If you are thinking of selling or buying South Lake Tahoe real estate, knowing the current market conditions can help you have a successful transaction. On the selling side, you know how much to list your home for sale in South Lake Tahoe. You may have a number in your mind, but going based off recent comparable sales helps to make sure that your home sells quickly and for market value. As a buyer, you want to feel rest assured that you didn’t overpay for a home for sale in South Lake Tahoe. Additionally, you will have a rough idea of days on market, percentage of list price (which helps you figure out how much negotiation power you have) and more information that can help prepare you for buying South Lake Tahoe real estate. So how are things going? Let’s take a look!
The good news for sellers is that both the average and median sold price is up compared to this time last year. The average is up 11.9% at $508,480 and the median is up 13% at $429,000. The median percentage of list price is up 0.4% at 98%. Homes for sale in South Lake Tahoe are spending on average 109 days on market. This is down 12.1%. Closed sales, pending sales and new listings all saw a dip somewhere between 1.6%-3.3%. So not huge decreases, but they did go down. However, the current inventory is sitting at a 3.4 month supply, which is down 20.9% which explains these decreases. South Lake Tahoe real estate is in a sellers market, which means there isn’t enough inventory to satisfy the buyer demand. Until we get enough homes for sale on the market, we might continue to see decreases in these categories.
It is important to note that this market report is for real estate in South Lake Tahoe as a whole. Each neighborhood has their own set of statistics. For example, if you live in Al Tahoe, their average sold price is $598,397. In Tahoe Keys, it is $770,387. If you are interested in finding out what is happening in your specific part of town, feel free to give me a call. I would be happy to provide a custom market report.
