If you are preparing to list or purchase homes for sale in South Lake Tahoe, one of the best ways you can set yourself up for success is by finding out what the current market conditions are. One of the other great ways is by working with a qualified South Lake Tahoe realtor. They can give you all the necessary information like days on market, average and median sold prices, percentage of list price and more. Regardless of whether you are a buyer or a seller, you benefit from knowing this information. As a buyer, you understand what sellers are looking for and can use those details to craft a competitive offer. As a seller, you have the needed info to prepare your listing as well as choose a market appropriate list price. Once again, the most accurate way to get this information is from a South Lake Tahoe realtor. As a long time, local realtor South Lake Tahoe real estate brokerage, we use the local multiple listing service to ensure our reporting is up to date and accurate. So how is our local area doing? Let’s take a look!
Good news for sellers! Folks that are interested in putting their homes for sale in South Lake Tahoe on the market can rest assured that they will likely get more at resale compared to a year ago….or even last month. Sold prices are up, for both the median and the average. Not only are they up from this time last year, but they are up from just last month! The average is up 8% at $536,325. The median is up 9% at $445,000. Keep in mind these prices are for South Lake Tahoe in general. Each neighborhood has their own market report so the stats vary from area to area. This is why it is always important to chat with your South Lake Tahoe realtor. Just because your friend’s house is similar and listed for a certain number in one neighborhood doesn’t mean your in another area will warrants the same list price.
As far as inventory goes, homes for sale in South Lake Tahoe are down 1.3% at 220 from last years 223. New listings are up 9.8%, which is great news for buyers. Although, closed sales are down 5.2% along with pending sales, which are down 2.8%. Our current month supply continues to go up. We are at a 3.7 month supply. Anything less than 4 is a seller’s market and a balanced market needs 6. We are currently in a seller’s market. When it comes to figuring out your negotiation power, we recommend finding out the percentage of list price. Currently, that number for our area, is 97.8%
Whether you are looking for more information on South Lake Tahoe real estate, or need a South Lake Tahoe realtor, give me a call. I would be happy to help you navigate out current market!