March was a great month in South Lake Tahoe. We enjoyed some great Spring like weather, Daylight Savings, St. Patrick’s Day, and Easter all in the same month! As the birds and squirrels came out to enjoy the warmer weather, some home buyers also came out to take advantage of some great deals!
According to the South Lake Tahoe MLS, there were 34 single family homes that sold in March. The least expensive sale was a one bedroom home at 2613 Fountain that sold for $165,000. The most expensive home sold was 3597 Mackedie Way which sold for $1,180,000. Out of the 34 single family homes sold in March, 11 of them were foreclosures, and a few others were short sales.
Another great March statistic is that there were five new construction homes that sold. New home sales have been very slow, and it is great to see some activity in that area. I believe that if new home sales continue to improve, land sales will follow. Builders still need to sell there existing new homes before they decide to buy more land.
Land sales showed a slight improvement in March, but are still quite slow. There were four lots that sold in March. Two of the lots that sold were in the Angora fire area that had homes which had burned down. The lots in the burn area which had homes that burned down, include building allocations which are good until the end of the year. Water and sewer hook up fees are also included with the burn lots, which will save over $12,000 for the owner or builder. Only one lot went into escrow in March, which was also a “burn lot.”
Condo sales are another sector that showed a slight improvement, but are still struggling. There were only three condos in South Lake Tahoe that sold in March, but five condos went into escrow. My guess is that when the Tahoe Keys thaws out, and summer starts, we will see some more activity with the Tahoe Keys Condos.
I am looking forward to seeing what the South Lake Tahoe Real Estate market will be like in April. I hope that real estate activity continues to improve, and that the overall economy will stabilize. I am also looking forward to another great summer in South Lake Tahoe, I can not think of anywhere that I would rather be!
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