Median Sales Price Continue to Rise
The median sales price for homes that closed in September 2013 was $307,000, which caps off fourteen straight months of continued price increases. For the past year, the median sales price of homes sold in South Lake Tahoe was $299,000, up 26.7% from the previous year. These figures continue to be good news for homeowners as the faith in the local real estate market is strong and home values look like they’ll continue to gain. We still have to gain some ground to get back to the Lake Tahoe market peak highs of 2007.
Closed Sales Stay Strong
There were 66 closed home sales in South Lake Tahoe for the month of September 2013. Over the past 12 months, there have been 766 closed sales which is just about the same as last year. The highest price range of homes sold (those over $650,000) realized a 37.7% increase in closed sales. In fact, all price ranges experienced an increase in closed sales except for the lowest price range (those under $300,000). That range had fewer sales since the inventory of homes in this price range has decreased by 20%. The reason for this is that there are fewer homes for sale in this range than we’ve seen for the past few years so sales will continue to decrease at this end of the price range.
Inventory of Homes for Sale are Down
Over the last 12 months, there was a 26.5% reduction of inventory of homes for sale in South Lake Tahoe. Take this figure and combine with the 9.5% increase of homes entering the market one might expect more homes for sale, but that wasn’t the case. The strong closed home sales took care of any excess we may have expected.
Newly Listed Homes for Sale
The following chart will show the story:
Another interesting fact that came out of the September home sales report was the amount of asking price homes were selling for. At a low, in November and December of 2009, we saw the average SOLD amount in South Lake Tahoe coming in at 85.8% of the original asking price. Homes sold this September came in at 97.1% of the original asking price.
We slipped a bit on our monthly inventory of homes for sale (the number of months our current inventory would last if no new homes entered the market). A good, balanced market is 6 months of inventory, but when looking at the homes for sale over the last year the figure is over the 6 months to 5.5.
Tricks on how to stay ahead of the game in Lake Tahoe real estate market:
Here are my 3 helpful hints on how to stay informed and stay on top of the Lake Tahoe real estate market:
- Sign up for email notifications of the Lake Tahoe MLS new home listings. You will be notified of homes coming on the market the moment they are listed. You will know as soon as the agents know.
- Another way to find out about the Lake Tahoe real estate market is to sign up to receive my blogs via email.
- Receive my monthly newsletter.
Request more information on real estate in Lake Tahoe by contacting Dan Spano directly or by calling 530-541-2465.