The Lake Tahoe real estate market continues to move at a record pace with low inventory and multiple offers over ask. While one would expect the current pandemic to cause a slow down in the housing market, the reality is that buyer demand is at an all time high. If you are thinking of listing homes for sale in Lake Tahoe, now IS the time. Regardless of whether it is a buyer’s market or a seller’s market, the best way to navigate your real estate journey is by finding a qualified and experience Lake Tahoe Realtor. Someone who has experience, knowledge and expertise is the best person to help guide you through our nuanced second home, resort market while also acting as your advocate. Once you have picked your agent, they will educate you on what is happening in the local market. I create a custom analysis based on comparable solds, average and median sold prices, month supply and more for my clients. This gives sellers the information they need to price according to fair market value while it helps buyers understand their purchasing power and craft a competitive offer to make.
Currently, the average and median sold prices are UP! From both this time last year and just last month. Average sold prices for homes for sale in Lake Tahoe are currently up 13% at $624,139. The median is up almost 5.5% at $480,000. The amount of active Lake Tahoe homes for sale has gone down 15%, while new listings are down 0.9%, pending homes for sale in Lake Tahoe have increased 25.5% and closed escrows have gone up 11.4%. The average days on market are 109. The month supply is down 13.6% at 3.8.
This report is great news for sellers! We are still in a seller’s market which means homeowners looking to list stand to make a return on their investment at resale while also experiencing a quick process. Buyers will need to stay patient and flexible as we move through this market, making it more important than ever to work with someone who is very knowledgeable and has a proven track record in our local industry. It is also very important to note that the above numbers are for South Lake Tahoe real estate in general. A custom analysis is your best resource as each neighborhood and area around the lake is different. For example, Tahoe Keys real estate has an average sold price of $984,951 while Montgomery Estates has an average sold price of $721,380. Your Lake Tahoe Realtor can give you the information you need tailored specifically for you. If you need more information on buying or selling in Lake Tahoe, feel free to give me a call. I would be happy to help!
