Winter’s Arrival in Lake Tahoe: A Real Estate Update
It’s official—the “Winter Welcome” is upon us, and so is the snow!
Snow lovers, unite! As of this writing, we’re all anxiously awaiting the upcoming rounds of the lovely cold, flakey stuff. Regardless of how much snow we individually adore, it’s a shared anticipation.
We’re closely monitoring snow forecasts, with Open Snow suggesting a snowy weekend ahead and a promising 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 a decrease in active listings and an increase in pending sales, setting the stage for a continued upward trend in closed escrows.
The buzz now includes upward mortgage applications, negotiating room for buyers, and a shift 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 02/02/24:
Active listings 95 Down 15 % week over week stat Pending sales 38 Up 10 % week over week stat Homes Sold 24 Down 10 % week over week stat, Active Listings $825,000.00 median home price, Flat % week over week stat, $695.00 price per sq ft. Down 8% week over week stat, Pending Sales- $685,000.00 median home price Up 6% week over week stat, $515.00 price per sq ft., Down 2.5% on price per sq ft. Sold Listings $694,000.00 median home price Flat % last week over week stat, $445.00 price per sq ft. Flat% week over week stat
Year over year, South Shore Lake Tahoe shows a slight decline 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 3.95 months of inventory, signaling a shift 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.
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