After Melting Out, The Median Home Price in Lake Tahoe is up 8.2% in Q2 and the Market is Heating Up
Upon first glance, 2017 North Lake Tahoe real estate sales appear to be having a rough first half as sales volume is down 12%. The average sale price is flat and a number of indicators are showing less than stellar performance. Tahoe is a funny beast and the first half of the year is typically weaker than the second half due to our weather cycles. In 2016, 57% of single family homes traded hands in the second half of the year and at our current pace of demand and current inventory constraints, I expect to see a solid finish to the year.
In the first quarter, Tahoe experienced a record winter which buried the region in 60’ of snow! This had major impacts on Q1 sales and delayed the start of the summer sales season by over a month. The huge winter of 2017 created inventory supply constraints while buyer demand increased significantly. With a full lake and memories of deep powder days, buyers are motivated to keep the dream alive and purchase Lake Tahoe property.
Lake Tahoe Real Estate Market Health
When evaluating the overall health of the market, I am looking at the median home price which is up 8.2% over 2016, the number of distressed sales is down 29%, the number of homes below $300K is down 18% and the high sale price is up 41%. Within our traditional primary residence neighborhoods, we are seeing extreme inventory issues and many of these homes are seeing multiple offers and are trading at or above the asking price. These indicators point to a healthy market that is pushing higher.
The market is shaking off the effects of a huge winter and Tahoe is poised for a solid second half of the year. The beauty of Tahoe coupled with the abundance of recreation opportunities creates a desirable product that both primary residents, as well as second home owners, strongly desire. Based on historical data, the current absorption rate, and demand for Tahoe property I feel confident that 2017 will have a strong second half.
Year over Year Lake Tahoe, CA Real Estate Market Conditions and Value Trends
Q2 2017 Statistics
- 416 Single Family Home Sales Down 12%
- Avg. Marketing Time: 87 Days Down 21%
- Avg. List to Sold Discount: 4% Up 15%
- Total Sales Volume: $411M Down 13%
- Average Price: $988 Down 1.5%
- Median Price: $670K Up 8.2%
- 10 REO & Short Sales Down 29%
- 14 Sales Below $300K Down 18%
- 93 Sales over $1M Down 21%
- 19 Sales over $3M Down 42%
- High Sale Price: $15M Up 41%
- Low Sale Price: $140K Down 31%
Q2 2016 Statistics
- 473 Single Family Homes
- Average Marketing Time: 110 Days
- Avg. List to Sold Discount: 3.4%
- Total Sales Volume: $471M
- Average Price: $1.003M
- Median Price: $615K
- 14 REO & Short Sales
- 17 Sales Below $300K
- 117 Sales over $1M
- 33 Sales over $3M
- High Sale Price: $8.9M
- Low Sale Price: $202K
*North Lake Tahoe, CA and Truckee, CA Single Family Home sales including lakefronts. Data is taken from the Tahoe-Sierra Board of Realtors, MLS Areas 1-9
Lake Tahoe Real Estate Market Report Sales 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.
Year Over Year Lake Tahoe Real Estate Sales Volume Chart
Past Lake Tahoe Market Reports
- View All Tahoe Real Estate Market Reports
- Q2 2016 Lake Tahoe Market Report
- Q2 2015 Lake Tahoe Market Report
Do you have questions about Lake Tahoe Real Estate? Please call me at (530) 448-9882 if you would like to discuss market conditions in more detail or to talk about how I can help you achieve your real estate goals.
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