The South Lake Tahoe real estate market had mixed notes when comparing May 2017 to May 2016. Almost everything was up compared to last year with a few exceptions. The closed sales were up down by 4.7%. The median sold price was up by 15% (up from last month AND last year) and the average sold price was up 11.1%. If you have been thinking of listing your South Lake Tahoe real estate, chances are the amount you can sell for will be more compared to last year. The percentage of list price went up oh so slightly. This is the average amount of the home’s listing price that was received. Days on the market decreased by 11.2%. Inventory is still tight enough to be considered a seller’s market but it is getting a little more inventory than the past few months. Serious buyers should keeping a close eye on listings and making offers as soon as possible. Month supply, which determines what type of market we are in, went down 27.7% to 3.4. Anything under 4 is considered a sellers market while anything over is considered a buyers market. This is great news for sellers as it means they have control of the market because supply is low and demand is high which generally means they can list their home for more money. Now buyers, on the other hand, have their work cut out for them a little more. For more information on South Lake Tahoe real estate, give us a call.
| South Lake Tahoe Market Comparison | 2017 | 2016 |
|---|---|---|
| Number of Sales | 729 | 765 |
| Median Home Price | $418,000 | $363,500 |
| Average Home Price | $497,851 | $448,222 |
| Average List to Sale Ratio | 97.9% | 97.5% |
| Average Dollar Per Square Foot | $301 | $265 |
| Days on the Market | 111 | 125 |
| Month Supply | 3.4 | 4.7 |
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