Median Sales Price Continue to Rise
The median sales price for homes that closed in October 2013 was $350,000, which makes it the highest month since March of 2009. For the past year, the median sales price of homes sold in South Lake Tahoe was $309,450, up 30% from the previous 12 month period. This is continued good news for homeowners as the faith in the local real estate market remains strong and home values look like they’ll continue to gain.
Closed Sales Level Off
There have been 766 homes sold over the last 12 months in South Lake Tahoe. This figure is almost even with last year’s 761 closed sales. We are seeing a leveling off of closed sales, not just because its the normal season for sales to slow a bit but also because a number of homes that are for sale have dropped.
Inventory of Homes for Sale Down
Over the last 12 months, there was a 22% reduction of inventory of homes for sale in South Lake Tahoe. Take this figure and combine it with the 9% increase of homes entering the market one might expect more homes for sale, but that wasn’t the case. At the end of October, there were 324 homes for sale on the south shore. The height of inventory was in February of 2008 when there were 675 homes for sale.
Newly Listed Homes for Sale
Another interesting fact that came out of October home sales was the amount of asking price homes were sold 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 for the last 12 months came in at 93.7% of the original asking price.
We seem to have leveled out 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 for the last 12 months, we’ve been at 5 months.
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.
- Or simply request more information on real estate in Lake Tahoe by contacting Dan Spano directly or by calling 530-541-2465.