If you are thinking of buying or listing homes for sale in Lake Tahoe, the local real estate market is HOT right now. We have a lot of buyer demand and not enough inventory to satisfy those looking to purchase Lake Tahoe real estate. Whether you intend on purchasing or selling in the area in 2020, there are some things you need to know and do before you get started. First, link up with a local Lake Tahoe Realtor. With the many nuances of being a second home, resort market, you need someone who has experience, knowledge and expertise who can guide you through and act as your advocate. Second, find out what is happening in the market. I look at the average and median sold prices, days on market, month supply and more to create a custom analysis for my clients. This allows sellers to price according to fair market value and figure out what makes a good offer to accept while it helps buyers understand their purchasing power and craft a competitive offer to make. So how are things looking in Lake Tahoe real estate this month? Let’s look below…..
Currently, the average and median sold prices are UP! From both this time last year and just last month. Average sold prices for homes for sale in Lake Tahoe are currently up 9% at $595,364. The median is up almost 3% at $467,750. This is good news for sellers. Additional good news for sellers, but not so great for buyers, is that the month supply is down 4.7% at 4.1. This essentially means we are in a seller’s market, which would explain why homes for sale in Lake Tahoe are going from active to pending so quickly and why multiple offers and closing over ask definitely are not a thing of the past here just yet. Not surprisingly, new Lake Tahoe real estate listings are down 4.4% while pendings are up 10.9%.
It is important to note that the above snapshot market report is for South Lake Tahoe in general. If you want a custom analysis for your home or certain neighborhoods you want to buy in, reach out to a Lake Tahoe Realtor. Likely, the numbers will differ. For example, Tahoe Keys real estate currently has an average sold price of $948,395 and a month supply of 4.6. Meanwhile, in Al Tahoe, the month supply is 4.2 and the average sold price is $732,438 which is a 50% jump from this time last year. Your Lake Tahoe Realtor can give you the information you need tailored specifically for you. If you need more information on buying or selling in Lake Tahoe, feel free to give me a call. I would be happy to help!