April home sales in South Lake Tahoe saw a significant decline compared to March home sales. There were 20 single family homes in South Lake Tahoe that were sold in April, compared to 34 homes sold in March. Out of the 20 sold homes, only 4 were foreclosures compared to 11 last month.
The reason that there were only 4 foreclosures sold in March is because the amount of foreclosures coming on the market in South Lake Tahoe has been going down. There are a lot of buyers targeting these foreclosures, and the reduction in foreclosure inventory may be one of the reasons for the reduction in home sales in April.
The lease expensive home sale in April was a foreclosure at 1667 Choctaw which sold for $235,000. On the upper end of sales was 1323 Keller, which sold for $1,200,000.
According to the South Lake Tahoe MLS, there were 25 houses that went into escrow in April, 5 of which are foreclosures. There are now 51 single family homes in escrow in South Lake Tahoe.
Lot sales are still stagnant in South Lake Tahoe. There was only one lot sold in April, which was in the Angora fire area. There were three lots that went into escrow, including a great view lot on Cornice for $349,000.
April activity on Condos in South Lake Tahoe was similar to March. There were only two condos sold, and four condos went into escrow.
I expect the South Lake Tahoe Real Estate market to show a slight improvement in May. Conventional loan interest rates have just dropped back down to around 6%, and summer is just around the corner.
There are a lot of home buyers that are on the fence about buying. These home buyers are trying to time the market, and to buy at the “exact bottom”. The problem with this strategy is that by the time the signs of the recovery of the real estate market are there, such as increasing pendings and sales, those buyers will have missed the bottom completely!
For all of those buyers out there, think long term!!!
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