There was actually something new with the real estate figures for the month of October in South Lake Tahoe. For months it’s been sales up, median price up, new listings down as well as a declining number of South Lake Tahoe homes for sale. In October, most of those statements held true except for one major one we look at, “Median Sales Price.”
The median sales price for homes sold during the month is down from homes sold the previous month. In September the median sales price was $339,000 and in October it was $335,500. This is nothing to worry about as the October sales figure is still up 8.6% from the previous October. A slight change can be the result of many variables so we’ll just keep an eye on this next month.
Closed Sales of Homes in South Lake Tahoe Increases
There was a steady decline in the closed sales figures over the last year because of a large reduction in the number of homes for sale. Over the summer we started to see more homes on the market. The number of homes for sale in South Lake Tahoe rose 14.3 % over the last year. In October of 2013 there were 335 homes for sale, with 382 homes on the market in October of 2014. This number has leveled off over the last three months though.
While the overall number of closed sales since October of last year dropped 11%, sales are up over the last two months. In the year ending in August there were 663 sales, and 680 in October.
I believe that with sales up and new listings down, the number of homes for sale will start to decline again.
One indicator of a healthy real estate market is the “months supply” figure of home sales. In South Lake Tahoe there is currently a 6.4 month’s supply figure which means that if no new homes enter the market it will take 6.4 months to sell all of the homes currently listed. Experts say this number needs to be 6 to reflect the healthy market. For much of last year we had that figure at 5 months which industry experts say is too low. Home buyers have more selection of homes to buy in a healthier market, and home sellers can still see strong offers.
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