As summer kicks off for the Lake Tahoe and Truckee real estate markets, we are seeing an uptick in activity. There has been a significant rise in inventory, and buyers are finding more diversity in their home searches.
Sales Activity
Home sales have increased 7% over the previous month and median sale prices are also up from $1.15 million in April 2024 to $1.32 million in May of 2024.
Looking back over the year of activity, the median sale price was at $1.27 in May of last year. We saw it dip in December 2023 to $952,000 and reach a high of $1.55 million in March of 2024. September of 2023 closed with a a high of 108 sold units, up from only 44 in May of 2023 and 34 units in February 2024. We finished May 2024 with 49 home sales, up from 48 in April 2024.
Luxury Sales
We are also seeing a slight increase in the number of homes sold over $2 million. In April 2024, about 2.7% of homes sold were over $2 million and this percentage increased to 3.7% in May 2024. The increase in inventory has brought more of an assortment of price points onto the market. Last May, 5% of homes sold were over $2 million. This figure rose as high as 8.5% in August of 2024.
Rising Inventory
The increase in inventory is driving stronger market activity. One year ago, we had only 712 available homes for sale in Lake Tahoe and Truckee. We began 2024 with 949 units. By April available inventory had risen to 1025 units, and in May it has almost doubled year over year to 1184 active listings.
Pending Sales
Pending sales numbers for May are flat when compared to May of last year. In May of 2023, we had 93 pendings and by June that rose to a whopping 237 units. This number fell to only 60 in January of 2024, and in May 2024, we finished the month with 92 pending sales.
Days on Market
The average number of days homes have stayed on the market is higher than last year. Homes were selling much faster in May of 2023 at only 32 days on market. This number rose to 74 days on market by February of 2024. April and May of 2024 show this number to have fallen at around 50 days.
If you are thinking of listing your property for sale, this is an excellent time as inventory is relatively balanced against demand. As a buyer, you will have the opportunity to choose between an increased assortment of available homes.
Contact me today for more information about the real estate market activity in the specific areas of Lake Tahoe.
