As we have seen each quarter of 2019, Q3 data continues to show a decrease in sales volume and an increase in median price in all five micro-regions year over year. The median price reached a 14-year high in three micro-regions: Incline Village & Crystal Bay, Truckee, and the Tahoe Sierra MLS. The median price of lakefronts was the 2nd highest in 14 years; and, the median price on the California side of the Lake Tahoe basin was the 3rd highest in 14 years. Decreased sales in Q1 & Q2 contributed to an increased supply, while sales volume did not keep on pace to equalize this supply. This leaves buyers with a greater selection and opportunity to negotiate. Sellers will recognize the median price trend and the opportunity to achieve value on the sale. Buyers may be motivated to secure loans before interest rates increase, as predicted. However, if the market indicates that buyers will force sellers to push prices down, then sellers must recognize the need to price competitively, versus a popular strategy of pricing high and consistently reducing. Lake Tahoe remains a desirable second home market, and properties that are priced well sell quickly.
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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