Tahoe Connect Newsletter - Q2 Report

1. Increase in Residential Sales: 2024 has seen a 10% increase in residential sales year-over-year, indicating a potential shift in market sentiment.
2. Median Price Rise: The median price has risen by 7% to $1,100,000, marking the highest on record for this metric.
3. Average Price Decline: While the median price has increased, the average price has decreased by 4%.
4. Narrowed Price Gap: The gap between average and median prices has narrowed to 32%, the lowest since 2011, suggesting higher entry-level home prices and fewer ultra-high-end sales.
5. Stable Inventory: Inventory levels are higher than in recent years, but sellers are not cutting prices significantly without distress or external pressures.
6. Economic Headwinds: Interest rates, homeowners’ insurance, and inflation continue to pose challenges for the market.
7. Luxury Market Cooling: There has been a reduction in ultra-premium sales, indicating possible saturation or cooling off in the luxury segment.
8. High-End Sales Proportion: Sales above $1,000,000 make up 54% of year-to-date sales, matching the highest amount ever, but sales above $5,000,000 are at their lowest since 2020.
9. Increased Listings: The number of available listings is the highest in over four years, up 25% from last year and nearly double from 2022.
10. Seasonal Market Acceleration: Market activity is expected to accelerate over the next 3-4 months, with a projected year-end total of around 1,200 residential sales, absorbing most of the standing inventory and leading to balanced pricing.

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Lake Tahoe and Reno offer endless summer activities. That’s why, like a big picnic table, we’re laying out summer event calendars with festivals, music, and food so you can squeeze out every drop of fun in the sun.

History At The Beach South Lake Tahoe | Through Aug 6 Lake Tahoe's history comes alive with stories and laughter. Free for all ages.	Tahoe Shakespeare Festival Incline Village | Jun 28 - Aug 25 Spend an evening with The Bard. Eat, drink, and be merry along North Lake Tahoe’s shoreline.
Carson Valley Summer Events Various Locations | Ongoing From Thirsty Thursdays to outdoor concert series, this is where summer comes alive.	50th Annual Lake Tahoe Concours D’Elegance Homewood | Aug 9 - 10 Widely regarded as North America’s premier wooden boat show, secure your tickets early.
ArtTown Various Locations | July 1st - July 31st Exciting and engaging Artown events including children's art workshops, concert series, movies in the park, historic and cultural tours and art exhibits.	Fourth of July Various Locations | July 4 Celebrate Independence Day with hometown parades, food, and star-spangled fireworks.

Day Trip Destinations Around Reno-Tahoe

As the days stretch longer and the temperatures climb higher, there’s an undeniable buzz in the air – summer has arrived! It’s that magical time of year when the world seems to come alive with endless possibilities, beckoning us to venture beyond the confines of our everyday routines and explore the great outdoors.

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