March appears to be is delivering on the adage “In like a lion and out like a lamb” with the promise of awesome Spring skiing and boarding conditions looming large.
Soon to follow is the promise of warming temps, longer days as time springs forward March 10th, rushing in this Sunday, bringing with it the “lighter later” equation enjoyed by many as we “Spring forward” an hour.
More importantly with Spring comes the thawing of the real estate market, and the promise of hope in not only the inventory category but the big promise that the FED is strongly suggesting that it will indeed deliver on the promise that we will see lower interest rates forthcoming as inflation and other booming economic markets adjust.
The irony around needing a bad economic cycle to precipitate help in the lower interest rate dept. is a source of much fodder and for another day. In the mean time, let’s focus on the things we can control.
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 properties as their next “life cycle” housing, 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 closed sales. 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 03/08/24:
Stay tuned as there’s more to report
Active listings 87
Flat % week over week stat
Pending sales-34
Down10% week over week stat
Home Sold 34
Flat % week over week stat,
Active Listings
$849/820,000.00 median home price,
Down 3 % week over week stat,
$698.00 price per sq ft.
Flat % week over week stat,
Pending Sales-
$674,000.00 median home price
Down 9% week over week stat,
$469.00 price per sq ft.,
Down 13% on price per sq ft.
Sold Listings
$625,000.00 median home price
Down 10% last week over week stat,
$494.00 price per sq ft.
Up 3% 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 2.4 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.
Leave a Reply