The market continues to ramp up, and now that we're past Memorial Day Weekend, it's game on for Tahoe real estate.
Median sales price in May was up 38% YoY, however, the median sales price went down this past month to $1,200,000 from $1,329,000 in April. Despite this small shift, the total number of sales is on the rise.
Higher demand means a greater percentage of listings sell and sell more quickly. This significantly reduces the number of active listings on the market on any given day. This month, the area saw 89 sales as opposed to the 75 in April. At the height of the 2020 summer, July saw 233 sales in one month. Time will tell if the market will be able to support this type of inventory. Regardless, we anticipate the trend of median sales price to increase given the low inventory.