Summer to Fall: A Time of Change in Tahoe
The dog days of summer are upon us, and every living creature in Tahoe seems eager to savor the last drop of fun in the sun. This familiar rhythm brings a renewed appreciation for our unique Lake Tahoe lifestyle. Locals and visitors alike dream of becoming homeowners, weaving South Shore Lake Tahoe into their life stories, from primary residences and getaway homes to future retirement retreats—creating lasting family legacies.
Real Estate in Transition
With fall on the horizon and temperatures cooling, excitement is building in the South Shore real estate market. Sellers are making moves, listing their homes, while buyers find stable conditions, setting a promising stage for the upcoming winter season. The possibility of interest rates dropping into the 6% range adds to this anticipation, potentially sparking renewed interest and a robust market in the fourth quarter.
Interest Rates and Market Dynamics
We’ve been hovering around a 6.1% interest rate—higher than recent memory, but something buyers are adjusting to. With an uptick in mortgage applications, we might see a shift toward balance between buyers and sellers, driving a dynamic change in the market.
Current Market Activity
Our real estate activity tracker reflects this heightened interest, with potential buyers actively exploring their options. If you’re ready to take the next step, we’re here to guide you through every stage of the journey. As we navigate through the early summer season, here’s a snapshot of the latest stats as of 09/13/24
Active Listings: 213 (UP 1% week over week)
Median Home Price: $798,000 (flat % week over week)
Price per Sq Ft: $587. (UP 2.7 % week over week)
Pending Sales: 60 (flat % week over week)
Median Home Price: $649,000 ( down 7.2 % week over week)
Price per Sq Ft: $518/506. (down 10 % week over week)
Homes Sold: 46 (flat % week over week)
Median Home Price: $828,500. (Flat % week over week)
Price per Sq Ft: $617. (Up 13% week over week)
Year-Over-Year Trends
BIG NEWS! Our year-over-year sales statistics for the South Shore Lake Tahoe market show we have regained the median home price of $700,000, which was reached back in April of 2022. This is an increase in median home price (yoy) of approximately 2.9%, also in line with the national market trends at a 3% increase according to NAR.
Looking Ahead: Is a Buyer’s Market on the Horizon?
With the potential for stable or even declining interest rates and a positive consumer outlook, conditions are setting up nicely for a more balanced market between buyers and sellers. The absorption rate—a key market indicator—has reached nearly 4.6 months of inventory, suggesting a shift toward a buyer’s market. After a long wait, sellers are seizing this moment to list their homes, sensing that now is the right time to make their move.
Conclusion
This notable shift towards a buyer’s market is something to watch closely. We’re well-versed in navigating these changes and welcome your thoughts on what this could mean for you.
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