Buying & listing homes for sale in South Lake Tahoe has multiple variables. If you are thinking of doing either, or both, you will need to get educated on the current market conditions. Knowing what is happening in the South Lake Tahoe real estate market helps both parties make strategic and smart decisions in how they approach buying or selling South Lake Tahoe homes for sale. The average and median sold price will guide a seller on pricing appropriately for the market, which keeps their home from sitting too long and growing “stale”. A buyer can use this information to compare their budget with the current market values. This is also helps to narrow their search as they find homes for Sale in South Lake Tahoe that match their needs and are within their price range. Details like days on market, month supply and percentage of list price are all great tools that your realtor in South Lake Tahoe can help you understand and benefit from. If you have not yet found a realtor in South Lake Tahoe, you will want to do that first to get started. Not only do we act as your guide and advocate throughout the entire process, we help you make strategic decisions that help you achieve success. It IS important to know that the below report is only for South Lake Tahoe real estate in general. Each neighborhood has their own report, so if you have your eye on a specific area, the numbers will be different. Once again, your South Lake Tahoe realtor will be able to give you a market analysis for each area that you are interested in.
The good news for sellers is that the average sold price for homes for sale in South Lake Tahoe has increased 5.9% from this time last year and is now at $540,495. The median sold price for South Lake Tahoe homes for sale has increased 4.7% from last year at this time and is now at $449,000. The median percentage of list price is still at 97.9%. This number has seen no change compared to this time last year. To understand the importance of this stat, it is a great tool to use when trying to determine your negotiation power when it comes to making and accepting an offer. Your South Lake Tahoe realtor will be able to further guide you with this one.
The good new for sellers is that the amount of South Lake Tahoe real estate is up slightly from 216 last year to 228 this year. New listings are also up 6.9%, pendings have increased 2.6% and closed sales are up 2.3%. Both the average and median days on the South Lake Tahoe real estate market are down from this time last year which means homes for sale in South Lake Tahoe are accepting offers quicker. The median is at 72 and the average is at 101. The month supply has increased 5.7% from last year at 3.7. This number has actually remained the same for the past couple months though. To understand what a month supply is, a balanced market needs 6 months and anything less than 4 is considered a seller’s market. Your South Lake Tahoe realtor can help you understand the importance of month supply and how it impacts you in your buying and selling journey.
For more information on real estate in South Lake Tahoe, feel free to give me a call. I would be happy to help!