In January we always like to look back on the statistics for the year, and 2014 was a very different year from the year prior for South Lake Tahoe real estate conditions. In 2013 we saw a 30.7% increase in the median sales price for the year. It was a great year of rebound from the few years of depreciation prior! In 2014, it definitely seemed to mellow out a bit into a more slowly appreciating trend, with a 5.8% increase.
While appreciation slowed down, the interest was still certainly there in 2014, as accurately priced homes sat on the market for fewer days than 2013, and homes were selling 26.4% more quickly.
2014 started off with a median sales price of $331,000 in January and bounced around, relatively level between $331,000 and $335,000 until July . In July we saw an uptick to $345,000, then the month of August had a small dip in the market bring the median sales price to $342,000 but the end of September the median sales price was back up to $349,000, held level through the fall and the year closed out at a median sales price of $350,000.
We look forward to seeing what 2015 will bring us for market conditions. So many factors play into this, local and otherwise, and what the interest rates do this year will have a strong impact on where our market values head. With Spring ahead of us we tend to start to see more inventory coming back onto the market as the snow starts to melt so look for our Spring newsletter for more market conditions.
Below is a graph of the median market statistics demonstrating the increase in the median sales price in 2014 from the past years.
Do you want statistics for a specific neighborhood? Don’t hesitate to ask and we can provide a detailed report for your own individual real estate needs.
