Lake Tahoe Housing Market!
The South Lake Tahoe housing market is having a sleepy start to 2023 due to limited inventory, higher interest rates, and low housing affordability. There are currently only 51 single family homes and 14 condos/townhouses actively for sale on the entire South Lake Tahoe MLS. Inventory is down slightly from last year (1/4/22) when we had 55 active single family home listings and 11 condo/townhouses for sale.
The biggest indicator that the South Lake Tahoe housing market has slowed is the pending sales count. There are currently only 21 pending
single family homes and just 1 pending condo/townhouse. Last year to date, there were 50 pending single family homes and just 2 pending condo/townhouses.
Lake Tahoe Housing Market Listing Price to Selling Price Rates
Many of the homes that are currently listed on the South Lake Tahoe MLS are properties that have been listed for sometime, and the average days on the market for these listings is 103. We are noticing that the properties that have been listed for more than 30 days are selling for around 4% less than the asking price. The properties that are selling that have been listed for over 120 days are selling for 8% less than the asking price on average. The listings that are selling in less than 30 days are selling for less than 2% under the asking price.
The average days on the market for the listings that have sold over the last 3 months has been 104 days, the median days on the market has been 83.
DOM Statistics for Sold Listings
| # of Listings | % of Total | SP % LP | |
|---|---|---|---|
| 10 | 9 | 98.24 | |
| 27 | 25 | 96.20 | |
| 21 | 19 | 96.17 | |
| 16 | 14 | 95.74 | |
| 33 | 30 | 92.21 | |
| 107 | 100 | 95.71 |
Lake Tahoe housing Market Sales History over the last 3 years
The number of total single family homes and condo/townhouses that were report as sold on the South Lake Tahoe MLS has gone down over the last 3 years.
In 2022 there were 646 reported sales in the city and county areas of South Lake Tahoe, down from 801 sales in 2021, and 1,016 sales in 2020.
Below is a breakdown by price range of the 22 current pending sales:
- Under $200,000- 0 0%
- $201,000 to $300,000- 1 4.5%
- $301,000 to $400,000- 1 4.5%
- $401,000 to $500,000- 2
- $501,000 to $600,000- 5
- $601,000 to $700,000- 5
- $701,000 to $800,000- 0
- $801,000 to $999,000- 4
- Over $1 Million- 2
In order to successfully navigate the South Lake Tahoe housing estate market, homes sellers are having to price their properties according to the current market conditions.
