Lake Tahoe area prices continued to soften in 2011.  Recognizing the very specific and different communities around the lake, price adjustments varied significantly.

North Lake Tahoe, specifically Tahoe City, pricing softened significantly with an average price decline of 11% and median price decline of 16%.  Overall sales volume was 21% less in 2011 as compared to 2010.  However, the Tahoe City area market experienced a 7% increase in homes sold that were under $1MM (a whopping 223!) and a 26% decline in units sold over $1MM (31 homes). Click here to see 2011 statistics for Lake Tahoe real estate sales.

Amazingly low interest rates, along with a wide and wonderful property inventory, makes it a great time to purchase real estate in the Lake Tahoe area.  Please feel free to reach out anytime and let’s have a conversation!

Contact Alison Elder at 530.582.8103 or email Tahoe@AlisonElder.com for more information on Lake Tahoe real estate.

The median price of a home in Lake Tahoe is $370,500, down ten percent from the third quarter of 2010. The average home price fell 11 percent to $630,984. The National Association of Realtors recently reported that the median price of a home in the West ($189,400) is down 13 percent from a year ago.

While sales and prices were down around the lake overall, East Shore saw a seven-percent increase in median home price ($575,000) and 51-percent jump in average price ($1,408,018). Volume sold was up 32 percent, while units sold were down nine percent.

“We are starting to see the return of the high-end buyer with especially the East Shore experiencing some substantial high-end sales,” said Sue Lowe, corporate vice president for Chase International. “With the increase of high-end sales, we are anticipating a boost in end-of-year numbers.”

Truckee experienced some stabilization from this time last year, seeing a 16-percent increase in units sold and a 21-percent bump in units sold for less than a million. The median price of a home in Truckee is $435,000 (down 12 percent) and the average price is $554,744 (also down 12 percent).

The condominium market fared somewhat better around Lake Tahoe with a four-percent rise in units sold and 43-percent increase in units sold for more than $500,000. Tahoe City experienced the biggest jump in sales, with a 35-percent rise in units sold and up 52-percent in units sold for less than $500,000. South Lake Tahoe saw a 32-percent increase in overall volume sold, with median and average prices rising 36 and 32 percent, respectively. The median price of a condo in Lake Tahoe is $274,400 (down five percent) and the average price is $353,136 (down four percent).

For more information or assistance with purchasing Lake Tahoe or Truckee area real estate, contact Alison Elder (hot link to my site) at Tahoe@AlisonElder.com or 530-582-8103.

TRPA is actively addressing Best Management Practices (BMP) to protect and repair Lake Tahoe’s clarity and defensible space compliance to help protect the safety of our homes, wildlife and forests in the event of fire. California’s State statutes also require defensible space compliance and many homeowners’ associations have enacted regulations with Tahoe Donner providing one of the leading national programs with Lahontan, Martis Camp and soon, Old Greenwood following suit.

Defensible space is an area around a house where the vegetation has been modified to reduce the wildfire risk and to provide an opportunity for firefighters to effectively defend the house.  Our risk here in Tahoe is from flying embers landing on roofs along with low brush fires that combust quickly.  Making some easy and minor changes on your property substantially reduces the risk of severe fire damage.  

One of the best things you can do is ensure your home is “Lean, Clean and Green.” 

• Lean: For a distance of five to 30 feet away from the home, there should only be a small amount of vegetation or flammable debris within the area during fire season. 
• Green: Implies healthy and irrigated plants and/or landscaping.
• Clean: Trees are limbed up at least 10’ with all debris removed from the tree drip line and the grounds are clean of heavy pine needles, pine cones and dry branches. 

Sagebrush and Manzanita are “everywhere” here in Tahoe. Unfortunately, they grow in a dense manner and provide ready fuel for fire. If your property is heavy with either or both, create a minimum of 2’ separation between bushes and allow the fire a chance to move around the shrubs versus through them. Be sure to clean your roof annually, open up gutters and remove all pine needles and debris from the roof.  Flying embers easily catch hold of dry materials and wreck havoc for firefighters protecting your home. When you leave, store your propane heaters and patio cushions inside the garage.  These two items are sure to burn in the event of fire regardless of your defensible space. 

Together, we can all do a little and the safety result for our forests and homes is tremendous. Get Lean, Clean and Green this summer. For more information on defensible space and BMPs, visit online.