Tag: Real Estate

Market Spurs Buyer Opportunities Ahead

In the first three quarters of 2024, all micro-regions saw an increase in the number of single-family homes sold year over year. However, while the slight uptick of homes sold is promising, the overall sales volume sits at around half the number of homes sold in the 2020 peak, and well below the average number of homes sold in the past decade. Lower sales volume is partially driven by overall inventory being down from the peak sales volume years.

In the Tahoe Sierra MLS, supply is down 33% from 2019. Median price remains robust, with Truckee reaching an all-time high ($1.3M) and both Incline Village & Crystal Bay, and the Tahoe Sierra MLS matching their 2022 record highs ($2.5M and $1.25M respectively). Lakefront activity has been notable, with sales volume increasing 67% year over year. Median price of lakefront sales stands at $8.2M. The high lakefront sale was 859 Lakeshore in Incline Village, NV for $47.5M.

Now, as we head into the fourth quarter, where the season change typically slows down Lake Tahoe real estate, sellers become more motivated and buyers who have waited may find their opportunity to pounce. As we transition into 2025, the uncertainty surrounding the election will be behind us, and the anticipated decline in interest rates is expected to boost sales activity, driving prices even higher. If you are a buyer and have a property in your sights, make a move now for the best deal.

The Q Take

The year-over-year rise in home sales is positive, but overall volume remains well below peak levels, largely due to reduced inventory. Strong median prices in Truckee, Incline Village, and lakefront areas show market resilience. As we approach the slower fourth quarter, motivated sellers could offer good opportunities. With potential rate cuts and post-election clarity expected in 2025, buyers should act now to secure the best deals before prices rise further.

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For more information on the Lake Tahoe real estate market, contact Amie Quirarte.

Market Rebounds and Inventory Surges

In the first half of 2024, unit sales volume rebounded from the lows of 2023. All micro-regions saw an uptick in the number of single-family homes sold; however, the growth still leaves sales volume below pre-covid norms.

On the California side of the basin, median price decreased by 7% year-over-year. All other micro-regions saw an increase in median price. Most increases were under 20%, however quite noticeably, the median price of lakefronts jumped 78%. In the month of June, we had 25 single-family lakefront homes actively listed for ale between Incline Village and Rubicon Bay, a 66% inventory increase year-over-year, and the most active lakefronts we have seen in a single month since August 2019.

Market-wide, we see a 27% increase in inventory, offering buyers a greater selection of properties to choose from. After a few years of disruption, we now see the market shift towards an improved equilibrium between supply and demand.

The Q Take

Overall, the data points to a recovering and stabilizing market, with increased inventory offering more opportunities for buyers and a notable demand for premium properties driving significant price increases in specific segments.

Inside the Market Report

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For more information on the Lake Tahoe real estate market, contact Amie Quirarte.

2024 Starts Off with a Bang

Lake Tahoe real estate starts the year off with a bang! Quarter One saw sales volume rebound from Q1 2023 lows. In all micro-regions, the number of single-family homes sold increased year over year, with growth rates ranging from 35% to 131%.

Inventory remains low, while the demand for homeownership in Tahoe remains high, despite high interest rates. Properties that are appropriately and strategically priced are moving quickly, and the buyer pool is anxiously awaiting the influx of listings we typically see each year when the snow begins to melt.

• Single-family homes sold increased 42% year over year.
• Median price decreased 16% year over year.
• Average Days on Market was 100 days, a 43% increase from 2023.
• 5 of 37 homes (14%) sold for over $2 million. 1 homes (2%) sold above $5 million.

• Single-family homes sold increased 131% year over year.
• Median price increased 45% year over year, reaching a record high.
• Average Days on Market was 140 days, up only one day over 2023.
• 19 of 30 homes (63%) sold for over $2 million. 4 homes (13%) sold above $5 million.

• Single-family homes sold increased 37% year over year.
• Median price increased 8% year over year, nearing the 2022 record high.
• Average Days on Market was 75 days, a 9% increase from 2023.
• 32 of 129 homes (25%) sold for over $2 million. 6 homes (5%) sold above $5 million.

For more information on the Lake Tahoe real estate market, contact Amie Quirarte.