March appears to be is delivering on the adage “In like a lion and out like a lamb” with the promise of awesome Spring skiing and boarding conditions looming large.
Soon to follow is the promise of warming temps, longer days as time sprung forward March 10th, bringing with it the “lighter later” equation enjoyed by many.
More importantly with Spring comes the thawing of the real estate market, and the promise of hope in not only the inventory category but the big promise that the FED was strongly suggesting that it would deliver on the promise that we will see lower interest rates forthcoming as inflation and other booming economic markets adjust. “TBD” as the market shows continued signs of inflationary trends, stay tuned as all eyes are on the CPI indicators and in particular the “Shelter” category is slow to be tamed given the supply in relation to demand ratios have not kept up.
The irony around needing a bad economic cycle to precipitate help in the lower interest rate dept. is a source of much fodder and for another day. In the mean time, let’s focus on the things we can control.
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 properties as their next “life cycle” housing, 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 closed sales. As of this writing active listing inventory is moving slightly forward and the word on the street, and if my uptick in seller enquires is any indication, we’re in for a good late winter selling 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 back and forth 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 03/15/24:
Stay tuned as there’s more to report
Active listings 86
Flat % week over week stat
Pending sales-37
Up 8 % week over week stat
Home Sold 38
Up 10% week over week stat,
Active Listings
$748,000.00 median home price,
Down 8.5 % week over week stat,
$698.00 price per sq ft.
Flat % week over week stat,
Pending Sales-
$830,000.00 median home price
Up 9% week over week stat,
$556.00 price per sq ft.,
Up 15% on price per sq ft.
Sold Listings
$665,000.00 median home price
Up 6% last week over week stat,
$507.00 price per sq ft.
Up 2.5% 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 2.2 months of inventory, signaling a shift back to a sellers market. However there is a strong indication, based on the client enquires and general seller side hits on our website and current requests for market analysis, that inventory supply will start to enter the market this Spring and Summer. This signals the potential for an even playing field for buyers and sellers this summer. 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