The 1 st quarter of 2023 in the Lake Tahoe and Truckee Real Estate Market has been very slow for Residential real estate. This was not expected.
The change in Dollar Volume and Units Sold has dropped significantly in Lake Tahoe and Truckee in both single family homes and condos compared to the 1 st quarter of 2022. Another surprising change is that Median Price has also dropped in Incline, South Lake Tahoe, and Truckee. In the North, West, and East Shore of Lake Tahoe however, Median Sale price increased as much as 20%.
The incredible series of storms that began before Christmas and lasted until the first week of April has resulted in a record 700 inches of snow in the Lake Tahoe Basin. And this unprecedented snow is the cause of the market slow down. Demand is still there but buyers have been reluctant to deal with the difficulty of getting to the area and sellers have not wanted to open their homes during the major snow conditions.
Median Sales price is down in most areas compared to the first quarter of 2022 but that reflects a normalizing of the market. As I mentioned before, the market has softened, but it is not a down market. Home values went up dramatically during 2020-2021 and early 2022, but as we moved into Q2 of 2022, the craziness died down, listing price reductions increased, and sellers had to start negotiating again, BUT, values were NOT dropping. We transitioned back into a pre-COVID market (similar to 2019); median price on closed escrows went up slightly in North, West and East Shore. For a view of this nation wide check out: Why Aren’t Home Prices Crashing?
Moving into Q2
The weather has finally shifted to dry and warm and as the weather improves more buyers will begin to visit the area in hopes of touring properties. And, as the snow starts to melt there should be more sellers listing their homes. It is also possible that this record snow year may result in more homes for sale this spring than usual because some people decided this was just too much snow for them!
Demand for Tahoe properties is still very high. I think the increase in listings that will happen in the spring will still not entirely meet the level of buyer demand, but we will not see the urgency of 2020 and 2021.
It will again be a normal real estate market.
If you are considering either selling or buying in 2023 please give me a call or email for a no obligation discussion of your real estate needs.
Click on the area links below for detailed information on each region:
- Lake Tahoe Overview 2023 Q1 Market Stats Chase International
- South Lake Tahoe 2023 Q1 Market Stats Chase International
- East Shore 2023 Q1 Market Stats Chase International
- Incline Village 2023 Q1 Market Stats Chase International
- North & West Shore 2023 Q1 Market Stats Chase International
- Truckee 2023 Q1 Market Stats Chase International
- Tahoe Donner 2023 Q1 Market Stats Chase International
- Reno Sparks Carson 2023 Q1 Market Stats Chase International
Information gathered from Incline Village, Tahoe Sierra, Sierra Nevada,
NNRMLS and South Lake Tahoe Board of Realtors MLS 03/29/2023.
Leave a Reply