2008 real estate figures for Tahoe

Even though home prices dropped and sales decreased at the Lake in 2008 compared to 2007, the news has a silver lining.
“Because of the historically low interest rates and price declines it is now possible to purchase a lower priced home with about 5-6 percent cash and a good credit score with an FHA, VA, or other government loan program and have payments similar to rent,” said Dave Kurtzman, 35-year real estate veteran and part owner of Re/Max Realty. “I'm glad the locals again have a chance to become homeowners and have a piece of Tahoe. It is the perceived risk that is scaring people away. Opportunity is starting to knock.”
The South Shore fared the best compared to other communities around the Lake, signaling a bottom is in site, according to a Chase International press release. The average price of houses in South Lake Tahoe is $489,219 (a 15 percent decrease from 2007 but an increase from third quarter's $487,801). The median is $405,000, which is down 8 percent from 2007. South Lake Tahoe showed the biggest improvement in condo sales with a 16 percent increase in volume and 42 percent increase in units sold. This is primarily from a 78 percent jump in units sold for less than $500,000.
According to Chase, the average home price in Lake Tahoe was down 26 percent to $1,018,085 and the median was down 17 percent to $697,793. Last year, 693 houses sold; a decline of 16 percent from 2007’s 828.