Lake Tahoe June 2019 Market Report
Inventory Rising in 2019
The second half of 2019 has shown an increase in inventory compared to June of last year for Lake Tahoe. In June 2018 there were a total of 547 active single family listings and 106 sales. June 2019 shows 618 active listings and 101 sales. There were 190 condos for sale this time last year with 27 sales, while 2019 shows 192 listings and 25 sales. Overall the inventory is higher in June 2019 compared to June 2018. This is good news because of the dwindling inventory and high buyer demand in 2018.
Truckee, Northstar and Tahoe Donner Sales Statistics
Sales in Northstar were stronger this year with 7 listings sold vs 3 in 2018. Truckee currently has 170 single family homes and 27 condos for sale, showing 34 sales in June 2019 which matches to the 34 sales in June of 2018. Last year in June, Tahoe Donner had 75 listings with 30 sales and in June 2019 we have 86 listings with 22 sales.
Higher Price points Selling Strong
The biggest increase in sales for June is in the $700K to $1.2 million range. June 2019 shows a total of 46 sales compared to 30 sales last year at this time. The over $3 million market has held steady with 8 sales compared to 7 sales last year in June. All other price points are slightly lower than last year sales figures for June.
Second Quarter Sales Numbers Lake Tahoe
When we compare the second quarter of 2019 to 2018, we had a total of 379 sales Year to Date compared to 432 last year at this time. As we move into the 3rd quarter, we are seeing that overall sales are holding steady. While 2019 started with slow sales due to the longer than normal winter, sales in between May and June brought the second quarter up to par with 2018.
Median Price Rising in Lake Tahoe
The median price rose 4% to $751K and is the highest median price for Lake Tahoe ever. Just over the May and June period, the median price of homes sold rose 10%. The luxury market continues to be strong to match 2019 and accounts for 30% of sold inventory.
Going into the third quarter, we expect to see strong sales continue. The inventory is now meeting demand where we had a lack of inventory last year. Average days on market has grown slightly to 82 days, up 9% over last year.
Whether you are interested in buying or selling a home at Lake Tahoe, I would love to help you. Contact me today for a free market analysis or to arrange a tour. I look forward to helping you find your perfect home at Lake Tahoe.