When it comes to successfully buying or selling South Lake Tahoe real estate, there are a few details that are necessary to get the process started. First, you will want to find a local, experienced South Lake Tahoe realtor who can help guide you from start to finish. Having professional expertise on your side is the best way to achieve your goals. The other incredibly important aspect to getting started is understanding the local South Lake Tahoe real estate market stats. Whether you are listing or buying homes for sale in South Lake Tahoe, knowing what is currently happening is crucial. Details like days on market, month supply and the average sold price for South Lake Tahoe homes for sale can be utilized to your benefit regardless of what side of the transaction you are on. As a seller, you get a good idea of what to price at and how long your property will be on the market. As a buyer, you have the tools to help you come up with a competitive offer. The best resource for this information is a South Lake Tahoe realtor. Not only can they give you this information for the entire area of South Lake Tahoe, they can give you a market analysis for each neighborhood as every area differs. If you are wondering how the California side of South Lake Tahoe is doing, check out the below stats!
The average sold price for homes for sale in South Lake Tahoe is up 7.8% from this time last year at $530,818. The median sold price for South Lake Tahoe homes for sale has increased 6.8% at $440,000. If you want to know how to determine your negotiation power, use the percentage of list price. Currently, the median percentage of list price is 98%.
The amount of South Lake Tahoe real estate has gone up slightly from 219 last year to 223. New listings are up 12.4%, pendings are up 2.2% and closed sales are down 4.5%. Both the average and median days on the market are down from this time last year. The average is 100 and the median is at 71. The month supply is up 5.7% from last year and is now at 3.7. A balanced market needs 6 months and anything less than 4 is considered a seller’s market, which we are currently in.
It is important to keep in mind that this report is for real estate in South Lake Tahoe in general, but that each individual neighborhood has its own market that differs from this overall market snapshot. For example, the average sold price in Al Tahoe is $484,723, which is less than the above, while Tahoe Keys is significantly higher. If you want to find out how your current neighborhood or your desired future neighborhood is doing, your South Lake Tahoe realtor can help you with that. Have questions? Feel free to reach out.