Lake Tahoe Real Estate Short Sales and Foreclosures Slowing

This decade has been full of ups and downs in the Lake Tahoe real estate market.  Around 2008, we saw short sales and foreclosures like we never had in North Lake Tahoe real estate.  There were more homes for sale on the market, than there were buyers.  Today, we are dealing with a much different market.  Luckily, the market has come back since it started to drop in 2006 / 2007.  We saw the number of sold short sales and foreclosures start to decline in 2012 and 2013.  The values aren’t back to where they were at the peak of the market (around the end of 2006 / beginning of 2007), but they are on the right track.  The chart below shows the totals of sold short sales and foreclosures in the Tahoe real estate market (north and west shores, California side).  Please note that most of the short sales this year are still pending, one has closed escrow so far.  These numbers  indicate that the market is strengthening.  Currently, there is less real estate for sale than any time in the last 8 years.  What does this mean for potential buyers and sellers?   The home you want to sell or purchase might be worth more.  If you are a  buyer or seller, one thing is for sure:  The fact that short sales and foreclosures have slowed down considerably is a good indicator that our market is stabilizing. In the long run, this is beneficial for all of us.