In the first quarter of 2023, Tahoe Truckee saw a significant dip in single-family home sales volume across the board. In fact, all micro-regions saw Q1 sales volume decrease by upwards of 46% year over year. Last year, in the first quarter of 2022, we saw home sales drop to a more typical pre-COVID pace. However, this year, that decrease doubled, with some regions reaching historic lows. Median price has not seen as dramatic of a slide. In fact, on the California side of the Lake Tahoe Basin, median price climbed 4% while sales volume was halved. In all other micro-regions, the median price dropped for the first time in years. These price declines are in line with what we see in the Bay Area and other high-value urban regions of California. As hopeful buyers await more price dips and investors wait for signs of the economy stabilizing, activity remains low. Low sales volume was also influenced by the huge winter of record-breaking snowfall, making it difficult to travel and tour homes. Significant snowfall alleviated drought worries and filled the Lake Tahoe above its natural rim, growing summer interest as we look ahead. The combination of the season change, full lake, softer prices and higher inventory will coax buyers from the sidelines, offering a moderate market recovery. While high interest rates and economic conditions may temper a spike, we expect to rebound to healthy market conditions and more favorable sales volume.
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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
