Condos in South Lake Tahoe received the brunt of the market slow down in 2007. Compared to the 11% decrease in volume of Single family homes in South Lake Tahoe, Condo sales volume plummeted 57% from $37,796,470 in 2006, to $12,684,000. I think part of the reduction is due to the fact that single family home prices dropped low enough to compete with the condo market. Condo prices also inflated very quickly leading up to 2005-2006 that they became very unstable in the slow 2007 real estate market.
The number of South Lake Tahoe Condos sold in 2007 decreased 39% from 51 in 2006 to 31 in 2007.
The median price dropped 9% from $389,000 in 2006 to $355,000 in 2007, and the average sales price fell 30% from $580,772 to $409,161.
Condos in South Lake Tahoe priced under $500,000 saw a 26% decrease in units sold, from 31 in 2006 to 20 in 2007. Units sold for condos priced over $500,000 fell 60% from 20 units in 2006 to 8 units in 2007.
What is the “up” side to the 2007 condo market? You may now be able to buy the condo that you were looking for in 2005 or 2006 but could not afford!
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