South Lake Tahoe median residential prices bouncing back
South Lake Tahoe single-family residence median sales prices continue to see steady increases and sit roughly 50 percent higher than the lowest median recorded following the housing market crisis of 2008.
According to South Lake Tahoe Association of REALTORS data, the median sales price in November was $350,000, about a 7.7 percent hike from the same month last year.
The median price for a South Lake Tahoe single-family residence in 2000, the first year included in the data, was $189,000. During the past 14 years, market median listed prices increased by 159 percent to $489,000 in March and April of 2006 at its peak in 2006.
Following the housing market crisis, the median prices dropped to less then half to $234,000 in August 2012. The market then began to stabilize, the figures suggest, and consistently rose, with some fluctuations, to November’s median price.
Tahoe Keys is the most expensive area with a median price of $723,750 as of November, an increase from last year’s median in the same month of $688,000. North Upper Truckee 2 followed with a median of $520,000 and Heavenly Valley with a median of $502,000.
Highland Woods PUD was listed as the most affordable area with a median of $215,000. Sierra tract followed with a $246,500 median and Sky Meadows with a median of $258,000.
The data suggests that realtors and homeowners in South Lake Tahoe were highly encouraged by the elevated prices and within three months of the highest recorded median prices flooded the market with the highest listing levels in the last 11 years.
The highest number of listings came in July of 2006 with 620, and 594 the following months.
The data reflects that during summer months the number of listed single-family residences for sale increases.
The number of listings, however, did not see as gradual and consistent an increase as median prices did.
In March and April of 2006, the months with the highest median prices, there were only 30 and 33 listings, respectively. Between 2003 and 2005, listing numbers during the active summer months stayed consistently between 300 and 400. The number of listed residences for sale in 2006, however, drastically increased and remained between 550 and 650.
Following 2006, those numbers gradually decreased until reaching the same number of listings typically seen during summer months before the rise and fall of the housing market.
The lowest number of listed residences for sale seen during summer months after 2006 was in 2013, when they hit 291 in June.
This year, however, the market seemed to be bouncing back up and recorded listing numbers in the mid-300s.
The lowest number listing in a month before the housing market crisis was 148 in January of 2005, while post-crisis figures reflects that December 2012 was the slowest month with 177 listings.
The data also showed that regardless of median prices, the South Lake Tahoe market consistently has a balanced number of properties priced at more than $500,000.
In November, when the median was $350,000, 76 of the listings were for more than $500,000 and 20 were for more than $1 million. Only 53 listings were between $301,000 and $400,000.
The price range of more than $500,000 has stayed relatively healthy during the 13 years examined, routinely exceeding the number of listings in lower price ranges.
Still, in November, 119 homes were listed for less than $500,000.