Here’s this week’s stats plus more,
There’s a lot going on in the market this crazy week and based on the number of visitors, which are clearly commiserate with and to the amazing snow conditions we’re having.
The fed continuing to focus on managing inflation by putting upward pressure on the its interest rate having the effect intended plus some, by once again putting the brakes on borrowing and therefore spending. Still there are great signs in the jobs growth sector and the unemployment percentages.
Added to the economic positivity, there’s the truly perceptible excitement building around the winter recreation scenes. Stay tuned as there’s more to report, or better yet come up and simply see and enjoy for yourself.
Here’s the latest stats 02/24/23
Active listings 45
(Down 10 %)
Pending sales 44
(Flat %)
Homes Sold 22
(Flat % )
Active Listings
$1,290,000 median home price,
(Up 14 % week over week )
$677 price per sq ft.
(Up 8 % week over week )
Pending Listings-
$825,000 median home price
(Flat % week over week)
$535. price per sq ft.
(Flat % week over week)
Sold Listings
$853,000 median home price
(Up 15% week over week)
$514. price per sq ft.
(Up 1.4% week over week
Year over year we are reporting a 1.1% up tick in median home prices in the Lake Tahoe, So. Shore market. However, month over month we are tracking a changing scenario with predictive values of flat to negative 3% annual appreciation for the year over year of 2022/2023 based on the sales data leading to this week’s stats and eblast.
The absorption rate is now hovering at 2. month(s) of active residential inventory on the market. As a point of reference, 3 months of inventory has become the standard for these past many months. It is widely held that 3-5 months of inventory is a normal market where buyers and sellers have equal footing in negotiations.
While interest rates are at historically low albeit “normal” interest rate percentages, we are finding our real-estate market also returning to a “new normal” of a seasonal market where both Buyers and Sellers and are back to negotiating, as evidenced by 2 + months of active listing inventory on the market. For many a relief, for others the sense they may have missed the market. The latter is playing out, as prices have declined ever so slightly!
With the stabilizing inventory and seasonally tempered home prices, the big picture for a more “normal” real estate market bodes well as we lean into this Q2 and Q3 of this year as the likely time for recovery in 2023.
Welcome to our Lake Tahoe market and community where we welcome and encourage you to come and let’s look at what new and inviting opportunities are available. 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!!
For me it is bittersweet time in the history of Deb Howard and Co., in our evolving real estate career as I merge my company with a outstanding partner Berkshire Hathaway Home Services Drysdale Properties for which I am most thrilled and honored to join. In this evolution I bid farewell to our real estate home for the past 17 years.
In closing one door we open another this exciting new year and welcome in this exciting next chapter for me and my most amazing and incredible team. The Deb Howard Group is moving to our new offices to Harrison Ave., smack in the heart of Lakeview Commons, the hub of Al Tahoe business district and steps to the lake, vibrant shops, restaurant and music venues.
Look forward to seeing you there and be watching for the “welcoming open house” so you can share in our excitement with us!
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