As we move past the unofficial midway point for summer, the real estate market in Lake Tahoe has transformed notably from what we saw in past years. Inventory, while below historical averages, has increased significantly providing buyers with more opportunities in many desired neighborhoods. The cost of financing remains high for the time being, and this has kept many buyers on the sidelines as they anticipate future relief and more spending power. With increased inventory and buyer activity somewhat muted, we are seeing some price cuts as listings accrue days on market. With rates projected to ease in the coming months, and many sellers showing flexibility on pricing, we believe a significant portion of our 2024 sales volume will come in the months ahead.
Through July, we have seen 157 sales for Single-Family homes and Condo/Townhomes on the North and West Shores, which represents a 10.5% increase YoY. Thanks to four lakefront sales in excess of $5,600,000, we saw Average and Median prices rise despite increased inventory and transaction volume. Average sales price rose nearly 15% YoY and median sales price rose about 14% YoY.
In the lakefront market, inventory has more than doubled compared to last year with 21 Single Family lakefront homes currently listed for sale between Brockway on the North Shore and Emerald Bay on the West Shore. Actively listed lakefront homes range in price from $3,675,000 for a Meeks Bay cabin to $55,000,000 for a stunning Rubicon Bay estate on nearly 7 level acres. There's no doubt that buyers have more options this year than last summer, when there were less than 10 lakefront listings on the market at the end of July. Currently, there are 4 lakefront homes "Pending Sale", all of which have entered into contract in the month of July. If all 4 of these pending sales close escrow, it will double the amount of SOLD homes to date in 2024, from 4 to 8. The average sales price for closed sales in 2024 is $7,702,200 (up 110% YoY) and the median sales price is $7,300,000 (up 102% YoY). Average and Median sales price for lakefronts are set to increase substantially, with two beautiful West Shore homes priced between $16,500,0000 and $18,500,000 set to close in August. Lakefront buyer's remain willing to spend top-dollar when the property supports the price.
