Buying and selling homes for sale in South Lake Tahoe is such an exciting process! No matter what side of the transaction you are on, you will want to get the process started off on the right foot. The number one thing every buyer or seller needs to do is pick an experienced South Lake Tahoe realtor. Our role in your transaction is to be your guide and advocate from start to beyond the close of escrow. We help you to understand the current South Lake Tahoe real estate market which is instrumental in your success. When you use market stats such as average and median sold price for South Lake Tahoe homes for sale, days on market and month supply, you have great insight that can guide you in your buying and selling needs. It is important to understand that each neighborhood within South Lake Tahoe real estate has its own set of numbers. So while the market report below is for the California side of South Lake Tahoe in general, Tahoe Keys real estate will likely have a different report, and same for Montgomery Estates and so on. The best way to get this information is from a South Lake Tahoe realtor. We get this information straight from the MLS which is the most up to date way to find out what is going on in the market. So how is South Lake Tahoe real estate doing? Let’s take a look.
This month brings more good new for sellers as the average and median sold price is up compared to this time last year. The average sold price for homes for sale in South Lake Tahoe is up 8.2% at $538,917. The median sold price for South Lake Tahoe homes for sale is up 5.3% at $440,000. The median percentage of list price is 98%. This is a great tool for determining your negotiation power when it comes to making and accepting an offer. Ask your realtor in South Lake Tahoe how to best use this number to your advantage.
As far as inventory goes, the amount of South Lake Tahoe homes for sale went up from 216 last year to 225 this year. New listings have increased 15.4%, pendings have increased 4.2% and closed sales have increased 1.5%. Both the average and median days on the South Lake Tahoe real estate market have decreased from this time last year. The median is now at 72 and the average is at 102. The month supply is up 8.8% from last year and is now at 3.7, which it has been for the past couple months. To understand this number better, a balanced market needs 6 months and anything less than 4 is considered a seller’s market.
For a buyer, your realtor in South Lake Tahoe will help you use these details to understand your position in the market. When you know your position, you can use that accordingly and craft a competitive offer. As a seller, your realtor in South Lake Tahoe will help you use these details to get an idea of what is the best list price for you as well as how long you can expect to be on the market. Have questions about South Lake Tahoe real estate? Feel free to reach out. I would be happy to help!