The latest South Lake Tahoe real estate report is in and it has some mixed results. First, it is important to know what us Lake Tahoe Realtors look for and what we usually share with our clients to give them accurate insight. Market stats like average and median sold prices, days on market, percentage of list price and more give us valuable information that we then pass on to both our buyers and sellers so they can use to their benefit. Buyers get an idea of their buying power based on their budget, how quickly they need to act based on days on market and what type of market we are in. Sellers get an accurate picture of what they should list at based on current fair values and what makes an offer worthy of accepting or turning down. With Covid-19 happening, the world’s economy is being impacted and real estate is not the exception. However, the good news is we went into this pandemic in a seller’s market with values holding strong and this current report for Lake Tahoe real estate seems to show some numbers consistent with that. Let’s take a look at the latest report.
While the amount of sold Lake Tahoe real estate saw a slight dip, the average sold price for Lake Tahoe homes for sale went up compared to this time last year, as did the median sold price. The average percentage of list price barely went down and the dollar per square foot went down by about $1. Days on market went up slightly, which means Lake Tahoe homes for sale are taking a little longer to move. The month supply saw a slight increase, which is actually good news for buyers as it means a little more inventory to choose from. Anything 4 or under is considered a seller’s market while 6 suggests we are more balanced. For more information on listing or buying Lake Tahoe homes for sale, give us a call. We’d be happy to help!
|South Lake Tahoe Market Report||2020||2019|
|Number of Closed Residential Sales||32||48|
|Median Home Sales Price||$465,000||$460,000|
|Average Home Sales Price||$585,556||$553,683|
|Average List to Sale Ratio||97%||97.2%|
|Median Dollar Per Square Foot||$347.41||$348.25|
|Average Days on the Market||108||99|