Lake Tahoe Q3 Market Report 2023
Autumn is such a wonderful time of year at Lake Tahoe. The aspen trees are shimmering gold, with orange and yellow maple leaves igniting the surrounding landscape. Summer crowds are gone and the hiking and mountain biking is breathtaking.
The Lake Tahoe real estate market continues to show strong sales activity. The number of sales compared to available listings reveals how low inventory is not meeting demand. Home prices in the Tahoe basin are unaffected by the challenging mortgage market.
While total sales numbers are still down year over year, home prices will always be a measure of supply vs. demand and supply is low. As we finish the 3rd quarter of sales activity for Lake Tahoe, we are entering the winter with lower inventory.
As of August 23rd, 2023, for all areas in North Lake Tahoe, there were only 349 active single family homes for sale, compared to 118 sales. Truckee showed 33 sales with only 111 listings. Northstar had 7 active listings with 5 sales. Tahoe Donner had 29 sales with only 56 listings.
On the north and west shore of Lake Tahoe, inventory was at 94 listings with 36 sales. This shows how the sell through factor is very high.
North shore August active listings for single family homes was at 44 with 21 sales. 10 homes sold priced between $500,000 and $899,999. From 900,000 to $1,999,999, 12 homes sold. 3 homes sold between $2 and $3 million and 1 home sold over $10,000,000.
Comparing 2022 to 2023 in North Lake Tahoe, the Median Sale Price was 9% higher, at $1,055,000 vs $967,700 in 2022. The average sold price was a whopping 55% higher, coming in at $1,762,575 in 2023 compared to $1,160,728 for the 3rd quarter last year.
The average list price for sales in the 3rd quarter of 2023 was at $1,762,585 compared to $1,168,557 in 2022. The days on market also dropped to 21 days, compared to 29 days for this time last year. Just because less units are selling, you can see that the demand is still strong. All of this is a reflection of the strong interest in buying a resort home at Lake Tahoe, against limited supply.
Over the last few decades, slower sales numbers compared year over year will usually lead to price reductions. In Lake Tahoe, we are seeing a few price reductions, but homes priced well are selling quickly.
The price per square foot in the 3rd quarter of 2023 was at $958 vs. $713 in 2022. The sold to list price was at 102.1% compared to 99.3% for this time last year.
As we enter the 4th quarter for home sales, we should see sales slowing further. However, we do not expect home prices to adjust down anytime soon.
Contact me today for more information about the North Lake Tahoe real estate market. I can provide a no obligation market analysis of your home.