South Lake Tahoe Real Estate Review for August
Pending home sales in South Lake Tahoe increased 23% increase in August compared with July. In August there was 43 pending home sales reported on the South Lake Tahoe MLS compared to 33 in July.
The statistics for the August pending sales are as follows:
-Average days on market 97
-Minimum price $259,500
-Average price $539,215
-Median price $435,000
-Maximum price $2,300,000
Out of the 43 new escrows six of them are bank owned foreclosures, and eight were reported as short sales. Five of the new escrows are located in the Tahoe Keys bringing the Keys to a total of 7 open Escrows. There is now a total of 64 pending escrows on the South Lake Tahoe MLS.
Sold homes in South Lake Tahoe saw a 15% decrease in August compared to July. There were 33 sold houses reported on the MLS in August compared to 39 sold in July.
The statistics for the August sold houses are as follows:
-Average days on market (including escrow period) 150
-Minimum price $189,000
-Average price $521,597
-Median price $467,500
-Maximum price $1,200,000
There were only three foreclosures that were sold in August on the MLS.
Activity on Condos in South Lake Tahoe remained slow with four condos reported as pending, and four that sold. Two of the sales were in the Tahoe keys.
Lot activity was similar to condo activity. There were four lots that went into escrow, and two that sold in the month of August.
The 23% increase in pending home sales for August shows that home buyers are starting to take advantage of the opportunities in todays buyers market.
