It wasn’t surprising to me to see that the market was much slower in Q1 of 2023 compared to last year. But we have to remember that rates didn’t go up until Q2 of last year. Not to mention, we had a record year for snowfall and that made buying and selling homes that much more difficult.

However, things seem to be looking up. I should have mentioned that a large percentage of the activity from Q1 had occurred in March, which tells me that the winter did play a huge role in the levels of activity. Things have been warming up and the sun is shining- which means more activity.

I don’t think looking at the numbers for Q1 is a good indicator for what the rest of the year will look like. We have a pretty good idea that the fed is going to keep rates around 7% for the remainder of 2023 with fears of them going even higher- which I’m thinking will push buyers to act sooner rather than later.

There is still no doubt in my mind that after looking at the numbers for the last 5 years that we are far from the markets of 2020 and 2021. See this chart below…

As you can see- the total number of homes sold dropped in half last year compared to 2021. Not to mention, total sales volume cut in more than half at 58%. The days of Incline Village being a Billion dollar market are over, and probably for a while. I do predict that we will see higher levels of activity when people have more confidence in the economy.

For now, I have a feeling that 2023 will have similar numbers to 2022 as a whole. It was a very slow start to the year, but something tells me that activity is going to pick up substantially this Summer.

If you’re interested in learning more about the Lake Tahoe or Incline Village Real Estate market- feel free to reach out to me directly at the info below! I look forward to hearing from you.

Lukas Brassie- Lake Tahoe Realtor
Compass 530.412.4495
Lukas.Brassie@compass.com
CA: 02044437
NV: s.186035