As we have seen in each quarter of 2019, year end data continues to show a decrease in sales volume and an increase in median price across all five micro-regions year over year. The median price reached a 14-year high in four micro-regions, with the California side of the Lake Tahoe Basin median price landing only 4% less than the high-water mark of 2006. The number of single-family homes sold dipped across all regions, suggesting that the market is showing signs of weakening. A lack of quality inventory and/or buyers sensing an overheated market can factor into a lower sales volume. Many analysts predict the real estate market will continue to slow in 2020. The election year, coupled with the consistent growth trend alongside concerns about affordability may ring those predictions true. However, last year at this time, many analysts predicted 2019 would bring a correction in the equity markets, and we saw the opposite effect with the S&P surging nearly 30%. While some leveling of prices may occur in 2020, there is little data to suggest fundamental weakness or a large scale price correction.
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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
