Spring selling and buying season is just weeks away and the market is already seeing an influx of activity. If you are thinking of listing or buying homes for sale in South Lake Tahoe, knowing the current market conditions is the best way to get started. Your South Lake Tahoe realtor is the best person to get you this information. There are several details that market reports can provide: Average and median sold price, days on market, month supply and more. This information can be used by both parties. A seller can use the average and median sold price to come up with a competitive price based on the current home values. When a buyer knows this, they not only know their buying power but they can make a competitive offer that stands out against other buyers. Days on market give sellers an idea of how quickly their South Lake Tahoe real estate will move. Buyers can gauge how quickly they need to make an offer. In a seller’s market, you have to move fast otherwise, “blink and you’ll miss it” becomes your reality. In a buyer’s market, you usually have more time to think before writing an offer. All these stats can be used towards your success. So how is the market looking this month? Check out the below numbers.
The average sold price for homes for sale in South Lake Tahoe is up 4.2% at $552,008. The median sold price for homes for sale in South Lake Tahoe is up 3.6% from this time last year at $455,000. The percentage of list price (basically a tool that indicates your negotiation power) is 97.2%.
The month supply is up 13.9% at 4.1. To help understand this number, this tells us what market we are in. A sellers market is 4 or less and a buyers market is 6 or over. In other words, a seller’s market has low inventory and a buyer’s market has high inventory. Currently, the amount of South Lake Tahoe homes for sale is up 11%, new listings are down 1.2%, pending sales are 5.2% and closed sales are down 4%.
Something that is really important to understand is that the above number are for South Lake Tahoe homes for sale in general. If you are looking in a specific neighborhood, the numbers will likely differ. For example, Tahoe Keys has an average sold price of $852,474 with a month supply of 5.5. Montgomery Estates has an average sold price of $607,910 and a month supply of 3.1. Tahoe Sierra has an average sold price of $368,028 and a month supply of 2.1. So while one neighborhood may have a higher price point and be in a buyer’s market, a neighborhood less than a mile away could have a lower price point and be in a seller’s market. If you are looking for information on South Lake Tahoe real estate or are interested in connecting with a South Lake Tahoe realtor, feel free to reach out. I would be happy to help.