3rd Quarter West Shore Lake Tahoe Market Report

sail boats on lake tahoe

Real estate sales activity ticked up at the end of the 3rd quarter of 2023.  While total unit sales in most areas continue to be lower year over year, home values are still remaining steady.

A total of 49 single family homes sold on the West Shore of Lake Tahoe during the 3rd quarter, with 2 condo sales. 7 properties sold for under $700,000, while 6 homes sold between $700,000 and $900,000. 

10 homes sold between $900,000 and $1,200,000. The majority of sales (14 homes) sold between $1.2 and $1.5 million.

West Shore Sales Higher Year Over Year

While most areas were down in the number of sales compared to 3rd quarter of 2022, the West Shore was actually higher. Only 36 single family homes during the same time last year, compared to 49 in the 3rd quarter of 2023.

The condos that sold on the West Shore were priced between $3 and $5 million.  Single family home sales on the West Shore outpaced all areas with the exception of Truckee, which had 104 sales of single family residences.

West Shore sales during the 3rd quarter had a total dollar volume of $74,373,750, with an average price of $1,517,831. The average days on market was only 30 days. In 2022, for the same period, the dollar volume of total sales was only $55 million.

The average sold price is the same compared to the same time last year. However, a $10 million property sold in Homewood in September 2023 and a $7.95 million home sold in Tahoma, which drove sales volume up year over year.

For condos, the average days on market was only 23 days, with an average price of $4,151,000. Like single family residences, condos are selling more quickly than last year, when homes sold after an average time on market at 35 days.

Home Values Hold Steady

A reduction in available inventory is holding home values steady, making homes sell faster and at, or over asking price. As we move into the 4th quarter, it will be interesting to see if this pace continues.

Lake Tahoe is expected to get snow over the next few weeks. Last year, the ski resorts opened for Halloween skiing so we will have to see what kind of precipitation falls as this low-pressure system moves through.

If you are considering listing your West Shore property for sale, this is an excellent time to tap into how demand is outweighing supply. In some areas, homes are selling for over 100% of asking price. While there are a few price reductions, the limited inventory and willing buyers unaffected by rising mortgage rates continue to keep the Lake Tahoe market strong.

Contact me today for more information about sales activity in specific neighborhoods. I am happy to provide a no-obligation value estimate of your property.