The South Lake Tahoe Real Estate market was kept alive in 2008 by bargain hunters taking advantage of foreclosures, short sales, motivated sellers, and low interest rates. Although we are still considered to be in a declining Real Estate Market, investors seem to think that it is safer and less volatile that the stock market. Investors were not the only buyers taking advantage of the lower prices. First time home buyers that have good credit and proof of income were finding that they could now get much more for their money compared to previous years.
According to the South Lake Tahoe MLS the total number of homes sold only dipped about 5% from 373 in 2007 to 355 in 2008.
The Average price fell about 13% from $570,378 in 2007 to $493,461 in 2008.
The Median price fell about 8% from $440,000 in 2007 to $405,000 in 2008.
The total price volume of houses sold fell almost 18% from $212,751,075 in 2007 to $175,178,602 in 2008.
To view the 2008 statistics by area click on the following link