Lake Tahoe Market Conditions


Market Conditions for Lake Tahoe North in Lake Tahoe, California

Reported by Jacke Crump & Cheryl Murakami, REALTOR, e-Pro, Cert

As of May 10, 2008.

Current Market Rating: 2

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Seller's
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Current Price Trend: 2

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Falling
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We constantly hear talk in the media about the woes in real estate market and the mortgage meltdown, but for the most part the picture is painted with a broad brush, often reflecting national or state perspective. Real Estate is local and despite our perception of the grim situation - every market is different. According to the National Association of Realtors One-third of the homes sold in 2007 were to second-home buyers and investment properties. The Lake Tahoe basin falls into that category.

Second homes make up a significant portion of the overall housing market, accounting for more than one-third of all residential transactions in 2007. This is especially true in resort areas such as Lake Tahoe. Locally, over 75% of Lake Tahoe homes are owned by absentee owners - purchased as vacation retreats, retirement homes or investment properties.

HOME PRICES - Still a Bargain
Lake Tahoe property is still a bargain compared to other destination resorts. The average sold price in Aspen, CO in Sept. 2007 was $4,219,872. In Park City Utah average sold price in Sept. 2007 was $1,091,407. In Vail, CO the average sold price in Sept. 2007 was $1,441,766. Lake Tahoe real estate is still a bargain when compared to California as whole, The median price of an existing, single-family detached home in California during March 2008 was $$413,980 according to the California Association of Realtors®.
price in 2006 increased by 14%.

Sampling of the CURRENT MARKET STATISTICS

As of May 10, 2008

If you wish particulars on any specific area, please send an email to Info@TahoeHomeOnline.com and we would be happy to forward the information.