The South Lake Tahoe real estate market has continued to remain active has it has been since the bottom of the real estate bubble in late 2012/early 2013. The current median sales price for single family homes in South Lake Tahoe is holding steady at $470,000, a far cry from the rock bottom median sales price of $234,000 in August, 2012.
Although prices continue to trend upward, the number of homes currently in escrow and number of sales is down slightly year to date. There are currently 89 residential properties in escrow on the South Lake Tahoe MLS compared to 100 in October, 2017. This slight decrease in activity can be attributed to rising interest rates as well as the uncertainty of Measure T.
Measure T is a ballot measure designed to eliminate vacation rentals in residential areas located within the city limits of South Lake Tahoe. There are already 25 strict rules for vacation rentals that were just put into place for the only 1400 allowed vacation rentals within the city limits. We need to give those new rules a chance to work before loosing over $3,000,000 in TOT tax revenue, loosing over $100,000,000 in local business revenue, and loosing 100’s of jobs. I highly encourage anyone that is registered within the city limits to VOTE NO ON MEASURE T to maintain the current rules and limited number of rentals that we are allowed.
Here are the current South Lake Tahoe Real Estate Statistics broken down by the numbers:
There are currently 319 total residential listings on the South Lake Tahoe mls (both city and county areas) which is down from 344 total listings in October, 2017. 230 of the listings are active and 89 of the listings are active pending. The 89 escrows represent 27.9% of our total inventory in escrow.
Breakdown by price range of the 89 residential properties in escrow:
- Under $200,000- 0 0%
- $201,000 to $300,000- 7 7.92%
- $301,000 to $400,000- 23 33.7%
- $401,000 to $500,000- 20
- $501,000 to $600,000- 8
- $601,000 to $700,000- 8
- $701,000 to $800,000- 9
- $801,000 to $999,000- 3
- Over $1 Million- 11
So far this year there have been 579 single family and condo/townhouses reported as sold on the South Lake Tahoe MLS, which is down slightly from 595 closings during the same period last year.
I do not expect Measure T to pass but regardless of the outcome, I expect to see more activity in the market after the results come out in early November. If Measure T does not pass many of the buyers that are currently on the fence about making offers will most likely decide to move forward with the offers. If Measure T does pass I would anticipate more homes to come on the market which will provide more options/inventory for home buyers.
For more information about the South Lake Tahoe Real Estate market please contact your local South Lake Tahoe Real Estate expert Brent Johnson at firstname.lastname@example.org or (530) 416-2625 today!