All Reports Say Now is the Time to Buy South Lake Tahoe Real Estate
South Lake Tahoe, California is widely referred to as “America’s All-Year Playground” by its residents, both seasonal and permanent. Bordering the southern shores of famed Lake Tahoe and occupying sixteen square miles of the Sierra Nevada mountains, it is clear why South Lake Tahoe is a favorite destination for vacationers. It’s not in just any city that you can bask on the shores of one of the ten deepest lakes in the world and ski nearby frosty mountain slopes in the same day. With such great surroundings, it makes sense that real estate in South Lake Tahoe is increasing in value.
In recent months, the national housing market has made steady progress. Property values are consistently increasing, with many already having doubled since 2009. Real estate in South Lake Tahoe, specifically, has stayed relatively valuable and is currently becoming more profitable. The median list price increased by 27% to $359,000 since last year and by 7% since last quarter. The median sale price has increased by 17% since last year and by 23% since last quarter. The average list price has remained relatively stable and the number of foreclosures has decreased by 2% since last year. A great indicator of property value is the sale to list price ratio, which compares the price a home sold for to the price it was listed for. The closer to or greater than one the decimal is, the more often homes were sold for equal to or greater than their list price. Since last year, the sale to list price ratio has increased by 6% to .97. A stunning 88% of homes are currently increasing in value, which is 75% more than last year. This is a night-and-day difference from 2009 when just 8.6% of home values in South Lake Tahoe were increasing. While all these signs point to the fact that real estate in this Californian city is going to continue to be very lucrative, there are still opportunities to buy low. This year, 23% of homes have sold under the asking price. So, despite the fact that the market is in an upswing, it’s still possible to find great deals.
Homes in South Lake Tahoe are only on the market for an average of three and a half months before they’re sold – and for good reason! This sunny city offers vacation home buyers a pretty package of amenities including everything from luxurious casinos and golf resorts to canoeing on the largest Alpine lake in North America and running the Lake Tahoe marathon. Indulge your senses at the annual Valhalla’s Art, Music and Theater Festival, which features Renaissance Fairs, community theater performances and art displays. The historic Valhalla Grand Ball and Boathouse Theater have seen significant changes since the 19th century when it served socialites from neighboring regions as a holiday destination. Since its early days, it has been transformed into a cultural hub that represents the eclectic nature of South Lake Tahoe’s community. The city welcomes everyone from bodybuilders who compete in The Tahoe Show fitness show to the concert-goers at the Lake Tahoe Outdoor Arena at Harvey’s. Bring the whole family to watch the Lake in the Sky air show and submit your photos to the online visitor storybook to be published on the town website! You’ll even have the opportunity to enjoy such seasonal festivities as the extraordinary Labor Day fireworks and South Lake Tahoe’s own version of Oktoberfest.
It’s no wonder that real estate in this Californian country is a hot commodity. Be sure to invest in your dream vacation home in South Lake Tahoe soon!