Home prices continue to rise as the rush to buy homes for sale in Lake Tahoe continues. In looking at this month’s report, we are seeing the same trends of low inventory and buyer demand carry on thanks to remote learning and working allowing for people to move out of cities and suburbs. Let’s look at the numbers below….
The average sold price for homes for sale in Lake Tahoe are up 15.9% at $653,168 and the median sold price is up 6.4% at $500,000. These numbers are not only up from this time last year but also just last month. The average percentage of list price is up minimally at 97.8%, which means homes for sale in Lake Tahoe are getting pretty close to ask in most scenarios. Inventory wise, the amount of Lake Tahoe homes for sale are down 24.4%, the amount of closed sales are up 27.6%, the amount of pending properties are up 37.4% and the amount of new Lake Tahoe homes for sale are down 2.5%. The average days on market are sitting at 107 and the month supply is down 24.4% at 3.4. This means we are absolutely in a seller’s market, just as the news article have been saying.
If you are thinking of selling your Lake Tahoe real estate, there has never been a better time. If you are thinking of buying, make sure you choose someone who is well versed in our local industry, knows the local market and can guide you through the transaction process with ease. Those looking to purchase will need to be patient and understand that the current conditions are a little harder to navigate thanks to record low inventory, increasing values and the historically low mortgage rates creating so much demand. For more information on Lake Tahoe real estate, feel free to give our team a call. We would be happy to help!
| South Lake Tahoe Market Report | 2020 | 2019 |
|---|---|---|
| Number of Closed Residential Sales | 157 | 70 |
| Median Home Sales Price | $500,000 | $470,000 |
| Average Home Sales Price | $653,168 | $563,793 |
| Average List to Sale Ratio | 97.8% | 97.2% |
| Average Dollar Per Square Foot | $376.74 | $362.04 |
| Average Days on the Market | 107 | 101 |
| Month Supply | 3.4 | 4.5 |
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