12 month average). The condo median price is up too from $302,500 to $312,500. The Zalanta condo project at Stateline will bring the average price up for condos in 2018 with sale prices at an average of $1 Million or more. 11 out of 30 have sold and one is pending. What is very surprising to me is the resale of the Tahoe Woods Condos. This project was completed 2 1/2 years ago and is located less than a mile from the Heavenly Gondola. All of the 28 Townhomes sold fairly quickly at the end of 2015 beginning of 2016 at an average price of $550,000 for a 3 bed/3 bath and one car garage. There have been two resales one sale at $672,000 and another at $740,000 including furnishings. This complex has no amenities.
Not a bad appreciation!
Are we at the top of the market? It is surprising how quick higher priced homes are selling here in South Lake Tahoe. Many new construction priced at $1 Million or more are selling before they even hit the market. The height of the market was spring of 2006 when the Median price was $485,000 -so we are getting close? The bottom of the market was summer 2012 with a Median price of $235,000. One thing I know for sure the real estate market is always changing. The only negative influence I currently see in this market is the cap on the number vacation rentals in the city. This is putting pressure on the houses in the county and also increasing days on market for homes in the city. Also, we will see in the future how the new CA tax reform laws could increase the sales on the Nevada side-one of the states with no income tax.
I know the inventory will pick up this spring/summer-it always does and prices usually see a 5-10% increase. One reason why people are in a hurry to buy now.
For more information on real estate in South Lake Tahoe, CA or NV please give me a call 530-319-9286 or email me at firstname.lastname@example.org