Days on market in October increased by 10% from this time last year. However the total number of sales in the 89448 zip code doubled from 6 last year to 13. The median price of those sales also increased from $641,500 to $800,000 but this last bit of information really only says that those with lower priced homes decided to sell last year while those with higher priced homes decided to sell this October. The important figure to note here is the increase in the average days on market. This typically means a slowdown in the market place however we’ll watch to see what occurs over the next few months. Please contact me if you have any questions or concerns or would just like to receive a free price analysis of your residence. Robert Stiles, REALTOR® CHASE INTERNATIONAL BS.1001136 NV 530-314-0352
What goes up must come down, right. Well prices did decline over the last 3 months however in September prices jumped to near all-time highs not seen since the summer of 2006. The median sales price for the South Lake Tahoe city and county areas rose last month to $485,000. Only $4000 off our highest median sales price ever – $489,000 which occurred two months earlier in April 2006. Can we still go higher? Only time will tell.
Is Measure T taking its toll on the South Lake Tahoe real estate market? Usually at this time of year we are closing a high number of residential properties within the city. However over the last 30 days city sales have declined 35% from this same time period last year while the county areas have had a 17% increase in residential sales. So is now the time to be buying within the city limits? Will more buyers begin to purchase within the county due to less restrictive controls over short term rentals? Only time will tell if the current trend continues but one thing is for sure. Labor Day sales activity within the city in 2019 is down 35% from last year.
Located at South Lake Tahoe, Gardner Mountain is loved by its residents due to its location to nearby shops, Raley’s grocery store and the proximity by bike to local trails, the beach and Fallen Leaf Lake. Lot sizes are also a bit larger and range up to 10,000 square feet. As of April 2019 the median sales price for this area is $370,000 – a 2.8% increase from this time last year. The area topographically rises gradually from the corner of Highway 50 at Lake Tahoe Blvd towards the back of the neighborhood at 13th St and Gardner St – adjacent to our High School.
The Nevada East Shore had a 27% decline in sales volume as compared to last year at this time. The number of residential home sold declined 11% while condominium sales declined 25%. The current median price of residential homes sold increased 9% to $900,000 while condominium sales increased 6% to $420,000. It’s interesting to note that the number of residential home and condominium sales priced over $1,000,000 increased from this same time period last year.
For a copy of our 1st quarter report, including all of Lake Tahoe, Truckee, Reno and the Carson Valley contact Robert Stiles, Realtor® of Chase International at 530-314-0352 or RStiles@ChaseInternational.com. RealEstateLakeTahoeStiles.com