Coldwell Banker 2024 Real Estate Market Report: North Lake Tahoe-Truckee
Residential Properties: Single Family Homes and Condominiums – Q1 2024 Activity
Residential Sales Summary 2024
Total Residential Sales:
The first quarter of 2024 is behind us. During this period, residential transactions increased by 16.8% compared to the first quarter of 2023. However, with 188 sales, it marked the second slowest Q1 in the last decade—only 75% of the 5-year average and 77% of the 10-year average. This quarter continued the trend of low supply with tempered demand.
Fortunately, the underlying activity appears promising. While we’re not expecting a record-breaking year, projections suggest a busier market than last year, approaching closer to historical transaction norms than in 2023.
Median and Average Sales Prices:
For Q1 2024, the median residential sales price was $1,150,000, and the average was $1,504,915. Single-family homes had a median price of $1.325 million and an average of $1.766 million. Condominiums saw a median price of $650,000 and an average of $905,543. Prices remain significantly higher than pre-COVID levels in 2019, with single-family homes and condominiums experiencing increases of 85.3% and 48.7%, respectively.
Active Residential Inventory:
Active Listings:
As spring unfolds, inventory is rising from winter lows, currently at 217 residences, up from 165 last year. Yet, this is still about 60% of the 5-year pre-COVID average and 40% of the 10-year average, reflecting historically low levels.
Current Pending Sales:
There are 66 pending sales, a slight decrease from 71 last month, with approximately 63 residences entering contracts in March. Current inventory equates to just over 3.3 months of supply relative to March activity, indicating the most balanced market we’ve seen in years, despite traditionally being considered a seller’s market.
Sales Distribution:
- Under $500,000: 13 sales, 7% of total (6% in 2023)
- $500,000 to $999,999: 71 sales, 38% of total (40% in 2023)
- $1,000,000 to $1,999,999: 66 sales, 35% of total (37% in 2023)
- Over $2 Million: 38 sales, 20% of total, including 6 sales over $5 million (18% in 2023)
Looking Forward:
The market continues to adjust post-COVID with consistent yet high pricing and moderate inventory levels. The strengthening stock market and stable interest rates are bolstering demand, with multiple offer situations becoming more common, especially for homes priced under $1.5 million. While we anticipate more supply this year compared to 2022 and 2023, low inventory remains a significant factor.
As we progress into 2024, we are hopeful for activity levels to approach closer to pre-COVID norms. For sellers, the market conditions are still more favorable than in 2019, potentially offering quicker sales at higher prices. Buyers will find a more balanced market, with better negotiation leverage and more typical buying conditions than in recent years.
Contact Me Today: If you have questions about the Truckee-Tahoe market or need further information, don’t hesitate to reach out. I’m here to help you navigate this dynamic market and find the best opportunities.
Stay tuned for more updates as we navigate through the year, keeping an eye on how the upcoming elections might influence the market dynamics.
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