If you are getting ready to list or buy homes for sale in South Lake Tahoe, knowing the state of our current South Lake Tahoe real estate market can make or break your experience. In fact, whether you are a buyer or a seller, you stand to benefit from knowing this information regardless of what side of the transaction you are on. As a buyer, you understand what sellers are looking for and can use that to craft a competitive offer. As a seller, you have the inside info to prepare your listing appropriately as well as choose a market appropriate list price. The most accurate way to get this information is from a South Lake Tahoe realtor. As a long time, local realtor, I use the local multiple listing service to ensure our reporting is up to date and accurate. So how is our local area doing? Let’s take a look!
Good news for those interested in putting their homes for sale in South Lake Tahoe on the market! Sold prices are up, for both the median and the average. Not only are they up from this time last year, but they are up from just last month! The average is up 8% at $536,325. The median is up 9% at $445,000. Keep in mind these prices are for South Lake Tahoe in general. Each neighborhood has their own market report so the stats vary from area to area. This is why it is always important to chat with your South Lake Tahoe realtor. Just because your friend’s house is similar and listed for a certain number in Montgomery Estate doesn’t mean your home in Stateline will fetch the same number.
As far as inventory levels go, homes for sale in South Lake Tahoe are down 1.3% at 220 from last years 223. New listings are up 9.8%, which is great news for buyers. Although, closed sales are down 5.2% along with pending sales, which are down 2.8%. Our current month supply continues to inch up. We are at a 3.7 month supply. Anything less than 4 is a seller’s market and a balanced market needs 6. We are currently in a seller’s market. When it comes to figuring out your negotiation power, I recommend finding out the percentage of list price. Currently, that number for our area, is 97.%
Whether you are looking for more information on South Lake Tahoe real estate, or need a South Lake Tahoe realtor, give me a call. I would be happy to help you navigate out current market!