When it comes to listing and buying homes for sale in South Lake Tahoe, being aware of the market conditions are a great way to set yourself up for success. Market conditions are made up of details such as average and median sold prices, days on market, percentage of list price and month supply. These numbers can be used to your advantage as both a buyer and a seller. As a seller, you get a good idea of what homes for sale in South Lake Tahoe are actually selling at. This is a great way to figure out whether or not your “magic number” is market appropriate. If you are priced too high, buyers may overlook your home simply because it is out of budget. This can cause your home to sit on the market too long and “grow stale”. Essentially, folks assume there is something wrong with your South Lake Tahoe real estate and keep moving.
As a buyer, you can use these details to create a competitive offer. Whether you are in a buyer’s market or a seller’s market, creating an enticing offer is important. Sometimes, a buyer will low-ball to get the negotiations started and that is never a good place to start off a South Lake Tahoe real estate transaction. Basing your decisions off of what the market is doing, is always a good way to go. Of course, working with an experienced South Lake Tahoe realtor is the BEST way to go. We are able to act as our clients advocates and guide you through every step of the transaction. So how is the South Lake Tahoe real estate market doing? Let’s take a look.
Currently the average and median sold prices for homes for sale in South Lake Tahoe are up compared to this time last year. The median is up 7.8% at $430,000 and the average is up 6.7% at $514,361. The median average percentage of list price is at currently at 98.1%. The percentage of list price is used as a way to gauge your negotiation power. This tells you, on average or median, how much of the list price South Lake Tahoe homes are getting. Some of the “hot markets” are seeing numbers like 106%, which tells us those properties are not only getting asking, but over. South Lake Tahoe homes for sale, in general, are not quite there yet. However, us South Lake Tahoe realtors like to see those numbers in the 90’s! The amount of South Lake Tahoe homes for sale are actually down 13.5% while the new listings are up 2.6%. Pending sales have seen a 5% decrease while the closed sales have gone up (barely) at 0.1%. The median days on market is down 17.6% at 75. The month supply is still at 3.4. A balanced market needs 6 while anything less than 4 is considered a seller’s market. While we are walking that line, the market is currently in favor of the sellers due to low inventory. If you are looking for a personalized report on your local neighborhood, or one you are interested in, let me know. As a long time South Lake Tahoe realtor, I would be happy to help!