South Lake Tahoe real estate saw a lot of activity in the higher price bands during August. This pushed the median sales price for single family residences to $443,750 for the month and $399,000 for the last 90 days. We are still seeing a market decline, however. In the last two weeks there have been 71 price reductions amongst the market’s ~500 single-family residences. Our month’s supply of inventory in all price bands also reflects a buyer’s market (greater than 7 months).

Speaking of activity in higher price bands, I mentioned in a previous post that many question if the decline in median sale price has truly represented the decline in home values. Perhaps the median has moved so much because there has been more activity in the lower price bands. I’ve almost finished looking at numbers that will provide some enlightening answers. Look for a post about this in the next week.

As for now, I’ll finish this up with some foreclosure, condo, and lot numbers. There were 4 foreclosure sales in August, 3 homes and one condo. Thus, foreclosures only made up 10.5% of home and condo sales. They are not dominating the market as they are in other parts of the country. There were 4 condo sales in South Lake Tahoe for August, and 4 condo sales.