If you are looking to purchase real estate in South Lake Tahoe, knowing the current market conditions is crucial for making an informed decision. This information is important regardless of whether you are a buyer or a seller, actually. As a seller, you can pick an appropriate price to list at, while as a buyer you can feel re-assured you aren’t over paying. So how did real estate in South Lake Tahoe compare from June 2017 to June 2016? Let’s take a look!
The good news is that home sale prices are up! This means if you are thinking of selling, you can likely make more compared to if you had listed last year, or even last month. The median home sales price went up 16.3% at $429,000 while the average home sales price was up 14.5% at $510,491. Both the average and median percentage of list price went up around .05%. Not a huge increase, but we don’t like to see that number go down. These are the only categories in which numbers were up though. The amount of homes for sale went down 20.2%, new listings were down 1.2% (thankfully not a huge decrease), pending homes were down 7.9%, closed sales were down 6.3% and the median days on the market went down 8.7% at 84 days. This last one is actually not a bad thing. It means homes are moving quicker compared to last year. Which also explains the decrease in the other categories as proven by the month supply, which is currently 3.4 and down 22.7% from last year. In order to be considered a balanced market, we need a 6 month supply. The current month supply says we are in a sellers market, which is why new listings, pending homes, closed sales, etc. are down. We just don’t have enough inventory to satisfy buyer demand. For more information on real estate in South Lake Tahoe, give me a call.
