The real estate market in South Lake Tahoe continues to show strong numbers, no matter which set of figures you look at. With more homes coming on the market one would expect a higher inventory of homes for sale, but that isn’t the case.
Median Sales Price Continue to Rise
The median sales price for homes that closed in August 2013 was $301,000, which caps off thirteen straight months of continued price increases. For the past year, the median sales price of homes sold in South Lake Tahoe was $290,500, up 25.8% from the previous year. This is 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.
Closed Sales Increase
There were 85 closed home sales in South Lake Tahoe for the month of August 2013. This figure helped cap off a 4% increase over the last year. The highest price range of homes sold (those over $650,000) saw a 51% 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 41%!
Inventory of Homes for Sale Down
Over the last 12 months, there was a 30% reduction of inventory of homes for sale in South Lake Tahoe. Take this figure and combine with the 2% increase of homes entering the market one might expect more homes for sale, but that wasn’t the case. The increase in 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 August home sales was the amount of asking price homes were selling for. At a low in November and December of 2009, we saw the average sale in South Lake Tahoe coming in at 85.8% of the original asking price. Homes sold in August came in at 94.3% 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 this month we slipped slightly to 5.6 months which is close to the ideal ratio.
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