Lake Tahoe Q2 Market Report - Single Family Homes
Second-quarter activity in the Lake Tahoe region continued to bring increased sales of higher-priced homes -- particularly those in the $3 million-plus range. Overall, 2018 has been a good year for sales of more expensive homes in the Sierra Nevada range.
Buyers felt a greater sense of urgency, and homes sold more rapidly than they did in the past couple of years. The brisk pace of sales fueled absorption rates, and buyers were more likely to face competition for homes priced below $2 million. But sellers were also more realistic than in years past, which allowed for greater balance between the two parties. Home price appreciation remained mostly level, and the double-digit percent increases in median prices for both single-family homes and condominiums were mostly driven by a higher share of large home sales.
Looking Forward: Unlike in the Bay Area, the Lake Tahoe region doesn't typically see a late-summer slowdown in property sales; vacationing families may decide to purchase a second home before the summer ends and their kids return to school. We expect the current healthy sales activity to continue through most of the rest of the year, although it will likely begin to soften after Thanksgiving.
Defining Lake Tahoe/Truckee: Our real estate markets in the Lake Tahoe/Truckee region include the communities of: Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe.