Multiple Offers Currently Are the New Normal

Real Estate Update

I was asked recently about the percentage of sales at South Lake Tahoe that had sold above the seller’s asking price in the last 30 days. Based on a total of 137 single family home sales the numbers I saw caught my attention. Especially when compared to last years numbers.

Forty percent of the properties sold in the last month were above the asking price which was to be expected with the lack of current inventory. 43% were sold below the asking price. Further research showed most of those properties had been on the market for over 60 days or were homes priced over $1,000,000.

Only 17% were sold at the asking price. Regarding properties priced over $1,000,000 only 2 of 16 residences sold above the asking price.

Looking back on 2019 as a reference there were only 62 single family sales during the same time period. That was 55% less than this years sales during the same time period. Plus there were only 6% of the properties sold above the asking price as compared to 40% in 2020. 81% sold below the seller’s asking price, and 13% sold at the seller’s asking price. Who knew? Now you do.

September 13, 2020

FOR SALE – 1721 Sawmill Road, South Lake Tahoe, CA

Land coverage is an essential element of the Tahoe Regional Planning Agency’s environmental plan to protect Lake Tahoe. Permanent land disturbance is most commonly measured in terms of land coverage, also called impervious surface, and includes all man-made structures such as homes, driveways, and parking lots.

Much of the value of this Sawmill Road property lies in the building capabilities and coverage available to you. Zoned R1 for single family residential, this 2.5 acre parcel offers 16,901 SF of type 1A coverage and 25,852 SF of type 6 coverage.

For those seeking the perfect location for a corporate retreat, a profitable short term rental or a large private estate you need look no further. The parcel also sits adjacent to CA Conservancy and U.S. Forest Service land providing privacy, and huge mountain views of nearby Twin Peaks. The property is also located across from the Lake Tahoe Country Club Golf Course and the Upper Truckee River.

Call 530 314 0352 today to hear the additional benefits of owning this property. Shown by appointment only. Robert Stiles, REALTOR® 01279125 CA – Chase International. Offered at $749,000.

1721 Sawmill Rd 96150
1721 Sawmill Rd 96150
Storage Building
Additional Storage
Forest Service Land Adjacent to Property
Property Entrance
Lake Tahoe Airport & Golf Course Nearby

South Lake Tahoe – 1st Quarter 2019

Emerald Bay
South Lake Tahoe had an 18% decline in the number of residential homes sold in the first quarter of 2019. I reckon the 15% increase in the median sales price to $550,000 had something to do with it. How much longer can the upward trend continue? It’s any bodies guess really. Some speak of an over sold stock market.  I’d expect real estate to benefit if a sell off scenario occurs. Mortgage delinquencies are still low so no worries there.
South Lake Tahoe condominium sales volume declined 68% from last year. The number of units sold also declined by 45%. So how much did the median sales price decline? – by 27%. Just know that those in the lower price ranges are the ones currently selling their residences.
Have a nice weekend! For further information contact Robert Stiles, Realtor® of Chase International at 530-314-0352 or DRE 01279125