South Lake Tahoe MLS

South Lake Tahoe Real Estate Review for October

October has historically been a busy month for Real Estate in South Lake Tahoe. Even with the troubled financial and lending markets, this October was a solid one.

According to the South Lake Tahoe MLS, October home sales were up 60% from September. There were 45 closed single family homes in October compared to 27 in September.

The Statistics for the October single family home sales are as follows:

• October Minimum sales price          $207,000       September minimum  $215,000
• October Average sales price            $530,848       September average     $475,336
• October Median sales price             $475,000       September median      $435,000
• October Maximum sales price         $2,150,000    September maximum $998,000

Out of the 45 sold homes in October 9 were bank owned foreclosures. Foreclosures in South Lake Tahoe are getting a lot of attention. Buyers are looking for good deals, and the foreclosures are priced to sell. There were multiple offers on many of the foreclosures that sold, and two of them sold for well over the asking price. 2188 Pinewood listing price was $435,000 and sold for $502,000. 3549 Morton listing price was $435,000 and sold for $503,000!

October single family pending sales slipped a bit from 51 in September to 32 in October bringing the pending sales total to 59 according to the MLS. Out of the 32 new pendings, 8 are bank owned foreclosures and 6 are short sales.

Activity on Condos in South Lake Tahoe was about the same in October as it was in September with 4 sold condos and 4 new pendings.

Land activity is still on the quiet side with 4 sold lots and 3 new pendings. 

With election day this Tuesday, and the stock market quieting down (at least for now!) it will be interesting to see what happens with Real Estate Activity in the next couple of months!  Keep visiting my Blog to stay up to date!