For those interested in buying or selling Lake Tahoe real estate, knowing the current market report is necessary to make confident decisions. Especially with the pandemic having such a huge impact on the economy and how real estate is operating, knowing what is happening is more important than ever. As a buyer, you understand what your position and buying power is which helps you craft a competitive offer. As a seller, you understand how quickly homes for sale in Lake Tahoe are moving, what the current values are and that helps you set your listing up to get the most traction and attention. This in turn helps you understand what you need to do to attract a quick sale for the most money. While real estate is a constantly moving machine, the below numbers are what a Lake Tahoe Realtor looks at to help our clients navigate their goals for buying and selling.
The good news for sellers is that prices for homes for sale in Lake Tahoe are up 5.8% from this time last year and last month putting it at $585,556. The median sold price is unchanged for the past couple months but up slightly from this time last year at $465,000. The average percentage of list price is currently 97%. Your Lake Tahoe Realtor will explain his number more in depth and how it impacts you.
As far as inventory goes, the amount of homes for sale in Lake Tahoe is unchanged from this time last year. The amount of pending properties is down slightly by 3.4%, the amount of sold listings are down 1% and the number of new listings is down 4.8%. This isn’t the greatest news for buyers who have been battling low inventory the past couple years, but the hope is that by the end of summer we will see more properties hitting the market. Currently, some sellers are trying to protect their family by not allowing strangers into their home and practicing social distancing. The month supply is up by 7.1% at 4.5. Anything under 4 is considered a seller’s market, while anything over 6 is considered balance and anything over 8 is a buyer’s market. For more information on buying Lake Tahoe real estate or if you are looking for a Lake Tahoe Realtor, feel free to give me a call. I would be happy to help!