The South Lake Tahoe real estate market had several positive notes when comparing March 2017 to March 2016. In fact, almost everything was up. The closed sales were up by 6.4%. The median sold price was up by 13.3% and the average sold price was up 14.4%. If you have been thinking of putting your South Lake Tahoe real estate on the market, the chances are high that the amount you can sell for will be more than last year. The percentage of list price went up slightly, by 1% along with the days on the market.
Now month supply, which determines what type of market we are in, went down 33.3%. Anything under 4 is considered a sellers market while anything over is considered a buyers market. This is good news for sellers. It means they have control of the market because supply is low and demand is high. The result is higher listing prices which generally means sellers stand to make more at the time of resale. Now buyers, on the other hand, have to be a little more aggressive with their approach. While Real estate in South Lake Tahoe isn’t so low that bidding wars and over asking offers are a common thing, buyers do need to get serious about taking swift action. Chances are if you wait to view a home or make an offer, it will gone by the time you decide to make a move.
Of course it is important to note that these stats are for 96150 as a whole. Every neighborhood has it’s own statistics as well. For example, Tahoe Keys has the highest median and average sales price, but with a month supply high enough that they are in a buyers market. If you would like information on a specific area or general South Lake Tahoe real estate information, give me a call. I would be happy to help!
| South Lake Tahoe Market Comparison | 2017 | 2016 |
|---|---|---|
| Number of Sales | 765 | 719 |
| Median Home Price | $408,000 | $360,000 |
| Average Home Price | $496,405 | $434,055 |
| Average List to Sale Ratio | 96.7% | 95.7% |
| Average Dollar Per Square Foot | $285 | $254 |
| Days on the Market | 89 | 90 |
| Month Supply | 3.4 | 5.1 |
