If you are listing or buying homes for sale in South Lake Tahoe, finding out what the area’s market conditions are before you start the process can have a huge impact on your South Lake Tahoe real estate success. Using details such as days on market, the average and median sold prices and month supply are beneficial to both buyers and sellers. Buyers can use this info to come up with an enticing offer while sellers get a good idea of how to get South Lake Tahoe homes for sale, ready for the market. As well as what price is best to list at, which is one of the most important parts of selling. Wondering how to get this information? The most accurate source is from a South Lake Tahoe realtor. Working with an experienced realtor in South Lake Tahoe will not only ensure you have an advocate working tirelessly on your behalf as you achieve your real estate goals, but they also are the best source for navigating the current market conditions. So how is the South Lake Tahoe real estate market doing? Check out this report!
This month has some good news for sellers! Not only are sold prices up for homes for sale in South Lake Tahoe, but so is the median sold price. And not just compared to last year at this time! They are both up compared to just last month. As a seller, this means the value for South Lake Tahoe homes for sale have increased, making it a great time to sell! The average is up 8% at $536,325 while the median is up 9% at $445,000.
As far as inventory is concerned, we are still in a seller’s market, which isn’t the greatest news for buyers. Homes for sale in South Lake Tahoe have decrease 1.3% at 220 from last years 223. New listings have gone up 9.8%, which is great news for buyers. We’ll take any increase in that category! Although, closed sales are down 5.2% along with pending sales, which are down 2.8%. Our current month supply continues to inch up but we are still in seller territory with a 3.7 month supply. Anything less than 4 is a seller’s market and a balanced market needs 6. When it comes to figuring out your negotiation power, I recommend finding out the percentage of list price. Currently, that number for our area is 97%.
Now, it is crucial to note that this stat report is in general for the 96150 area as a whole. If you are looking for a specific market report on your neighborhood, your best bet is having a South Lake Tahoe realtor run a CMA. This is also known as a comparable market analysis. These are complimentary from any realtor in South Lake Tahoe and give you a custom report on what is happening in every neighborhood. For example, the average sold price above is not the same number for Tahoe Keys or the Sierra Tract. For more information on South Lake Tahoe real estate, feel free to reach out. I would be happy to help!