South Lake Tahoe, CA (Nov, 2013) – Lake Tahoe home sales continued to surge during the third quarter, with volume sold up 60 percent and homes selling for less than a million leaping 293 percent. The figures were part of a quarterly report released by Lake Tahoe-based real estate company Chase International.
The report, comparing the first three quarters of 2013 to the same timeframe of 2012, show a 78 percent rise in homes sold for more than a million. The median price of a home in Lake Tahoe is up 33 percent to $440,000.
Median home prices are up in South Lake Tahoe. (Up 36 percent to $325,000)
According to the National Association of Realtors, sales across the nation are at the highest pace since February 2007, and have remained above year-ago levels for the past 26 months.
Interest rates still remain very low. 50% of recent sales in South Lake Tahoe are priced under $300,000. Well priced homes get multiply offers.
Bank foreclosures and shorts sales have been purged out of our market.
Americans Recover Home Equity at Record Pace
Low inventory may ease as more owners are able to sell, as the number of Americans who owe more on their mortgages than their homes are worth fell at the fastest pace on record in the third quarter with prices increasing. Owners are finding it easier to list properties and buy a new place because the share of owners with at least 20 percent equity climbed to 60.8 percent from 58.1 percent.
- As more people gain the equity they need to sell their house and have a down payment for the next one, home sales are expected to pick up.
- The pent-up demand created by the low inventory is evident in the fact that the number of homes for sale reached a low of 1.8 million in early 2013, which was the fewest in more than a decade.
- As the real estate market recovers, furniture sales and renovations will add to consumer spending, as homeowners build equity and opt to sell their homes.
- According to Zillow, 10.8 million homeowners were underwater on their mortgages in the third quarter, down from 12.2 million in the second quarter.
- There are about 20 million people who had negative equity or less than 20 percent equity, down from 21.5 million in the prior three months.
- The median price of an existing home rose 12.8 percent last month. In August, it increased 13.4 percent, which was the fastest rate since the height of the real estate boom in 2005. Source: Bloomberg
Scott Pearce realtor at Chase International. 530-318-1030. Scott-Pearce@live.com
Company Name: Chase International
Contact Person: Scott Pearce
Email:Send Email
Phone: 530-318-1030
Address:989 Tahoe Keys Blvd
City: South Lake Tahoe
State: CA
Country: United States
Website: www.SoLakeTahoeHomes.com
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