It’s official “Winter Welcome” is in full bloom as signaled by the long President’s Holiday Weekend, which is now upon us, and so is the snow!
Snow lovers, unite! As of this writing, we’re closely monitoring snow forecasts, with Open Snow suggesting more intermittent snow showers ahead for this President’s holiday weekend. However the big events are not far behind as there is a good possibly for significant wet weather for the upcoming week, continuing to fill the promise of a snow filled February.
Meanwhile, our South Shore real estate market is following the typical winter cycle. Winter sports enthusiasts and lovers of our unique lifestyle are returning as potential buyers. These visitors often consider these properties as their next cycle of homes, including potential retirement abodes.
“So, what’s the market in Lake Tahoe South Shore doing?”
It’s a story of a sustainable market—no booms or busts here. The supply meets demand consistently, creating a pattern of sustainability. Short-term trends show an increase across the board in pending sales, setting the stage for a continued upward trend in closed escrows. As of this writing active listing inventory is moving slightly forward and the word on the street, and if my uptick in seller enquires is any indication, we’re in for a good late winter selling season. As they say a high tide floats all boats and never more true than in our current market.
The buzz now includes upward mortgage applications, negotiating room for buyers, and a shift back and forth from a seller’s to an equal buyer/seller market.
Our real estate activity tracker reflects increased interest, with potential buyers seriously exploring options. If you’re ready to make a move, we’re here to help every step of the way.
As we navigate through the snowy season, here’s a snapshot of the latest stats as of 02/16/24:
Stay tuned as there’s more to report
Active listings -88
Up 5% week over week stat
Pending sales-42
Flat % week over week stat
Home Sold 34
Up 20 % week over week stat,
Active Listings
$845,000.00 median home price,
Flat % % week over week stat,
$707.00 price per sq ft.
Flat % week over week stat,
Pending Sales-
$735,000.00 median home price
Up 4% week over week stat,
$520.00 price per sq ft.,
Flat % on price per sq ft.
Sold Listings
$699,500.00 median home price
Flat % last week over week stat,
$471.00 price per sq ft.
Up 2 % week over week stat
Year over year, South Shore Lake Tahoe shows a slight decline in median home price of approximately 4%, while the national market sees a 5.5% increase according to NAR. With improving interest rates, a positive and negotiable market seems likely.
The absorption rate is at 2.5 months of inventory, signaling a shift back and forth from a sellers market to an even playing field for buyers and sellers. As interest rates stabilize and inventory moderates, we may be witnessing the return to a more “normal” real estate market in 2024.
Welcome to our Lake Tahoe market and community! Come explore new opportunities with us, and if you’re new, we’ll guide you to your Tahoe home ownership journey.\\Best wishes to you and yours for a most amazing new year!
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