Luxury Lakefront Homes – Tahoe City, North Shore, and West Shore, Lake Tahoe, California Real Estate Market Update November 2011

Luxury Lakefront Homes – Tahoe City, North Shore, and West Shore, Lake Tahoe, California Real Estate Market Update November 2011

One of the real estate highlights for last year (2010) was the record number of reported lakefront home sales on the North Shore, West Shore, and Tahoe City areas of Lake Tahoe, California.  In 2010, there were 22 lakefront homes sold, which passed the total number of reported lakefront sales during the real estate peak years of 2005 (20 lakefronts sold) and 2006 (19 lakefronts sold).   Last year, lakefronts sold prices ranged from $1.95 million to $12.4 million, showing that it wasn’t all about low-priced foreclosures.

It’s always hard to meet, let alone beat, a sales volume record in the high-end, luxury Tahoe lakefront home market, but 2011 has done well so far, with 18 reported lakefront sales for the North Shore, West Shore, and Tahoe City areas.  For starters, the average median lakefront home sales price was $3,118,200, which is down 15.7% from last year, which reflects the overall downward market trend that the area has been under for the past few years.

The Lake Tahoe lakefront market is still in demand, as 27.8%, or 1 out of every 4 lakefronts sold in 2011 had an accepted offer with in the first 30 days of being listed in the Tahoe Sierra Multiple Listing Service TSMLS). This tells us that even in the very high-end, luxury lakefront market, if a property is priced right, it should sell quickly, and that there are willing and waiting buyers for a correctly priced Tahoe lakefront property.

The price range for Tahoe lakefronts sold in 2011 ranged from $1,025,000 to $6,450,000, which is a narrow range compared to 2010.  An impressive 81% of the Tahoe lakefront sales were cash transactions, which is up over 2010 levels, and is a good indication that our affluent buyers are still finding great values here in Lake Tahoe, California market.

At the beginning of November 2011, there were 53 Active* lakefront homes available for sale in the Tahoe City, North Shore, and West Shore, Lake Tahoe areas.  They ranged in price from $1,149,900 to $21 million.Of the 53 lakefront homes and cabins offered for sale, there are several distressed sales: 1 Court Approval, 1 REO listing, and 2 short sales making up 7.5% of the available inventory.  There is 1 lakefront sale pending and it is a short sale lakefront home priced at $2,900,000 in this vacation-resort second home market.

Search all lakefront mountain homes, or cabins for sale in Lake Tahoe, California here.

Sold Lakefront Single Family Homes in Tahoe City, North Shore, and West Shore, Lake Tahoe, California Report Summary:

*YTD period is 01/01/2011 – 11/01/2011.*Active totals do not include “active contingent” listings.  Market data source: Tahoe Sierra Multiple Listing Service (TSMLS), TSMLS area 1-5.

Year-to-date summaries are based on information from the Tahoe Sierra Board of Realtors (TSMLS). Due to TSMLS reporting methods and allowable reporting policy, this data is only informationalNote and may not be completely accurate. Therefore, Laura Allen, or Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the TMLS’s may not reflect all real estate activity in the market. All information is deemed to be reliable, but is subject to change and/or correction without prior notice.Data Source – Tahoe Sierra Multiple Listing Service (TSMLS).If your property is currently listed for sale, or you have an active Buyer Representation Agreement, this is not intended as a solicitation.

Overview and summary completed by:
Laura A. Allen | 530.414.1260  | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304