Market report: May real estate round-up
If you are a homeowner in South Lake Tahoe, or someone who has considered entering the real estate market in this area, you might be interested in the latest real estate statistics for May 2023.
Understanding the current market trends can help you make informed decisions and assess the value of your property or the potential of a new investment. There is so much misinformation out there, that my team and I hear on the daily, including the fears of a market crash. While, I don’t have a crystal ball, what I do have is statistics, and luckily, they can put most everyone at ease. In this article, I will take a closer look at the most significant sales statistics for last month and what they mean for the South Lake Tahoe real estate market.
First of all, it’s worth noting, in South Lake, homes were selling 98% of their list price in May. This indicates a strong demand from buyers, who are willing to pay almost the full asking price for a property they like. As a homeowner, this could be a positive sign if you are considering selling your home. On the other hand, as a buyer, now that we have entered the selling season, this means that you could face competition from other buyers and need to act fast if you find a property you like.
The median sales price for single-family homes in the STAOR (South Tahoe Association of Realtors) MLS (Multiple Listing Service) in May 2023 was $725,000. While this figure is down by only 0.7% compared to May 2022, it’s still relatively high and shows that South Lake Tahoe and the surrounding areas remain a desirable location for real estate investments. As a homeowner, you might want to keep an eye on this trend, especially if you are planning on selling your property in the near future. As a buyer, you might want to consider your budget carefully and explore different financing options to make the most of the current market conditions.
One aspect that might affect both buyers and sellers is the median days on the market. In May 2023, the median days on the market for properties in South Lake Tahoe was up by 20.8% compared to May 2022, reaching 64 days. This means that properties are staying on the market for a longer time, which could lead to increased competition among sellers and more negotiation power for buyers.
One thing that my colleagues and I are happy with is seeing the increase of inventory since early May to now. As of May 2023, we had 2.3 months of inventory available. This past winter we had the lowest supply of inventory South Lake Tahoe has seen in years, so allowing our buyers more inventory to choose from and the ability to help sellers compare homes for pricing strategies, is a positive.
I find that the topic of real estate is always interesting to many who live and work in this area, and the stories are all different depending who you talk to. But one thing that is concrete is sales stats and that is where I like to focus. So, whether you are a long-term homeowner or someone looking to invest in the real estate market, I am hoping this recent data can help you make an informed decision as to how you’d like to pursue your real estate goals.
Kaylin Culver is a Realtor for Re/Max Gold based in South Lake Tahoe. She is part of the Lake Tahoe Real Estate Team, led by Broker-Owner Jesse Schue.
Support Local Journalism
Support Local Journalism
Readers around the Lake Tahoe Basin and beyond make the Tahoe Tribune's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Your donation will help us continue to cover COVID-19 and our other vital local news.