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Please explore our web site and use our search tool to find Lake Tahoe foreclosures (bank owned) and short sale homes. You can search all active MLS listings for real estate in Lake Tahoe, California and Nevada. You can also sign up for our Get California Listings Via Email, and our Get Nevada Listings Via Email, so when a new listing is posted on the MLS in your favorite neighborhood, at the price range you selected, you’re immediately notified. This is a very powerful tool that will help you stay on top and ahead of the current market.

The number of existing single-family homes sold in the Lake Tahoe area totaled 957 in 2006, down 35 percent from the 1,470 resold in 2005. However, the median price increased 8 percent to $807,313. This final report followed the same trend of declining sales in the first three quarters of 2006. Sales of condominiums at Lake Tahoe in 2006 were down 36 percent while the median price increased 11 percent to $489,125.

Tahoe City, California, located on the North Shore of Lake Tahoe, showed the biggest increase of 12 percent, up to a median price of $765,000. The nearby town of Truckee was the only Tahoe area that reported a decrease in the median price for 2006, down 3 percent to $669,000.

Incline Village, Nevada once again had the most expensive real estate in the area with the median price of $1,071,000, an increase of 8 percent from 2005. Homes located on the East Shore of Lake Tahoe in Nevada also increased 8 percent in 2006 to a median price of $915,000.

2006 sales of single-family homes in South Lake Tahoe, California were 35 percent less than 2005, with a modest price increase of one percent to $478,000. “The South Shore offers the best value at Lake Tahoe,” said Dan Spano, President of Paradise Real Estate. “The market is starting to heat up once again as more second home buyers realize the median price here is considerably less than other resort areas in the West. I expect 2007 to be a fantastic year for real estate in South Lake Tahoe!”

The California Association of Realtors® (C.A.R.) reported on November 28 that home sales decreased 28.7 percent in October in California compared with the same period a year ago. However, the median price of an existing home increased 2 percent to $548,680.

Closed escrow sales of existing, single-family detached homes in California totaled 443,320 in October at a seasonally adjusted annualized rate. Statewide home resale activity decreased 28.7 percent from the 621,530 sales pace recorded in October 2005. The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during October 2006 was $548,680, a 2 percent increase over the revised $537,930 median for October 2005. The October 2006 median price decreased 1.5 percent compared with September’s revised $556,920 median price.

“The existing home market continues to be impacted by the inventory of new homes for sale, especially in areas where there has been excess capacity since the start of the year,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “The unsold inventory of existing homes is at 7.2 months, twice last year’s inventory. Higher inventory levels are a key factor in the moderation of home price appreciation.”

“The market in South Lake Tahoe is following the same pattern,” said Dan Spano, President of Paradise Real Estate in South Lake Tahoe. “The current inventory of homes available for sale is high but prices are holding steady. It is an excellent time to be a buyer at Lake Tahoe!”

The current real estate market slowdown has extended to Lake Tahoe but prices continue to increase at a healthy rate. The rising price along with a decrease in sales is an unusual contrast compared to most markets where the price is also falling. “Lake Tahoe is a very unique market where most of the buyers are purchasing a second home,” said Dan Spano, President and CEO of Paradise Real Estate. “This is disposable income and price is usually not a major factor in the decision to buy. That is one reason why you have seen an increase in the number of home sales above $1 million.”

The number of existing single-family home sales at Lake Tahoe dropped 41 percent through the first three quarters of 2006 as compared to 2005. However the median price rose 18 percent to $862,750. Home sales on the East Shore of Nevada led the way with a 39 percent increase from 2005 to a median price of $1,145,000, despite a 34 percent drop in number of sales. Tahoe City posted an increase of 16 percent with a median sales price of $781,000. The median price of an existing single-family home in Incline Village jumped 10 percent to $1,045,000 while sales dropped off by 42 percent.

