February 2020 Real Estate Review

The South Lake Tahoe Real Estate market is seeing a slight increase in the total number of listings from February 2019. This includes the Active Listings and those that are currently in Escrow. Out of the 159 Active Listings, none are Short Sale and there are 4 REO properties. Out of the 72 properties in Escrow, none are Short Sales and 1 REO. 

The median sales price for a Single-Family Home in South Lake Tahoe as of February 2020 is $475,000.00 which is the same as February of 2019. There are currently 72 properties in Escrow and represent 31.2% of the total inventory. Here is a breakdown by price range of the 72 Escrows:

• Under $200,000- 1  1.4%
• $201,000 to $300,000- 5  8.3%
• $301,000 to $400,000- 12  25%
• $401,000 to $500,000- 17  
• $501,000 to $600,000- 6
• $601,000 to $700,000- 11
• $701,000 to $800,000- 8
• $801,000 to $999,000- 6
• Over $1 Million- 6 (4 are Chase of which 0 are Zalanta)

Today, we are faced with several new challenges regarding how Real Estate will be affected due to the worldwide Coronavirus pandemic. We should expect that property showings will be slow since we are required to social distance and in some cases “Shelter in Place”. We will see our market get a later start to our Spring Listing Season as in years before, we would see that would have just begun. 

We are still out showing properties, however, we are following strict guidelines to comply with social distancing. We are following our clients instead of riding in the same car to ensure the 6-foot rule, using hand sanitizer frequently before and after entering a property, refraining from touching surfaces, and staying home if we are not feeling well. 

In South Lake Tahoe currently, the Casinos, restaurants and bars, some hotels, and other local business are closed until further notice. It will be interesting to see when our town will be back up and running! 

Until then, wash your hands and stay well!