Considering a move to Lake Tahoe? Recent real estate market stats show that it pays to head south. While house and condo prices are on the rise across the board, South Lake Tahoe remains a relative bargain for anyone hunting for a home. Send us an email to learn more about our first-hand experiences.
The latest numbers are in, and while house inventory was down in November from one year ago, properties are spending less time on the market and selling 21% higher than 2020. Meanwhile, there are a few more condos out there than the same time last year, but the median price is still up 17%.
The Bureau of Labor Statistics reported Friday that consumer price inflation (CPI) rose 6.8% over a 12-month period ending in November and reached its highest level since June 1982. This shouldn’t surprise anyone who’s been out shopping for the holidays, with prices soaring and supply chain shortages creating inventory backlogs. CNN has more.
Silicon Valley buyers are continuing to pay well over asking price, especially in cities like Cupertino, Los Altos Hills, and Sunnyvale. Prices are still on the rise month-over-month, with the highest sales in Atherton ($24.5M), Los Altos Hills ($10.1M), and Menlo Park ($9M), but properties are staying on the market slightly longer. Compared to 2020, homes in nearly every city are selling higher and faster.
The number of new listings declines as we enter December before rebounding in late January or February.
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