The Tahoe Keys Real Estate market appears to have began its recovery after 5 long years of declining prices. In 2012 the Tahoe Keys area saw an increase in median and average sale prices, units sold, and total dollar volume sold for single family homes. Not only was volume and units sold up from 2011, both were up from when the market was at its peak in 2006-2007.
In 2012 there were 62 single family homes in the Tahoe Keys that were reported as sold on the South Lake Tahoe MLS. In 2011 there were 47 single family sales and in 2006 there were only 35 reported sales. The total dollar volume for the sales in 2012 was $51,109,800, well above 2011 in which the sales volume was $36,776,700 and the 2006 volume of $35,327,338.
The sales prices in the Tahoe Keys were up modestly in 2012. The median sales price for the sold single family homes in the Tahoe Keys was $614,500 which was up 4% from 2011 when the median sales price was $591,500. The average sales price was up 5% in 2012 from $782,483 to $824,352. The average price per square foot went from $299 in 2011 to $319 in 2012.
Distress sales in the Tahoe Keys were few and far beteween in 2012. There were only 4 foreclosures that were sold and 7 short sales that were sold on the South Lake Tahoe MLS which represented only 18% of the sales last year. In 2011 distress sales accounted for 36% of the homes in the Tahoe Keys that were sold (9 foreclosures and 8 short sales).
Tahoe Keys Real Estate Statistics for 2012
- There were 62 single family homes in the Tahoe Keys that were sold, up from 47 in 2011 and up from 35 in 2006.
- The median sales price was $614,500, up from $591,500 in 2011 and down from $1,000,000 in 2006.
- The average sales price was $824,352, up from $782,483 in 2011 and down from $1,009,354 in 2006.
- The average price per square foot was $319, up from $299 in 2011 and down from $475 in 2006.
- The median days on the market was 95, down from 165 in 2011 and down from 118 in 2006.
Now that the Tahoe Keys Real Estate market is on the upswing, the biggest hurdle that buyers now face is the lack of inventory. There are currently only 25 single family homes for sale in the Tahoe Keys area that are now active. Out of the 25 active listings only 21`of them are on the water with lake access. Of the active listings in the Tahoe Keys with lake access there are only 11 under $1,000,000.
There are currently 11 single family homes in the Tahoe Keys that are in escrow which represents over 30% of the current inventory. Included in the 11 properties under contract are the only current short sale and foreclosure listings in the Tahoe Keys.
The Tahoe Keys real estate market is usually quiet during the winter time and then gets active in the spring and summer months. This winter has been an exception to that trend and has been quite active. If the demand for properties rises this spring as it usually does and the inventory does not increase, we will most likely see prices jump yet again.
If you have been on the fence about purchasing a property in the Tahoe Keys, now is the time to buy. Take advantage of the low prices and the historical low interest rates before you miss the boat!