If you are in the market to buy or list homes for sale in South Lake Tahoe, you have come to the right spot. In order to have a successful experience, you will want to do a few things to get started. The first is picking an experienced South Lake Tahoe realtor who can guide you through the entire process and act as your advocate. You will also want to find out how the local South Lake Tahoe real estate market is doing. Details like the average and median sold price for South Lake Tahoe homes for sale, days on market and month supply can give you wonderful insight. For a buyer, you can understand your position in the market and what sellers are looking for in an offer. As a seller, you can use these details to gauge how long you can expect to be on the market as well as what is a market appropriate list price. The best place to get this info is from a South Lake Tahoe realtor. So how is South Lake Tahoe real estate doing? Let’s look at the latest numbers!
The average sold price for homes for sale in South Lake Tahoe is up 7.8% from this time last year at $530,818. The median sold price for South Lake Tahoe homes for sale is up 6.8% at $440,000. The median percentage of list price is 98%. This number is a great tool for determining your negotiation power.
The amount of South Lake Tahoe homes for sale is up slightly from 219 last year to 223. New listings are up 12.4%, pendings are up 2.2% and closed sales are down 4.5%. 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 71 and the average is at 100. The month supply is up 5.7% from last year and is now at 3.7. To put this in perspective, a balanced market needs 6 months and anything less than 4 is considered a seller’s market.
It is important to keep in mind that this report is for real estate in South Lake Tahoe in general, but that each individual neighborhood has its own market that differs from this overall market snapshot. For example, the average sold price in Montgomery Estates is $683,483 while Al Tahoe is $484,723. If you want to find out how your neighborhood or your desired neighborhood is doing, your South Lake Tahoe realtor can help you with that. Have questions? Feel free to reach out. Our team would be happy to help!