Residential Properties: Single Family Homes and Condominiums
Activity: January through April 2024
Welcome to the 2024 North Lake Tahoe – Truckee Real Estate Market Report from Coldwell Banker. Here’s an in-depth look at the current trends and statistics shaping our local market.
Residential Sales Summary 2024
Total Residential Sales:
Spring is here, and so is a revitalized Tahoe/Truckee real estate market! Sales in April 2024 soared by 65% compared to April 2023, though this is more a reflection of how slow last April was. With 63 sales in April 2024, we’re at 81% of the five-year average and 74% of the ten-year average. Year-to-date sales are at 80% of the five-year average and 76% of the ten-year average.
The first four months of 2024 have mirrored the trends of 2023, marked by low supply and tempered demand. The good news? There’s a noticeable uptick in activity. Supply is increasing, and demand looks promising. We’re not expecting a record-breaking year, but it should be busier than 2023 and closer to historical norms in terms of transaction numbers.
Median and Average Sales Prices:
- Overall Residential: Median sales price stands at $1,150,000; the average is $1,483,306.
- Single Family Homes: Median sales price is $1.3 million; the average is $1.69 million.
- Condos: Median price is $650,000; the average is $958,732.
Compared to 2019, prices remain significantly elevated. For Q1 2024, the median single-family home price has increased by 82% (from $715k to $1.3m), and the median condo price has risen by 49% (from $437k to $650k).
Active Residential Inventory:
Active Listings: As spring progresses, inventory is climbing from winter lows. Currently, 337 residences are on the market, up from the low 200s this time last year. However, pre-COVID norms saw over 400 listings in 2019.
Current Pending Sales: There are 66 pending sales, consistent with last month, with 66 residences entering contract in April.
Current inventory represents just over five months of supply relative to April’s activity. With strong demand and a fresh influx of listings for the holiday weekend, we expect this number to balance out between three to four months of supply through the summer.
Sales by Price Range:
- Under $500,000: 16 sales (6% of total), consistent with 2023.
- $500,000 to $999,999: 93 sales (37% of total), slightly down from 40% in 2023.
- $1,000,000 to $1,999,999: 94 sales (37% of total), steady from 2023.
- Over $2 Million: 48 sales (19% of total), including 7 over $5 million, up from 18% in 2023.
Looking Forward:The market has been in a slow recovery since the COVID boom, with low inventory and high prices persisting. However, activity is picking up, supported by a strong stock market and steady interest rates. The upcoming election adds an interesting variable.
Multiple offer situations are returning, particularly for homes under $1.5 million. In the last 8-12 weeks, many homes under $1 million have seen 2-4 offers, with some attracting up to 8 offers. Even the best new listings in the $1-2 million range have drawn 2-4 offers, and true bidding wars (5+ offers) have occurred on exceptional homes.
While we anticipate more supply this year than in 2022 and 2023, low inventory will continue to influence the market. We expect activity levels below pre-COVID standards in 2024 but hope to see transactions approaching normal averages as the year progresses.
Advice for Sellers: This remains a favorable time to sell compared to 2019. Expect shorter time on market and much higher sales prices!
Advice for Buyers: This is the most balanced market in the last three years. Buyers benefit from:
- Renewed ability to negotiate prices.
- Ability to inspect properties and have normal contingencies.
- Ability to negotiate repairs.
- Steady interest rates.
Contact Me Today to explore opportunities in the North Lake Tahoe – Truckee market.
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