Along with all the long-awaited snow, we have further good news. The South Lake Tahoe real estate market appears to be kicking off the new year with positive rankings in nearly every category we follow. When comparing the sales reports as of January 31st to those of last year at the same time, we can’t help but cautiously smile. “How so” you ask? Let us share.
When we take a look at the entire South Lake Tahoe community, including both the city and county areas, we find the following: The median home price is up 3.6%, the days on the market (which begins with the list date, through the escrow period and up until the closing date) is down 1.1%. At the same time, the number of sales are up 4.7% and the number of homes currently on the market are down 9.1%. The only category that stayed consistent was the percent of the sales to list price. As of January 31st, both 2015 and 2016, the ratio held at 97.3%. Keep in mind that these numbers are based upon a rolling 12 month period average. This timeline is used to ensure averages as a result of both high and low seasonal changes. 2015 started off on a similar note but seemed to have leveled out mid to late summer.
| South Lake Tahoe, January 2016 | 2016 | 2015 |
|---|---|---|
| Number of Sales | 691 | 660 |
| Median Home Price | 357,500 | 345,000 |
| Average List to Sale Ratio | 97.3 | 97.3 |
| # Homes for Sale | 180 | 198 |
| Days on the Market | 87 | 86 |
Now, when looking at just the month of January as compared to last year’s January, our grins grew a little wider. The number of sales were definitely up 3.9% while the days on the market dropped a whopping 16.3%. Most likely due to an increase in cash offers. From what we are hearing among the “inner circle,” folks are dropping some of their stock investments and turning back to real estate. The number of homes for sale are down 9.1%. The number of closed sales were down 6.5% but this number is actually representative of the market activities during the past November and December.
| South Lake Tahoe, January Month Only 2016 | 2016 | 2015 |
|---|---|---|
| Number of Sales | 43 | 46 |
| Median Home Price | 395,000 | 380,000 |
| Average List to Sale Ratio | 98.4 | 97.0 |
| # Homes for Sale | 180 | 198 |
| Days on the Market | 113 | 135 |
All in all, we like the way the new year is shaping up. Let’s all keep doing those snow dances. Perhaps there is an underlying cosmic connection between snow and sales.
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