The Lake Tahoe real estate market continues to deal with low inventory and high demand. While the local market is starting to cool a bit compared to the summer months, the current month supply is still sitting at 3.4 and is down 24.4% compared to this time last year. What this means for sellers is NOW is still a great time to list. What it means for buyers is that you still need to act fast and be prepared to make a competitive offer. No lowballing. Your Lake Tahoe Realtor can walk you through the listing and buying process but knowing the current Lake Tahoe real estate market stats is a great place to get started. Below are the numbers we have been watching to help guide our clients.
The average sold price for homes for sale in Lake Tahoe is up 16% at $653,849. The median sold price for homes for sale in Lake Tahoe is up 7.4% at $505,000. These two numbers are for the south shore, specifically on the California side. We’ll get to that more in a minute. The median percentage of list price indicates your negotiation power and that is current up slightly at 98.2%. The average days on market are up 5% at 106. The amount of homes for sale in Lake Tahoe is down 24% while closed sales are down 28%. These two numbers are expected due to the record low inventory. New listings are also down as a result of the lack of supply by 1.9%. Pending sales are up, however, at 37.5%.
It is incredibly important to note that every single neighborhood has their own micro report that will look different than these numbers. When coming up with fair market value, it is crucial to look at comparable solds. These are homes that are considered similar and have actually closed in the last 3-6 months. So, for example, if you want to list your home in the Tahoe Keys, you may think something around the above-mentioned average list price would be appropriate. However, the average sold price in this specific neighborhood is currently at $1,014,533. Meanwhile, in Highland Woods, the average sold price is almost half at $502,333. These two neighborhoods are both considered desirable in city areas and are really only separate by a meadow and a mile. Yet, their respective reports are both VERY different for a variety of reasons. When you work with a Lake Tahoe Realtor who knows the different neighborhoods, you are working with someone who can successfully guide you towards your goals, whether you are a seller or a buyer. If you need more information, I would be happy to help.