Lake Tahoe Real Estate Activity Significantly Improved in April
The N. Lake Tahoe, CA real estate market is thawing out after a historically slow winter. In April, as the snow melted, we saw the number of single-family home sales jump 113% and the total dollar volume was up a notable 128%. Although these are big year-over-year jumps, the historical charts below show that the market seems to be returning to normalcy after a few off years. Buyers are making moves as they want to be in Tahoe this summer, creating lasting memories with friends and family. The desire to own property in Lake Tahoe often outweighs short-term economic uncertainty as our buyers tend to take a long-term approach to homeownership.
With the summer selling season now upon us, Buyers are excited for new listing as they become available. Demand for high quality inventory is strong, resulting in numerous multiple offer situations and year-over-year increases to the average and median home price. Although the market is slightly off from the pandemic highs, the current median home price is historically strong, showing the resiliency of the Tahoe market through economic uncertainty related to inflation and high mortgage
Lake Tahoe Real Estate Market Report April 2024 Highlights
- Total dollar volume Up 128%
- Number of homes sold Up 113%
- Average home price Up 6% to $1,489,000
- High Sale: Palisades Tahoe New Construction Home at $5,100,000
Year over Year Market Conditions and Value Trends
April 2024 Statistics
- 49 Single-Family Home Sales Up 113%
- Marketing Time: 67 Days Up 12%
- List to Sold Ratio: 98% Even
- Total Sales Volume: $73M Up 128%
- Average Price: $1.49M Up 6%
- Median Price: $1.15M Up 4%
- 0 REO & Short Sales Even
- 0 Sales Below $500K Even
- 33 Sales over $1M Up 175%
- 3 Sales over $3M Even
- High Sale Price: $5.1M Up 21%
- Low Sale Price: $589K Down 7%
April 2023 Statistics
- 23 Single-Family Home Sales
- Marketing Time: 60 Days
- List to Sold Ratio: 98%
- Total Sales Volume: $32M
- Average Price: $1.4M
- Median Price: $1.1K
- 0 REO & Short Sales
- 0 Sale Below $500K
- 12 Sales over $1M
- 3 Sales over $3M
- High Sale Price: $4.2M
- Low Sale Price: $635K
Lake Tahoe Real Estate Year April 2024 Market Report Sales Chart
Lake Tahoe Real Estate April 2024 Market Report Sales Volume Chart
*North Lake Tahoe, CA and Truckee Single-Family Home sales including lakefronts. Data is taken from the Tahoe-Sierra Board of Realtors, MLS Areas 1-9.
Absorption Rate: 4.8 Months of Inventory = Balanced Market
The term absorption rate refers to a metric used in a specific real estate market to evaluate the rate at which available homes are sold during a given period of time. Here are the market statistics used to determine the absorption rate for the North Lake Tahoe, CA and Truckee real estate market.
Absorption Rate (single-family homes)
- 284 Sales in the Last 6 Months
- 47 Sales per Month
- 1.6 Sales Per Day
- 227 Current Active Listings
- 227 Listings / 47 Sales Per Month = 4.8 Months of Inventory = Balanced Market
- 1 to 3 Month Supply of Inventory = Seller’s Market
- 4- 6 Months of Inventory = Balanced Market
- 6+ Months of Inventory = Buyer’s Market
Over the last month, the inventory of active listings has increased as is common for the start of the selling season. We now have 4.8 months of single-family homes for sale, which is a sizeable jump from the inventory constrained winter months. Even with the increased level of inventory, there are still very few active listings in any given neighborhood. As the inventory of good quality homes goes up, we are seeing demand increase as buyers have been patiently waiting for desirable homes to hit the market. We are still seeing multiple offers on high quality homes, so don’t procrastinate when you see a property that you love.
Pending Home Sales Provide Market Insight
Pending sale activity shows transaction volume up 26% over March closings with the median pending home price up 5%. Currently, there are 58 pending single-family homes in escrow with an average list price of $1,512,271 and a median price of $1,225,000. Out of the 58 pending sales, 66% are priced over $1M with 4 homes above $3M, and 1 listing above $5M. The average marketing time for the pending sales in at 42 days. Overall, it seems that the market is waking up after a long winter nap and that good quality listings are brining buyers to the table.
Lake Tahoe Real Estate Market Report Archive
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April 2023 Real Estate Market Report
April 2022 Real Estate Market Report
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