If you are thinking of listing or buying homes for sale in South Lake Tahoe, familiarizing yourself with the local market conditions is a great way to get started. While looking to the U.S. trends is a great way of finding out some real estate predictions and happenings, South Lake Tahoe real estate is a second home/resort market. This means that we don’t necessarily operate the same way that a typical big city or suburban neighborhood market would. We have a lot of people who buy for the purpose of personal use a few months out of the year or as an income source in addition to buying as a full time residence. The best way to begin your South Lake Tahoe real estate journey is by finding out what is happening from your South Lake Tahoe Realtor. Whether you are selling or buying homes for sale in South Lake Tahoe, details like month supply, average sold prices and days on market are beneficial to both parties. It gives both an idea of their position in the current market as well an idea of what is needed to make an offer, or what makes a good offer to accept. If you are thinking of listing or buying homes for sale in South Lake Tahoe, look below at the categories we follow and let us know if you have any questions.
Average and median sold prices for homes for sale in South Lake Tahoe are up very minimally at the current moment compared to this time last year. Average sold prices are up 0.9% at $552,094 and median sold prices are up 1.1% at $455,000. The average percentage of list price is still hovering around 97.2%, which your South Lake Tahoe Realtor can weigh in on how to use to your advantage more. The month supply is up 15.8% at 4.4. This is good news for buyers as it indicates an increase in inventory. This is a wonderful number to know in general as it tells us who is in control of the South Lake Tahoe real estate market: buyers or sellers. To understand this better, anything less than 4 is a seller’s market while anything over 6 is considered balanced. Speaking of inventory, the amount of South Lake Tahoe homes for sale is up 9.1% compared to this time last year. Once again, good news for buyers. Closed sales are down 13.3%, new listings are down 3.8% and pendings are down 6.4%. Average days on market are down a bit at 99 and median is at 77.
For more information on the South Lake Tahoe real estate market or if you are looking for a South Lake Tahoe Realtor, feel free to give us a call. We would be happy to help!
|South Lake Tahoe Market Report||2019||2018|
|Number of Closed Residential Sales||86||82|
|Median Home Sales Price||$455,000||$450,000|
|Average Home Sales Price||$552,094||$547,302|
|Average List to Sale Ratio||97.2%||97.4%|
|Average Dollar Per Square Foot||$334||$330|
|Average Days on the Market||99||101|