If you are in the market to list or buy South Lake Tahoe homes for sale, being informed of the current market conditions is one of the best ways to achieve success. Whether you are a seller or a buyer, knowing the median and average sold prices as well as percentage of list price and days on market can help guide you. While using a South Lake Tahoe realtor is key, no pun intended, doing a little research on your own goes a long way. This information that comes straight from the MLS can help you pick an appropriate listing price as a seller, as well as putting together a competitive offer as a buyer. So what is happening in our local South Lake Tahoe real estate market? Let’s take a look.
The good news for sellers is that median and average sold prices for are up compared to this time last year. The median is up 7.3% at $429,000 while the average is up 7.2% at $519,624. The median percentage of list price is 98.1%. This is a good indicator of how much homes for sale in South Lake Tahoe are getting of that listed price, which is a great tool for negotiations. Unfortunately for buyers, the amount of South Lake Tahoe homes for sale is down 11.7%. Closed South Lake Tahoe homes for sale are down a little bit at 2.1%. New listings are also down 2.1% and pendings are down 8.7%. The month supply is still in a sellers market at 3.5%. Anything less than 4 is considered a sellers market. A balanced market needs a 6 month supply, so we are a little ways from that at the moment. Median days on market are at 73 while average is at 103. Days on market is how long homes are going from active to pending. This info gives you a good idea on quickly homes for sale in South Lake Tahoe are moving. Of course, a qualified South Lake Tahoe realtor can also give you a little more of a hands on answer based on comparable properties and market demand. If you have questions on the South Lake Tahoe real estate market or are interested in listing or buying homes for sale in South Lake Tahoe, give me a call. As a long time, local South Lake Tahoe realtor, I take great pride in helping my clients achieve real estate success.