The monthly market report is in! If you are purchasing or selling homes for sale in South Lake Tahoe, there are a few things you will want to do to get started. Before you do anything, align yourself with an experienced South Lake Tahoe realtor. We act not only as your advocate, but also your guide, from start to finish and beyond whether you are selling or buying. Once you have chosen a professional you trust, ask them for a detailed market report not only for South Lake Tahoe real estate in general, but your neighborhood and or the neighborhoods you are most interested in. If you have picked a qualified pro, chances are high they will give you this info right off the bat. But if not, using up to date details like average and median sold price, days on market and month supply can guide you regardless of what side of the transaction you are on. As a seller, you can rest assured you list your real estate in South Lake Tahoe at a market appropriate price while a buyer can feel confident they put together a competitive offer. So how is Lake Tahoe real estate doing? Let’s look!
The average sold price for homes for sale in South Lake Tahoe has increased 8.2% from this time last year at $538,917. The median sold price for South Lake Tahoe homes for sale is up 5.3% from last year (although unchanged from the past couple months) at this time at $440,000. The median percentage of list price has increased 98%. This number is great to use as a tool for determining your negotiation power when it comes to making or accepting an offer on South Lake Tahoe homes for sale.
The amount of South Lake Tahoe homes for sale has increased slightly from 216 last year to 225 this year. New listings have gone up 15.4%, pendings are up 4.2% and closed sales are up 1.5%. Both the average and median days on the South Lake Tahoe real estate market are down from this time last year. The median is at 72 and the average is at 102. The month supply is still at 3.7, but that number is up 8.8%. To understand this number, South Lake Tahoe realtor’s look for a 6 month supply in order to be considered balanced, while anything less than 4 is a seller’s market.
It is important to understand that these numbers are for real estate in South Lake Tahoe in general. If you have a specific neighborhood you need a market update for or are looking in certain neighborhoods, these numbers will likely vary. Once again, the best place to get this info is from a realtor in South Lake Tahoe as we use up to date stats from the local MLS. Have questions about real estate in South Lake Tahoe? Feel free to reach out. I would be happy to help!