Generally in the South Lake Tahoe real estate industry, home sales taper off a bit in the colder months. This is due to a variety of reasons: School has started, buyers and sellers want to take a break for the holidays or people feel that there isn’t enough inventory to be successful in their South Lake Tahoe real estate goals. However, the latest round of stats for the United States real estate market has suggested that home sales were different this year and actually surged ahead this fall season. Check out these numbers:
- Home sales are at an annual pace of 5.60 million! That is the highest annual pace since 2007. That is a 2% increase month over month and 5.9% increase year over year.
- 43% of homes are moving quickly and selling in less than a month.
- The median home price is up 6% compared to October of 2015.
- Distressed sales continue to decrease compared to this time last year and are down 5%.
Let’s take a quick peek at our current South Lake Tahoe real estate market stats:
- Home sales are up 6.8%
- The sales price is up 15.7%
- The month supply is 3.9
Inventory levels have dropped both locally and nationally for the 17th straight month. The national month supply is 4.3. Anything under 5 is considered a sellers market. Thinking of listing your South Lake Tahoe, CA real estate? With low inventory levels, you have less competition and more serious buyers in the market. Listing your real estate in South Lake Tahoe during this time of year gives you an edge you may not have had this spring or summer. To find out what your home is worth and what is happening in our local market, give me a call.