(11/6/17) As of October 24, 2017, the California Association of REALTORS® reported that California pending home sales dwindled for the third consecutive month, suggesting that the housing market will slow as the year winds down. As a primarily second-home market, South Lake Tahoe traditionally follows the state’s trends, by a delayed 6 months to a year. Following is a comparison of the most current state data as compared to South Lake Tahoe according to the South Tahoe Association of REALTORS®. The following statistical reports compare the State of California as of September 30th to South Lake Tahoe as of October 31st.
Median Home Price: After reaching its highest level in a decade in August, the statewide median price slipped in September but remained above the $500,000 mark for the seventh straight month. The $565,330 August median price dropped 1.8 percent to $555,410 in September but climbed 7.5 percent from the revised $516,450 recorded in September 2016. South Lake Tahoe reports a median home price of $440,000 nearly equal to the $439,000 reported in September and up 10% from the same time last year. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling, as well as a general change in values.
# of Homes Sold: California reported the number of existing, single-family home sales totaled 436,920, January through September, on a seasonally adjusted annualized rate, up 2.2 percent from August and 1.7 percent from September 2016. Following the same criteria, South Lake Tahoe reports the number of closed sales in September as 71, up 6 percent from August’s 67. The number of existing, single-family home sales for the seasonally adjusted annualized rate was 635, down 1.4% from September 2016.
# of Homes Available for Sale: Supply and Demand is a continual key to establishing value and the housing market is no different. Both the state of California and South Lake Tahoe are experiencing decreasing inventory. Within the state, the number of homes on the market was down 11.2 percent from a year ago and South Lake Tahoe reported a decline of 13.5% from 244 last year to 211 this year.
Pending Sales: Based on signed contracts, year-over-year statewide pending home sales dropped in September declining 6.0 percent as compared to September 2016. However, there was a 2.5 percent increase over August. South Lake Tahoe’s report was more positive with a 17% increase in the number of pending sales for October this year as compared to 2016. The month-to-month comparison stayed the same with 55 pending sales in October and 57 in September.
Additional South Lake Tahoe Market Trends:
• Average list to sale range is 97.8% as compared to 97.3 in 2016.
• Months supply of homes on the market is 3.7 – nearly the same as the 3.6 reported in 2016. A monthly supply rating less than 4 indicates a “sellers’ market.”
• Days on the Market (from list day to closing day) is down from 92 in 2016 to 81 this year.
• Number of New Listings is up 38.5% from 39 in 2016 to 54 in 2017