With warmer weather in Lake Tahoe we’re starting to see home buyers coming by for a visit as well as many more home sellers than we’ve seen in recent years.
Median Sales Price and Closed Sales of Homes Sold in South Lake Tahoe
The median sales price of homes sold continues to climb. In May, this price was $340,000, bringing the 12 month average to $325,500. Our low median was $197,500 in February of 2012 and it’s been climbing ever since.
Closed sales of homes in South Lake Tahoe dropped this month. The frantic pace of home buying over the last two years set a very high bar, and now sales are on a more steady course which, in my opinion, is better for the stability of real estate in Lake Tahoe. Buyers are having more choices in the style of home they desire but are still having to pay current market value. In May there were 51 closed sales, bringing the total from the last year to 704, down 10.9% from the previous year.
A more clear picture of what’s happening in real estate in South Lake Tahoe is when one looks at the different price ranges. Homes priced under $300,000, which were once the hotbed of home sales, saw a 32% reduction in sales. All other price ranges saw an increase: Homes priced at $300,000 to $435,000 were up 17%, homes priced $435,000 to $650,000 up 19.5%, and homes priced over $650,000 were up 7.5%. I expect we’ll see more of the same for months to come.
New Listings and Inventory of Homes for Sale
New listings were up 11% in May and the inventory went up 7%. I’m predicting that new listings for June will also outpace sales which will result in more options for buyer’s. Normally more supply than demand would dictate lower prices, but I’m predicting that the price point will not drop and the appreciation rate will decline.
How To Find Your Home in Lake Tahoe
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- Call me directly at 530-541-2465 or stop by my office and we’ll sit down and explore all options.
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- Search all homes for sale around the lake. My website makes it easy to search for homes that match your criteria.
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