$1,275,00,000 median home price
(Flat week over week)
$678.00 price per sq ft.
(Flat week over week)
$860,000 median home price
(Up 8% week over week)
$505 price per sq ft.
(Up 2% week over week)
$627,500 median home price
(Down 5% week over week)
$482.00 price per sq ft.
(Down 10% week over week)
Year over year we are seeing at 20% increase in home prices in the Lake Tahoe, so shore market, however month over month we’re seeing a changing scenario with predictive values of 5-8% appreciation based on the sales data leading to this week’s stats and eblast. This is mirrored in the median home prices which have been tracking up at meteor rates with our median price for homes sold data, having broken the $700,000 price point. More to follow as we do track the continued strong but ever-changing market.
The Absorption rate has stabilized slightly to that of 1 months of inventory, after a quick up tick earlier this fall. As winter approaches and the holidays are upon us, the indicators are showing buyer demand having recovered, stabilized and appears to be increasing with our traditional seasonal trends. The recent snowstorms and amazing conditions for the recreational winter sports enthusiasts, are definitely fueling the desirability of owning a Tahoe home.
Both Buyers and Sellers and are back to negotiating, however with only one month plus, of active listing inventory on the market, the sellers’ market is still alive and well.
The Feds are signaling that while we are at historically low interest rates, that we will likely continue to see slight but a steady rise in interest rates through the foreseeable end of year. This (interest rates) along with low but steady home inventory, will continue to fuel home prices. Add the stabilizing and seasonally tempered home prices, the big picture for and active market bodes well as we lean into the next quarter
In the rear-view mirror, the recent events of the Caldor Fire, the recent snowstorms and super chilly temps and Hwy openings, helps inform our local forecast. This for a steady return to not only a resilient “Tahoe Strong” community, but what you will note is an active fall and early winter real-estate market.
Welcome back to the market where you are encouraged to come take a look and see what new and inviting homes are available. Or, if you’re new to the market we’ll bring you up to speed and get you on the right path to your Tahoe home ownership!!