South Lake Tahoe Real Estate Update

If you are listing or buying homes for sale in South Lake Tahoe or looking in a specific neighborhood, 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 represents its own little market with numbers that are different compared to nearby neighborhoods. Each market has its own average and median sold price, days on market, month supply and more. Knowing these details can help guide you whether you are a buyer or a seller. As a seller, you will have a good idea of what makes an appropriate list price and how quickly you should prepare to move. As a buyer, you will have the necessary resources to make a competitive offer that a seller would find enticing. This is especially important in a seller’s market when the competition is fierce. The best way to get this information is from a South Lake Tahoe realtor. When you align yourself with an experienced South Lake Tahoe realtor, you not only have an advocate and a guide, but 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 actually has some good news for both buyers and sellers. Sellers can rejoice with the news that sold prices for homes for sale in South Lake Tahoe are up! And not just from this time last year, but also just last month. The good news for buyers is that 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. The good news for buyers is that these prices are not going up drastically. They are increasing at a steady rate and are only up between $2000 to $4000 compared to last month. 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. The importance of this stat is that it indicates your negotiation power.

The amount of homes for sale in South Lake Tahoe are down 7.8% while new listings are up 4.4%. Closed South Lake Tahoe homes for sale are down at 4.6% while pending South Lake Tahoe homes for sale are down 7%. The median days on market for real estate in South Lake Tahoe is down 19.8% at 73. The average days on market for South Lake Tahoe homes for sale is down 17.2% at 101. The month supply is still at 3.5, which is what it has been sitting at 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 at 530-308-4331.

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