(Lake Tahoe Real Estate Blog / June 18, 2011 / Richard Bolen)
South Lake Tahoe neighborhood condominium and townhome values: Summit Tahoe Village prices down 10% from 2010, and 90% down from Summit Tahoe Village market high of 2006.
We though it would be interesting to track South Lake Tahoe, NV neighborhood condominium and townhome values over time with this visual. As the chart above indicates, here are the median sold prices for the Summit Tahoe Village neighborhood since 2004.
Summit Tahoe Village Condo & Townhome Values :
Summit Tahoe Village condominium and townhome values are 9.7% lower ($17,450) than they were last year. Even better news, and it's startling, for home buyers who might be thinking in taking advantage of better prices and historic low interest rates: Summit Tahoe Village townhome and condominium values are $278,450 lower, or 90.7% off what they were at the market high in 2006.
Compared to the median sold price of all South Lake Tahoe, NV (aka "Stateline, NV") home sales this year, the Summit Tahoe Village median sold price is $413,450 lower, or 71.9% below the current 2011 median sold price of Nevada neighborhoods combined ($575,000). This difference makes sense when comparing a townhome and condominium neighborhood to the median sold price of all South Lake Tahoe, NV neighborhoods combined.
Summit Tahoe Village Housing Demand :
The chart above indicates housing demand, or the number of homes sold in Summit Tahoe Village by year since 2004. As of today, 40.4% of last years sales volume has already occurred. What this indicates is Summit Tahoe Village housing demand in 2011 will likely be similar to that of 2010.
Fly in to Summit Tahoe Village, here
Some previous Lake Tahoe Real Estate Blog posts about Lake Village:
Apr 20, 2011: Summit Tahoe Village condos for sale update
Mar 29, 2010: Summit Tahoe Village real estate listings update
Feb 9, 2010: Summit Tahoe Village condominiums for sale update
Dec 26, 2009: Summit Tahoe Village real estate homes for sale update
Aug 26, 2009: Summit Tahoe Village real estate market update
Nov 15, 2008: Summit Tahoe Village townhomes and condominiums
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