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NORTH LAKE TAHOE | TRUCKEE MARKET UPDATE  

 A Note From Team Tahoe

The Lake Tahoe/Truckee real estate market continues to exhibit stability characteristics amidst persistently low inventory and moderated demand, echoing trends observed in recent months. Notable observations from the latest market update are as follows:

Market Dynamics: Presently, the market is marked by a scarcity of listings and a slowly growing demand. Still, multiple offers on properties have become rare, with bidding wars almost absent.

Price Stability: While bidding wars have waned, price reductions remain infrequent at about 5%, indicating a relatively balanced pricing environment with modest fluctuations.

Inventory Status: Currently, the market inventory comprises 190 residences, a marginal increase from the previous year but significantly below pre-COVID levels. Historical data reveals inventory levels at one of their lowest for this seasonal period.

Market Outlook: Despite seasonal factors and limited inventory, optimism prevails for increased activity in the forthcoming year, buoyed by a robust stock market and declining interest rates. However, the upcoming election adds a layer of uncertainty to the forecast.

Projections: Expectations for Q1 2024 suggest continuing below-average transactional activity, though gradual normalization towards historical averages is anticipated as the year progresses.

Seller Guidance: Sellers are reminded of the favorable selling conditions compared to 2019, with reduced time on the market and heightened sale prices.

Buyer Advice: Buyers are informed of the market’s improved balance, granting them greater negotiating leverage in price discussions, property inspections, and repair negotiations, and with the advantage of more stable interest rates.

Staying informed as the market transitions will be essential. 

Please feel free to call or email us today to find out more.  In today’s complex and dynamic market, expert analysis is critical.