It’s that time again to look at the South Lake Tahoe real estate figures for the previous month. Closed sales in November represent homes that were purchased about 45 days before, so most went into escrow in September. When we add in the 49 transactions for the month, there have now been 677 closed sales in past year, which is down 9.4% over the previous period. The median sales price of those houses was $340,000, up 9% between December, 2013 and November of 2014.
Median Sales Price of South Lake Tahoe Homes Sold
Since August of 2012, the median ($340,000) has gone up consistently from a ten year low of $231,000. The high during that time was in March of 2007 when the median was $475,000. When looking at the properties currently on the market, the median asking price is $687,000. The reason that looks so much higher than the figures from November is because of the number of $1,000,000 and above homes that are for sale in Lake Tahoe. When I take those out of the equation the median is $438,500. Plus, those are asking prices and that doesn’t mean they’ll sell for that amount. I don’t expect to see the overall prices drop, and the steady increase shows that the market in South Lake Tahoe is strong.
Inventory of Homes for Sale
There were 1,009 new listings over the past year, which is down 1.3% but the total number of homes currently on the market is 382, up 13.2%. If you’re looking to purchase a second home for under $300,000, the availability continues to drop which contributes to the rising median sales price. We did see a big rise in the number of homes on the market priced between $300,000 and $650,000.
Home buyers are taking time to make their decisions so we’re seeing listings available for a little longer than during the frantic pace two years ago. The average number of days a home was on the market during the past year was 126.
How To Find Your Home in Lake Tahoe
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