If you are thinking of buying or selling in 2020, knowing the local South Lake Tahoe real estate market is crucial for a successful experience. Knowing days on market, inventory, sold prices and more can guide both buyers and sellers respectively. Buyers can use these details to understand what their purchasing power is, how quickly they need to act and how competitive they need to be with their offer. Sellers can use this information as a resource to help them with pricing, understand buyer motivation and get a good idea of how fast their South Lake Tahoe real estate will move. The best resource for this information is a South Lake Tahoe Realtor as we have the tools and resources to provide an accurate picture of what is happening locally and how that impacts you. To get an idea of the current market, check out the below notes.
The average sold price for South Lake Tahoe real estate is up 8.9% at $592,400. The median sold price for South Lake Tahoe real estate is up 5.6% at $475,000. One thing to note about this, and this is why it is so important to work with a South Lake Tahoe Realtor, these two numbers are for the area in general. Each specific neighborhood is going to have their own micro market report with numbers that will likely differ from this. A seller should price according to the recent comparable sold in their neighborhood. The amount of South Lake Tahoe homes for sale has gone up 10.1%, which is great for buyers as this indicates that there are more properties available. Closed sales have gone down 9% while pending sales have gone down 0.7%. New listings have also seen a decrease of 4%. The average days on market have gone up 2% to 104. The month supply is also up 20% to 4.7. This tells us who has control of the market, as in whether or not it is a buyers market or a sellers market. Anything 4 or less is consider a seller’s market while a 6 month supply indicates the market is balanced in both parties favor.
For more information about listing or buying South Lake Tahoe homes for sale, feel free to reach out to me. I would be happy to help you.