Are we out of the real estate market bottoming in prices? That’s the number 1 Lake Tahoe real estate question buyers and sellers are continuing to ask.
Of course no one has the crystal ball, however, all indicators helping to answer this question are pointing to the affirmative:
- The number of listings for single family homes and condos are extremely low…as of 4.2.13 there are only 146 active listings on the South Shore, when normally there are closer to 300
- Prices are increasing throughout the country…according to the S&P/Case-Shiller Home Price Indices, data through January 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1Home Price Indices, a leading measure of U.S. home prices, showed average home prices increased 7.3% for the 10-City Composite and 8.1% for the 20-City Composite in the 12 months ending in January 2013. All 20 cities posted year-over-year gains with Phoenix leading the way with a gain of 23.2%. Nineteen of the 20 cities showed acceleration in their year-over-year returns.
- Prices are increasing in Lake Tahoe…according to the South Tahoe Association of Realtors MLS Listing Service; prices through Feb. are up 3.2% compared to a year ago.
- Interest rates continue to be at historical lows
- Many listings are going into escrow very quickly, some with multiple offers
With improving weather moving from winter to summer very quickly, increased numbers of active listings in all of Lake Tahoe should be right around the corner. Prime time for your passport to hiking, mountain and road biking, beach activities, and so much more!
Wally Johnson, the Skier Realtor
Deb Howard & Co. CA License # 01848595 530-277-5687 Cell