South Lake Tahoe Real Estate Update

The snow is melting, the temperatures are warm and the weather isn’t the only thing heating up! If you are a buyer, you may be feeling the heat in this South Lake Tahoe real estate market. The median sales price is up 15% at $418,000 and the average sales price is up 11.1% at $497,851. There is a very slight increase in percentage of list price and percentage of original price. Very slight. Currently, those categories are really the only ones that are up. Otherwise, closed sales are down 4.7% compared to this time last year. New listings are down 6.6% compared to this time last year. Both the average and median days on the market are down between 8%-11%. Pending sales are down 6.1%. So what gives? Well the month supply is also down 27.7% compared to this time last year. We are currently sitting at 3.4 which means we are in a seller’s market. This essentially explains the small dip in some of these categories as there is limited inventory available for buyers to purchase real estate in South Lake Tahoe. 

It is important to note that South Lake Tahoe real estate is not behaving in a way that has cause for concern. The low inventory is a big issue across the nation. As we have discussed in past blogs, when the demand is high and the inventory is low, prices go up, which is exactly what we are seeing here with real estate in South Lake Tahoe. We are hoping as summer continues that more inventory will come on the market and balance it out a bit. Currently, the Tahoe Keys is the only neighborhood that is in a buyers market, however they also have the highest median and average sales price. 

Regardless of whether you are buying or selling South Lake Tahoe real estate this summer, knowing what is happening locally will benefit you. As a buyer, you benefit by knowing what the market value is, ensuring you don’t overpay. As a seller, you know the market value which ensures you don’t overprice, which can have some major repercussions. This is also why the use of a South Lake Tahoe realtor is crucial. For more information on real estate in South Lake Tahoe, give me a call at 530-308-4331. 

 

Speak Your Mind

*