Chase International just released their local statistics for the 1st quarter at South Lake Tahoe. I must say some of the numbers are weaker than I thought they would be. Keep in mind while the coronavirus picked up steam in March, most of March sales volume occurred from business written in January and February. Nonetheless we had a strong first quarter for condo sales increasing a whopping 93% from this time last year to $13,571,000. Note that condo sales increased by 11% on the Nevada East Shore. However single family sales volume declined 14% to $54,321,000 at South Lake while Nevada declined 29%. The median sales price for condos rose by 11% to $352,000 while single family homes declined 20% to $444,000. Not sure what’s up with the condo market but that’s where the action is right now.
I’m sure you heard about the Nevada Governor Directive where open house showings, and in-person showings of single family and multi-family residences currently occupied by renters of real estate on the market for sale, are hereby prohibited for the duration this Directive is in effect. However you can transfer ownership, as long as you do not need to view the property interior, inspectors do not need to go inside, appraisals are done from the exterior or the buyer waives his rights. The new owner still has to honor the current lease and also cannot evict until this Directive is over.
I can be reached at 775-309-8454 if you need assistance. My email is RStiles@TahoeSouthRealty.com. Be safe everyone!
I was curious as to how the home inspectors were handling the coronavirus so I reached out to Josie at TAG for an update. Her response is below.
As of now, we are still working our inspections that were on the books.
We usually were 14 weeks fully booked with 2 per day.
What we did to minimize exposure is spread out our inspections doing 1 per day only which will keep us busy till about 3 weeks into April.
And with restrictions of course.
Properties need to be vacant, no tenants, buyers or sellers present and we wear our protective gear.
Hope this helps,
Rustic Tahoe Cabin owned by original family members. Residence is in good condition however interior photos are not available due to moving boxes all over house. All 3 bedrooms are located upstairs. Master has 1/2 bath and downstairs is a full bath. New counter tops and sanding of original wood floors would complete this home. Home is 1334 SF and priced for a quick sale. The Owner is looking for a 3-4 week lease back. Property is in a good location at the rear of the neighborhood and located on one of the larger neighborhood lots. Worth seeing if you are an investor looking for a fixer upper too. Multiple showings first day. Offer arriving Saturday morning. No decision till late Sunday or Monday. Hurry! Asking $319,900.
Robert Stiles, REALTOR®, CHASE INTERNATIONAL 530-314-0352
It is slowing down a bit in the South Lake Tahoe real estate market but primarily within the county area. While the number of sales in the past 12 months within the city limits stayed steady near 350 we had a 20% drop in the number of sales in our county areas along the N. Upper Truckee and Pioneer Trail corridor. I noticed quite a few vacation rental home sales this year. I wonder if the city maintained 2018 sales numbers because of Proposition T which bans vacation rentals outside of the tourist corridor at the end of 2021? Days on market for both areas however stayed near 2018 levels at 79 which tells me urgency levels have been sustained. Sales prices increased 5.4% within the city limits while county areas received an increase of only 3.9%. I would have thought county levels would increase higher in value along with an increase in the number of sales but that was not the case. There have been 226 county sales within the Tahoe Basin in the last 12 months. Final numbers for all of Lake Tahoe areas should arrive before mid-January. Happy Holidays!