Number of homes for sale rising in South Lake Tahoe

Now that July has drawn to a close, the South Lake Tahoe real estate figures are in.

The number of people deciding to sell their Tahoe homes rose slightly in July, with an increase of 4.6% in new listings, while the total number of homes on the market has risen 8.9% in the past 12 months. Also on the rise is the median sales price. In July, the median price for closed sales was $346,000. In July of 2014, it was $339,000.

Pending sales were also on the rise while closed sales stayed even from last year, though up from May and June.

So, what does this mean?

There are more homes for interested buyers to choose from which is a big difference than what what happening in 2013. The quantity is still far below the numbers of five to ten years ago. From 2007-2008 there were 547 homes on the market in South Lake Tahoe. There are now 296 homes for sale. Even though that number has been rising slightly and there are more homes for potential buyers to choose from, there still don't have the choices they used to have.

What may be a bigger sign of the times is the total volume of sales. Over the past year there has been $138,625,568 in sales in South Lake Tahoe. This is 10% over the previous year. While 10% may not seem huge, look back to 2012 when there was just $66,821,288 in sales.

The forecast for the state of California resembles much of what South Lake Tahoe is experiencing: increase in sales, increase in median sales price, and houses becoming less affordable for the typical family.