NORTH LAKE TAHOE | TRUCKEE MARKET UPDATE
A Note From Team Tahoe
| The year’s first five months have been defined by the same factors we saw through 2023: low supply coupled with tempered demand. The good news is that underlying activity has grown about 60% compared to 2023. Supply is increasing, especially after Memorial Day Weekend and in anticipation of the 4th of July. We are not anticipating a banner year, but it will be busier than last year and closer to historical norms regarding the number of transactions. Median and Average Sales Prices: For single-family homes, the median is $1.3 million, and the average is $1.69 million. In Q1, the median sales price was up 82% compared to 2019 (from $715k to $1.3m). For condos, the median price is $650,000, and the average is $958,732. In Q1, the median sales price was up 49% compared to 2019 (from $437k to $650k). Low-Range Market Sales: Last month, 16 residential sales were under $500k, representing 6% of total sales. In 2023, 6% of sales were in this range. Mid-Range Market Sales: 93 residences sold between $500,000 and $999,999, representing 37% of total sales. In 2023, 40% of sales were in this price range. High-End Home Sales: 94 residences sold between $1m – $2m, representing 37% of total sales. In 2023, 37% of total sales were in this range. Luxury Home Sales: 48 residences have sold over $2 million, representing 19% of total sales. This includes seven sales over $5 million. In 2023, 18% of sales were in this range. Sellers: remember, this is still a much better time to be a seller than in 2019 (which seemed like a very healthy market then!). You can expect a similar amount of time on the market but much higher sales prices. Buyers: remember, this is the most balanced market we have seen in the last three years. Although the Feds are still raising the rates, this will only happen until inflation is under control. Please feel free to call or email us today to learn more. Expert analysis is critical in today’s complex and dynamic market. |
