The Lake Tahoe real estate market is on fire right now folks! With travel restrictions lifted and so many residents from our neighboring towns and cities able to work remotely, mountain life has been looking good to city dwellers stuck in cramped spaces with minimal outdoor room for their families to privately enjoy. So while we are in the midst of a pandemic that also caused a recession, Lake Tahoe real estate is doing just fine for the moment. Below are the monthly details we always look at as we guide our clients towards their buying and selling goals. Knowing these numbers is important as it is the most accurate way to help buyers craft a competitive offer while helping sellers create a strategic listing plan. Let’s get into it…..
This month’s report is definitely in favor of the seller. Prices are not only up from this time last year, but also just last month. This goes for both the median and the average sold price for homes for sale in Lake Tahoe. Days on market are taking a little longer, though that is due to the new protocols put in place to safeguard clients and Lake Tahoe real estate professionals from the health crisis. The month supply has seen a decrease, which indicates the inventory levels and who has control of the market. As noted above, this is a seller’s market with lower inventory. This means, if you have your eye on certain homes for sale in Lake Tahoe, make a move. There isn’t a lot of inventory at the moment so if you are a serious buyer, don’t wait. Blink and you could miss it. New homes for sale in Lake Tahoe decreased 8.4%, which further supports the lack of inventory, along with the 5.2% decrease in new listings. Pending sales did go up 11.7%, which means properties are moving.
For more information on selling and buying real estate in Lake Tahoe, feel free to give us a call. We’d be happy to help guide you!
|South Lake Tahoe Market Report||2020||2019|
|Number of Closed Residential Sales||74||53|
|Median Home Sales Price||$466,875||$455,000|
|Average Home Sales Price||$595,529||$546,448|
|Average List to Sale Ratio||97%||97.3%|
|Median Dollar Per Square Foot||$333.81||$361.94|
|Average Days on the Market||109||97|