Real Estate in South Lake Tahoe fared better than most other Real Estate markets around the country. One reason that the South Lake Tahoe Real Estate market is primarily a second home market. The second home market is a much stronger market. Other resort destination areas like Lake Tahoe will continue to be stronger than metropolitan areas. South Lake Tahoe Real Estate still experienced an overall decrease in both single family home and condo sales in 2007 in most price ranges. One exception would be single family homes over one million dollars. Single family homes over one million dollars increased 18% from 2006 to 2007.
Single family homes in South Lake Tahoe experienced a decrease in total volume of 11% from $250,960,911 in 2006, to $222,771,475 in 2007.
The total number of single family homes in South Lake Tahoe sold decreased 14% from 446 units in 2006 to 385 units sold in 2007.
The median price of sold single family homes in South Lake Tahoe decreased 7% from $475,000 in 2006, to $440,000 in 2007. The average price actually rose 3% from $562,693 to $578,627. The increase in the average price was likely due to the increase in sales over one million dollars.
There was a 16% decrease in Single family homes in South Lake Tahoe under one million dollars. In 2006 there were 412 and in 2007 there were 345. It was the 18%increase of units over one million, from 34 in 2006 to 40 in 2007 that caused the average price of homes sold to actually increase.
What happens in 2008 will be very interesting and exciting. It is still a buyers market, and there are some very motivated sellers out there. We are even finding some great foreclosures in South Lake Tahoe. I think that those who can afford to take advantage of the current buyers market, and invest in the South Lake Tahoe Real Estate market for the long term, will beat the market!