Real Estate Market Analysis: Comparison Of The March 2022 And March 2023 Housing Market
South Lake Tahoe’s real estate market has remained resilient despite the economic difficulties of the past year, according to the South Lake Tahoe Association of Realtors (STAOR). The association offers helpful insights into the latest market trends, making it easier for homeowners, tourists, and businesspeople to navigate the real estate market.
In this blog post, we’ll be taking a closer look at the sales of single-family houses in South Lake Tahoe from March 2022 to March 2023. We’ll also be examining the latest market trends and offering some advice for buyers and sellers.
According to the STAOR’s Multiple Listing Service, the median sales price for single-family homes in South Lake Tahoe was $705,000 in March 2023, a slight decrease of 0.4{fb1e1880c459e557ac3ce17ffa2de9d6b992aa91487d45f235782beb8d8c21f0} from the previous year’s median sales price of $707,875. Despite the small decline in pricing, the market has remained stable, which is good news for both buyers and sellers.
In March 2023, there were 53 active listings in South Lake Tahoe, of which 34 were listed and 19 were in escrow. Of these listings, 33 had prices over $500,000, while 17 had prices over $1 million, indicating that luxury properties dominate the market. However, there is a pressing need for affordable housing, as only six 4-bedroom properties under $1 million were still available as of April 24. The average list price per square foot for properties meeting these criteria is around $405. Homeowners wanting to sell may find it a good time to do so, as they may obtain a better return on their investment and face less competition compared to the summer months.
When looking at individual areas, the Tahoe Keys emerged as the most expensive neighborhood, with a median sales price of $1,557,500 and an average sale time of 83 days. The Gardner Mountain neighborhood, which had a typical sales price of $750,000 and an average days on market of 62, was another well-liked region for purchasers, particularly for families, professionals, and retirees seeking a laid-back living near the facilities and amenities around “The Y.”
It’s important to note that even if the average days on market appear to be a little longer than anticipated, buyers will still arrive quickly if the house is priced correctly. This means that sellers should be mindful of the current market trends and work with a knowledgeable real estate agent to price their homes competitively.
In conclusion, the real estate market in South Lake Tahoe remains strong, despite the challenges of the previous year. Whether you’re buying or selling, it’s important to work with a professional who can offer you the latest insights and help you make informed decisions along the way. Contact the Tahoe Real Estate Team today to schedule a consultation and learn more about how we can help you achieve your real estate goals.
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