In the Tahoe Basin there are currently 36 properties in escrow from a lakefront estate listed at $10.5 million all the way down to a condo for $59,000 – quite a range! The four top prices are lakefront and split-lakefront properties. When taking these out of the equation, the average price of property in escrow now is about $350k; the highest-priced non-lakefront home in escrow currently is $775,000. PDF of Property in Escrow Now
SOLDS: This autumn’s spike in buyer activity is now winding down as many of the homes which went into escrow are closing. There were 65 properties in escrow 2 weeks ago. Most of those have now completed their escrows and buyer activity is more normal for this time of year. PDF of Tahoe Basin Solds in the Last Month
In a nutshell, 2011 was quiet up until the 4th of July when things went bonkers for about two months. September had its usual nappy time then we had a considerable jump in October. This stayed in effect through November and now we’re winding down again. However, getting deals to close on time is quite a challenge. I’ve had four homes in escrow in the last month (3 currently) and each one has taken a lot of effort to close on the exact target date. Banks are extremely busy as buyers try to close on homes before the end of the year so underwriters and appraisers are the stumbling block right now. Back to Tahoe – if we get some snow soon, things will pick up over the holidays and then we’ll just have to see what winter brings…
Note: Tahoe Sierra MLS data covers the region from Rubicon on the West Shore, all the way to the North Shore border of NV (our MLS also covers Truckee but the data in this blog is for the Tahoe Basin only).