In the first half of 2019, we continue to see sales volume decrease and median price increase in all five micro-regions year over year. Interestingly, eight of the 11 lakefronts sold in Q2, picking up from only three lakefront sales in Q1 (all of which occurred in January). In Truckee and across the Tahoe Sierra MLS, 10% of homes sold over $2M. However, in Incline Village & Crystal Bay, 21% of single-family homes sold for over $2M in the first half of 2019. Not surprisingly, 82% of lakefront single-family homes sold over $2M. In both Truckee and Incline Village/Crystal Bay, median price reached a 14-year high. With a limited supply of inventory keeping sales volume low, we see an increase in demand driving increases in median price. With Q3 representing the bulk of summer sales, typically the peak of real estate season in Tahoe, we will look to Q3 to determine whether the first half of 2019 represents the year’s trend, or if the storyline changes with summer sales.
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View the graphs of sales volume and median price trends by micro-region by clicking the gallery images below.
Source: Tahoe Sierra MLS and Incline Village MLS
