If you are listing or buying homes for sale in South Lake Tahoe, knowing the area’s market conditions can have a huge impact on your South Lake Tahoe real estate success. Each neighborhood within South Lake Tahoe has its own mini market with stats that are different compared to neighboring areas. Every neighborhood has their own average and median sold price, days on market, month supply and more. As a seller, you can use these details to get a good idea of what makes an appropriate list price and how quickly you should prepare to move. As a buyer, you will know makes a competitive offer. This is especially important in a seller’s market. The best way to get this information is from a South Lake Tahoe realtor. When you work with an experienced South Lake Tahoe realtor, you have an advocate as well as a reliable resource for accurate information. This combination is crucial for your success. So how is South Lake Tahoe real estate doing? Check out the latest market report!
As far as pricing goes, this report has good news for buyers and sellers. The good news for sellers is that sold prices for homes for sale in South Lake Tahoe are up! And not just from this time last year, but also last month. If you are wondering how increased prices is good news for buyers, it is because they are not going up outrageously fast and instead increasing at a steady rate. Currently, the average sold price is up 6.7% at $524,376. The median has increased 6.7% as well and is now at $432,000. For the median price, this is the first increase in a few months as it was at $429,000 for some time. The median percentage of list price is up 0.5% at 98.2%. This has been the same number for a couple months now.
In regards to the inventory levels, the amount of homes for sale in South Lake Tahoe has decreased 7.8% while new listings have increased 4.4% (Hey! More good news for buyers!). Closed South Lake Tahoe homes for sale have gone down by 4.6% while pending South Lake Tahoe homes for sale have decreased 7%. The average days on market for South Lake Tahoe homes for sale is down 17.2% at 101. Median days on market for real estate in South Lake Tahoe is down 19.8% at 73. The month supply is still at 3.5, which remains unchanged for a few months now. A South Lake Tahoe realtor looks for a 6 month supply in order to consider the market balanced. Anything less than 4 is a seller’s market, which we are currently in. Keep in mind, this is for South Lake Tahoe as a whole. Once again, each neighborhood has its own set of stats and some of our neighborhoods are actually in a buyer’s market. There are very few, but there are some. If you are looking for real estate in South Lake Tahoe, or a South Lake Tahoe realtor, give me a call!