If you are thinking of buying or listing homes for sale in South Lake Tahoe, you will want to find out what is happening in the local South Lake Tahoe real estate market. Understanding the local stats will help you understand your position which can help you come up with an appropriate strategy. Days on market, average and median sold price and current month supply help buyers and sellers figure out what is an appropriate list/offer price and how long homes for sale in South Lake Tahoe are moving. Most importantly, it tells you who is in control of the market, which is a very important aspect to keep in mind. The best resource for this information, and more, is a local South Lake Tahoe realtor. You will want to align yourself with someone who is not only experienced, professional, but is well verse in the areas you are looking in. You should know that while the below numbers are for South Lake Tahoe real estate in general, each neighborhood has their own report which looks different. If you want a custom report on your specific neighborhood, you can reach out to us or your South Lake Tahoe realtor and get those numbers.
The average sold price for homes for sale in South Lake Tahoe is up 5.9% from this time last year at $540,495. The median sold price for South Lake Tahoe homes for sale is up 4.7% from last year at this time at $449,000. While both numbers are up compared to last month as well, the median has jumped $9,000 after being unchanged for a few months. The median percentage of list price is unchanged compared to this time last year at 97.9%. This number is a great tool to use when trying to determine your negotiation power when it comes to making and accepting an offer.
The amount of South Lake Tahoe homes for sale is up slightly from 216 last year to 228 this year. New listings are up 6.9%, pendings are up 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. The median is at 72 and the average is at 101. The month supply is up 5.7% from last year at 3.7. This number has actually remained the same for the past couple months. To understand what a month supply is, a balanced market needs 6 months and anything less than 4 is considered a seller’s market.
Once again, if you are a buyer or a seller that is trying to understand the local real estate market, the best place to get this info is from a realtor in South Lake Tahoe. We use stats that are updated monthly from the local MLS. Have questions about real estate in South Lake Tahoe or looking for a realtor in South Lake Tahoe? Feel free to reach out. Our team would be happy to help!
|South Lake Tahoe Market Report||2018||2017|
|Number of Closed Residential Sales||72||70|
|Median Home Sales Price||$449,000||$429,000|
|Average Home Sales Price||$540,495||$510,491|
|Average List to Sale Ratio||97.9%||97.9%|
|Median Dollar Per Square Foot||$397||$335|
|Average Days on the Market||101||111|