If you are preparing to buy or list homes for sale in South Lake Tahoe, you will want to do a few things to get started. The first is to pick an experienced South Lake Tahoe realtor who can act as your guide and advocate from start to finish and beyond. You will also want to make sure you understand 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 that you can use as both a buyer and a seller. So how is South Lake Tahoe real estate doing? Let’s look at the latest numbers. Before we get started, it is important to keep in mind that this report is for real estate in South Lake Tahoe in general and each individual neighborhood has its own market that differs from this overall market snapshot. If you want a custom report on your specific neighborhood, you can reach out to us or your realtor in South Lake Tahoe and they can give you those numbers.
The average sold price for homes for sale in South Lake Tahoe is up 8.2% from this time last year at $538,917. The median sold price for South Lake Tahoe homes for sale is up 5.3% from last year at this time at $440,000. This is however, unchanged from the past couple months. The median percentage of list price is 98%. This number is a great tool for determining your negotiation power when it comes to making and accepting an offer.
The amount of South Lake Tahoe homes for sale is up slightly from 216 last year to 225 this year. New listings are up 15.4%, pendings are up 4.2% and closed sales are up 1.5%. 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 72 and the average is at 102. The month supply is up 8.8% from last year and is now at 3.7, which it has been for the past couple months. To put this in perspective, a balanced market needs 6 months and anything less than 4 is considered a seller’s market.
For a buyer, you can use these details to understand your position in the market and use that accordingly when creating a competitive offer. As a seller, you can use these details to get an idea of how long you can expect to be on the market as well as what makes a market appropriate list price. The best place to get this info is from a South Lake Tahoe realtor as we use up to date stats from the local MLS. Have questions about South Lake Tahoe real estate? Feel free to reach out. Our team would be happy to help!
|South Lake Tahoe Market Report||2018||2017|
|Number of Closed Residential Sales||68||57|
|Median Home Sales Price||$440,000||$418,000|
|Average Home Sales Price||$538,917||$497,851|
|Average List to Sale Ratio||97.6%||97.7%|
|Median Dollar Per Square Foot||$311||$301|
|Average Days on the Market||101||118|