The South Lake Tahoe real estate market experienced a slight slowdown in November, 2018. The median sales price slipped to $469,900 in November from $475,000 in October, but was still 6.8% higher than it was in November, 2017. The number if single family homes and condos in escrow on the South Lake Tahoe MLS also decreased slightly from 59 in October to 53 in November.
There are currently 221 active single family and condo listings on the South Lake Tahoe MLS which is up from 213 in October and up from
190 in November 2017. The 59 escrows represent 21.1% of the total inventory in escrow. There are no active or pending foreclosures and there is only short sale which is in the Fallen Leaf Lake area.
The majority of the activity is currently in the $300,000 to $500,000 range and a handful of escrows between $700,000 and $800,000.
Below is a breakdown of the current escrows by price range:
- Under $200,000- 1 1.9%
- $201,000 to $300,000- 5 11.3%
- $301,000 to $400,000- 10 30.2%
- $401,000 to $500,000- 10
- $501,000 to $600,000- 5
- $601,000 to $700,000- 8
- $701,000 to $800,000- 7
- $801,000 to $999,000- 2
- Over $1 Million- 5
There has been some concern that the recent vacation rental limitations imposed by Measure T are going to affect the South Lake Tahoe real estate market, slow the local economy, affect local business, and cause job loss. Are worries about the affects of Measure T causing a slight slowdown in the Real Estate market?
A local group of property owners and business owners called the South Lake Tahoe Property Owners Group has recently filed a lawsuit against South Lake Tahoe calling Measure T ‘unconstitutional and unenforceable’. To read more about the lawsuit in a recent Tahoe Tribune article click on the following link: Court Hearing for Measure T lawsuit delayed in South Lake Tahoe.
At this time one can only speculate if Measure T will affect property values in South Lake Tahoe. For now, buyers that would like to be able to rent out their properties for periods of 30 days or less will want to concentrate in the County areas or within the very small tourist core area within the city of South Lake Tahoe.
For more information about the South Lake Tahoe real estate market please contact your local South Lake Tahoe real estate expert Brent Johnson at bj******@****************al.com or (530) 416-2625 today!
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