Housing inventory lowest in years at South Lake
SOUTH LAKE TAHOE, Calif. — The inventory for single family homes at South Lake Tahoe is rivaling the lowest amounts over the last two decades.
With just 112 properties available as of May 31, that is the lowest amount since April 2017 (107) and during the winter season of 2004/05 where availability was scarce and bounced between 72 and 95.
The total amount of single family homes on the multiple listing service is 166, but almost one-third (54) are in escrow.
Of the available 112, 77 are priced $501,000 or above; 22 are in the $401-$500K range, 11 are between $301-$400K with two below.
The average median price sold last month was $467,750.
In May 2019, there were 272 listings, 216 properties available and 56 in escrow.
The inventory high point for 2019 came in August when there were 365 listings.
The low inventory in 2005 lasted for a few months but then the market took off.
Five months later the inventory more than doubled with the amount in escrow more than what was available just a few months prior.
The condominium market is strong and hasn’t changed much during the coronavirus crisis.
The average sales price of over $420,000 is as high as it’s ever been and a similar amount available as compared to a year ago.
There 35 condos listed, with 27 available and eight in the purchasing process. Last year, there were 43 listings and 28 available.
Twenty-one properties in the past month went into escrow in the Incline Village and Crystal Bay areas and have a wide price range from $429,000 to $6,500,000.
The MLS as of June 14, shows there are 68 houses, 42 condos and 12 planned unit developments on the market.
The median price range of all houses for sale is $2,879,000.
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With a season-dictated, tourist-based economy, the North Lake Tahoe workforce faced longstanding affordable housing issues long before Zoom’s subscription fees replaced Bay Area commuters’ bridge tolls.