According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were an average 715 properties sold through the past 12 months (Jan 2012 through Dec 2012) in the area of South Lake Tahoe CA. During the same period in 2011 there were 593 properties sold.
Of the 715 homes sold in the past 12 months, the median home price is $242,000, the median home price in 2012 went down 6.7% from $259,500 during 2011.
As for the list price to sold price ratio, the homes that sold in South Lake Tahoe during the past 12 months sold for an average of 96.2% of the original asking price. The list to sold ratio in 2011 was 95% of the original asking price.
There were less homes for sale on the market in the past 12 months compared to the same period in 2011. The month supply in the past 12 months was 5.2 months of inventory, 41.6% less from 2011 that had a supply of 8.9 months worth of inventory.
There are currently 209 homes on the market in South Lake Tahoe as of Jan 11th of 2013, 68 of which are in escrow. Of the homes in escrow, the prices range from a low of $94,500 up to $1,7000,000, all with an average of $202 price per square feet. The home listed for $94,500 is a 2 bedrooms/2 baths/no car garage home with 962sqft built in 1963, located in the Bijou neighborhood. The home listed for $1,700,000 is a 5 bedrooms/4 baths/3 cars garage lake front home with 3,176sqft built in 1985 in the Tahoe Keys neighborhood.
Summarizing all this information we can realize that compared to 2011, in the past 12 months we had a lot more sales sales and less homes on the market. The current inventory of homes is very short and we are having a lot of buyer’s competition. The demand currently exceed the supply so we are in a seller’s market. Most of the time if a home is priced competitively the owners usually receive multiple offers. If you were considering selling your home, right now is great time to put your home on the market.