South Lake Tahoe Monthly Market Update, May 2020
As it has been reported last month, home sales are still trending at a healthy pace, and home values have been holding steady due to a lack of inventory. We are currently experiencing a seller's market but it should start shifting to a buyer's market in the next few months, as inventory starts to grow. Our inventory of homes is still 49% lower compared to last year (277 homes on the market in May 2019 and 186 homes on the market in May 2020).
The housing market is currently more active with 37% more homes going under contract this month compared to last year (79 homes under contract on May 2020 and 58 in May 2019)
Usually, the Spring/Summer months bring a surge of listings to the market. This month we have seen the amount of new listings increase by 185% compared to the amount of new listings that entered the market last month (39 new listings in April and 111 new listings in May). It seems like sellers are getting more confident about putting their homes on the market again.
Interest rates are currently low. Hopefully they will continue to look attractive throughout the year, so it will help to stimulate the housing market.
Avg Days on Mkt
Stats Comparison from a Year Ago
South Lake Tahoe CA
- Median Sales Price - May 2020$597,500
- Median Sales Price - May 2019$512,000
- Number of Homes Sold - May 202024
- Number of Homes Sold - May 201956
- New Listings - May 2020111
- New Listings - May 2019133
- Total Number of Homes on the Market - May 2020186
- Total Number of Homes on the Market - May 2019277
- Number of Homes Under Contract - May 202079
- Number of Homes Under Contract - May 201958
- Average Days on the Market - May 202093
- Average Days on the Market - May 201963
- Number of Foreclosure Homes on The Market - May 20201
- Number of Foreclosure Homes on The Market - May 20191
- Number of Short Sale Homes on The Market - May 20200
- Number of Short Sale Homes on The Market - May 20191
This Month’s Must See Home for Sale
The choice for May's must-see home of the month is 1180 Winnemucca Ave. This home was built in 1999 and it features 4 Bedrooms / 3 Bathrooms / 3,034 Sq Ft / 3 Car Garage. Views, tranquility, and convenience. This meticulously maintained property is ideally situated in a quiet dead end neighborhood, centrally located, with generous views of Johnson Meadow, Heavenly, and Freel Peak. The front wrap around patio creates the perfect ambiance to enjoy those stunning alpenglow evenings. Entering the foyer you will experience vaulted ceilings, Brazilian Teak hardwood flooring, and a massive hand carved Honduran Mahogany bookcase that dominates the view. Features throughout include granite kitchen counters, marble showers, river rock fireplace, formal dining room, and a private master balcony overlooking the meadow. The attention to detail continues on the exterior with cedar siding, 2018 highgrade architectural roof, mature landscaping, and a powder-coated retired chairlift from Heavenly. All summer long blooms of azaleas, geraniums, dogwoods, spireas, and elderberry create a delightful curb appeal. This is the true mountain retreat you've been waiting for.
This Month’s Most Expensive Home for Sale
The most expensive new listing that entered the market this month was 969 Lakeview Ave, listed at $5,295,000. This home was built in 2020 and it features 6 Bedrooms / 5.5 Bathrooms / 4,553 Sq Ft / 3 Car Garage. Stunning New Lakefront Construction, a ground up luxury build on the South Shore of Lake Tahoe. Featuring a gated driveway, 170' pier and a dedicated boat lift. The downstairs living floor plan boasts 10' ceilings with a wall of glass overlooking the grounds and lake. The kitchen features quartzite counters, a waterfall island and will have all Thermador Professional appliances. The great room includes a 54'' fireplace and a large dining area with an adjacent wet bar and 92 bottle wine cooler. A downstairs master includes a walk-in closet and ensuite with a stall shower, soaking tub and double vanity. Upstairs are 5 additional bedrooms (3 are lakefront suites), a central loft with a second wet bar, and a large game room with vaulted ceilings and fireplace. A level grassy yard is perched above the crystal clear water below.
This Month’s Least Expensive Home for Sale
The least expensive new listing that entered the market this month was a condo at 1223 Bonanza Ave #7, listed at $150,000. This condo was built in 1965 and it features 2 Bedrooms / 1 Bathroom / 841 Sq Ft. Great Opportunity for affordable ground floor condo unit. Homeowners dues include hot water, snow removal, trash, parking lot maintenance, refuse, exterior Insurance-maintenance, and roof maintenance. Laundry room is a common area maintained by the HOA. Parking for One Car. The Bonanza Neighborhood Park is just steps away for your pets and kids enjoyment. The location is convenient to the Y Shopping, transportation, and restaurants. Just ten minutes to heavenly ski resort, beaches, hiking, and biking trails.
Search Homes for Sale
See a list of all the properties that are currently for sale in South Lake Tahoe
What's My Home Worth?
Find out what your home is worth in today's market by requesting a home value report