If you are thinking of buying or listing Lake Tahoe real estate, the best way to get started is understanding what is happening in the local market. As a seller, this helps you understand how to best position your property to attract buyers in record time. As a buyer, this helps you understand what your buying power is and how fast you need to move. For example: In a seller’s market, you have to move fast and have a competitive offer that stands out from the stack. Otherwise, “blink and you miss it”. In a buyer’s market, serious sellers need to be flexible giving buyers a little more room for negotiations. So how is our current market looking? Let’s take a quick look.
Currently the median sold price for homes for sale in Lake Tahoe are up 12% at $532,000. The average sold price is up 16.9% at $680,271. The amount of homes for sale in Lake Tahoe is down 36.7% compared to this time last year. The amount of closed properties has seen an increase of 42.5% while pending sales have seen a 49.6% increase. Newly listed homes for sale in Lake Tahoe have gone up a little bit by 11.7%. This is good news for buyers who have been frustrated by the lack of inventory available. Currently, the month supply tells us we are still very much in a seller’s market with a 2.7 month supply. This is down from last year at this time by 42.6%.
An important note regarding this Lake Tahoe real estate report: These numbers are for the South Lake Tahoe area in general. Each town and neighborhood around the lake will have their own report that will differ from these numbers. For example, the average sold price for Lake Tahoe real estate in Tahoe Keys is over a million dollars. Montgomery Estates is currently at $757,956. Bijou 2 is $580,969. Your Lake Tahoe Realtor will be able to give you a custom analysis on the areas you are interested in. If you are looking for a Lake Tahoe Realtor that can help with your buying and selling needs, feel free to give me a call. I would be happy to help!