It’s official—the “Winter Welcome” is upon us, and so is the snow!
Snow lovers, unite! As of this writing, we’re closely monitoring snow forecasts, with Open Snow suggesting a break in the inclement weather for the Super bowl weekend ahead. However the break is not for long as there is a good possibly for significant wet weather for the upcoming Presidents holiday weekend, continuing to fill the promise of a snow filled February.
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 these properties as their next cycle of homes, 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 pending sales, setting the stage for a continued upward trend in closed escrows. As of this writing active listing inventory has taken a dip, however if the word on the street and my uptick in seller inquires is any indication were in for a good late winter 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 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 02/09/24:
Stay tuned as there’s more to report.
Active listings -84
Down 13% week over week stat
Pending sales-43
Up 12 % week over week stat
Home Sold 27
Up 12 % week over week stat,
Active Listings
$849,000.00 median home price,
Up 3% % week over week stat,
$706.00 price per sq ft.
Up 2% week over week stat,
Pending Sales-
$699,000.00 median home price
Up 2% week over week stat,
$529.00 price per sq ft.,
Up 2.5% on price per sq ft.
Sold Listings
$699,000.00 median home price
Flat % last week over week stat,
$462.00 price per sq ft.
Up 4.5% 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 3.1 months of inventory, signaling a shift 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