The Gardner Mountain neighborhood was a mixed bag for this quarterly report. Pretty much every category was down. Both the median and average sold prices decreased. The median went down 0.6% and the average went down by 8.2%. The percentage of list price did go up 0.4%. The closed sales stayed the same while both the new listings (32.6%) and pending sales (19.5%) went down. Days on the market (the amount of time a home gets and accepts an offer) also went down by 10.3%, which is good news if you are hoping for a quicker close. We can chalk these decreases up to lack of inventory given that the month supply dipped by 57.1% and is currently 1.5. In order for a market to be considered balanced, there needs to be a 6 month supply of homes. Gardner Mountain is definitely in a seller’s market.
| Gardner Mountain Market Comparison | 2017 | 2016 |
|---|---|---|
| Number of Sales | 36 | 36 |
| Median Home Price | $332,500 | $334,500 |
| Average Home Price | $381,636 | $350,189 |
| Average List to Sale Ratio | 98.9% | 98.5% |
| Average Dollar Per Square Foot | $312 | $258 |
| Days on the Market | 70 | 78 |
| Month Supply | 1.5 | 3.5 |
The post Gardner Mountain 2nd Quarter Market Update appeared first on Lake Tahoe Real Estate | South Lake Tahoe Real Estate Experts - Don & Theresa Souers.