December 2022 Market Update (published 1/27/23)

Happy New Year! First I'd like to start by reminding everyone that the statistics for the previous month usually take a full month to come out as there is a lot of data to recover. Even though we are almost one month into the new year, these stats are for December 2022. Winter is a very typical season to have a slowdown in the market for Lake Tahoe due to schools being in session, snow on the ground, and a lot less inventory. Of course there are a lot of factors that have played a roll in the uptick in home sales the past couple of years so we are finally seeing normalcy in our market again. With inflation starting to die down and interest rates also coming down, there are more buyers coming back to the market to see how they can purchase a home. I tell a lot of my clients that the first quarter of the year can be slow and as the snow starts to melt, you'll start to see more homes shine through and hit the market!

Be patient - Spring is coming...

Here is the overview of the California Sales & Price Report for December 2022 -

Here is the overview for the South Lake Tahoe, CA Housing Market Update -

Takeaways:

1. We are UP 7.2% for Median Price compared to December 2021

2. There are 40.6% LESS home sales compared to December 2021

3. There are 16.4% LESS homes on the market compared to December 2021

4. 41.1% of homes listed have had at least one reduction in price

5. Homes are sitting on the market for an average of 71 days (almost 2.5 months)

Here is the overview for the Tahoe City, CA Housing Market Update -

Takeaways:

1. We are DOWN 13% for Median Price compared to December 2021 (note: only 1 home sale...)

2. There are 87.5% LESS home sales compared to December 2021 (note: again, only 1 home sale...)

3. There are 71.4% ABOVE the amount of homes on the market compared to December 2021

4. HALF of homes listed have had at least one reduction in price

5. Homes are sitting on the market for an average of 90 days (3 months)

Here is the overview for the Truckee, CA Housing Market Update -

Takeaways:

1. We are DOWN 19.3% for Median Price compared to December 2021

2. There are 28.3% LESS home sales compared to December 2021

3. There are 181.1% ABOVE the amount of homes on the market compared to December 2021

4. 36.5% of homes listed have had at least one reduction in price

5. Homes are sitting on the market for an average of 50 days (about 1.5 months)