When it comes to listing or buying homes for sale in South Lake Tahoe, it is important to understand what is happening in the market. Details like days on market, average and median sold price and month supply can guide you in your strategy regardless of what side of the transaction you are on. As a seller, this helps you figure out how to price according to the South Lake Tahoe real estate market which is necessary if you would like to sell fast. As a buyer, knowing what homes for sale in South Lake Tahoe are selling for allows you to create a competitive offer. The best resource for all this information is from a South Lake Tahoe realtor which is why it is important to make sure you align yourself with someone who is qualified, experienced and professional. So how are things looking this month? Let’s look at the numbers below.
As it stands in the moment, the average sold price for homes for sale in South Lake Tahoe is up 6.2% from this time last year at $547,707. The median sold price for South Lake Tahoe homes for sale is up 4.9% from last year at this time at $451,200. This is good news for buyers as it means the value of their property has likely gone up. The average percentage of list price is currently 97.3%. This basically tells you what your negotiation power is but your South Lake Tahoe realtor will tell you how this number applies to you.
The amount of South Lake Tahoe real estate for sale is up 7.5% from last year’s 214 to 230 this year. New listings are up 1.8%, which is good news for buyers. Pendings are down 0.4% while closed sales are down 1.2%. The average days on market are 102 while the median for the South Lake Tahoe real estate market are at 77. The month supply is up 8.6% from last year at 3.8, which is what it has been for the past few months. This number, simply put, means we are in a seller’s market. A balanced market needs 6 months and anything less than 4 is considered a seller’s market. It is important to note that these numbers are for South Lake Tahoe in general and that every area has their own set of market statistics. If you are interested in a specific neighborhood, be sure to tell your South Lake Tahoe realtor so they can give you a market analysis for the neighborhoods you are interested in. 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||90||79|
|Median Home Sales Price||$451,200||$430,000|
|Average Home Sales Price||$547,707||$515,516|
|Average List to Sale Ratio||97.3%||97.3%|
|Median Dollar Per Square Foot||$328||$324|
|Average Days on the Market||102||103|