Homes in South Lake Tahoe, California remain the most affordable at Lake Tahoe with a median sales price of $480,000. That was up slightly from $478,500 through September 30, 2005. “There is a much larger inventory of homes available for sale this year as compared to 2005,” Spano continued. “This is an excellent time to invest in real estate at South Lake Tahoe. Buyers have more choices and more leverage. Homes in superior turn key condition are most in demand. I have several current listings that fit this description and are priced very competitively.”

The average rate on a traditional 30-year fixed-rate mortgage (FRM) decreased for a third straight week according to mortgage giant Freddie Mac. Their Primary Mortgage Market Survey for the week ending September 28, 2006 shows that rates on 30-year mortgages averaged 6.31 percent with an average 0.4 point, down from 6.40 percent last week. This was the ninth time in the last ten weeks that the rate has declined since hitting a high of 6.80 percent on July 20, 2006. Last year at this time, the 30-year FRM averaged 5.91 percent. This is the lowest the 30-year FRM has been since the week of March 2, 2006, when it averaged 6.24 percent.

We started 2006 with an average FRM of 6.21 percent. It decreased to 6.10 percent on January 19, the lowest average 30-year rate for the year. In 2005, the 30-year FRM reached a low of 5.58 percent in June before rising steadily into December.

The 15-year FRM this week averaged 5.98 percent with an average 0.4 point, down from last week when it averaged 6.06 percent. A year ago, the 15-year FRM averaged 5.48 percent.

“This week’s economic releases, which showed a slight one-year decline in both new and existing house prices in August, fell short of market expectations and prompted market analysts to reassess how much the housing sector will contribute to economic growth in the coming year,” said Frank Nothaft, Freddie Mac vice president and chief economist. “As a result, mortgage rates declined even further this week to match those set six months ago. One bright note in the releases was that the average time new homes stood for sale narrowed from 6.6 months to 6.3 months in August, which should mitigate some of the softening of new home prices over the next few months. In addition, both lower mortgage rates and a moderation in house price growth should lead to increased housing affordability – especially as family incomes are forecasted to continue rising.”

Back in February, Mr. Nothaft predicted that mortgage rates “will end 2006 at about 6.3% as the housing market eases back from last year’s record-setting levels toward a somewhat more normal rate of activity.” It appears that he will be right on target.

“Mortgage rates are still very favorable for homebuyers and investors” said Dan Spano, President of Paradise Real Estate. “The inventory of homes available for sale in South Lake Tahoe is about twice what it was last year and that has created a buyers market. This is an excellent time to purchase a home in Paradise!”

The Lake Tahoe home market continued its slow down through the first six months of 2006. Sales of single-family homes fell 41 percent compared to the first half of 2005 with a total of 404 units for the combined East Shore, South Shore, Tahoe City and Incline Village areas. However, the median price rose 24 percent to $872,125. This is probably due to the fact that sales of high-end homes over $1 million fell just 16 percent and numerous sales exceeding $5 million each were closed in the first six months. The number of Lake Tahoe condominiums sold was down 37 percent compared to 2005 with a median price increase of 14 percent to $469,750.

“The reduced sales combined with the rising median prices suggest a more normal market in the Lake Tahoe area” said Dan Spano, President of Paradise Real Estate. “This is a more typical market as compared to the huge demand in the last few years. There are more homes available for sale and they are staying on the market for a longer period of time.”

South Lake Tahoe still has the most affordable homes at Lake Tahoe with a median price of $488,000, a 4 percent increase from 2005. That is less than half of the median price of $1.19 million for a home in the adjacent East Shore of Nevada, a huge increase of 54 percent compared to last year. Incline Village tallied a median price of $998,000, up 5 percent from 2005. The median price in Tahoe City rose 31 percent to $812,500.

If you would like to purchase a home at Lake Tahoe, this is an excellent time. The current buyers market gives you the leverage to make a good deal. Paradise Real Estate specializes in vacation home purchases. We will show you how to get the most out of your investment by using vacation rental income to offset your monthly costs. Secure your financial future and savor the beauty of Lake Tahoe at the same time. Simply call 1-800-996-2001 or visit www.Paradise-RealEstate.com for free e-mail notification and we will make all of your Lake Tahoe real estate dreams come true.