Tag: Tahoe Real Estate Market Update

Q3 / 2022 Lake Tahoe Real Estate

Posted on by Liza Muhl

Market Update

In the first three quarters of 2022, each micro-region saw a decrease in the number of single-family homes sold. While some micro-regions have continued to see slow growth in median price, other micro-regions have started to see a decline in pricing.

The combination of the decline in sales volume and the shifting of price indicates that market activity is slowing. The expectation is that the median price will follow but is slower to react, as sellers still aim for the pricing the market waws garnering in the first half of the year.

Increased interest rates may also impact buyer activity. Most significantly, we see a noticeable lack of urgency in stark contrast to the buying frenzy of COVID years, as people continue to watch the market and economic indicators. Buyers who have been sitting on the sidelines may find their opportunity to take advantage of their new leverage.

Tahoe Sierra MLS

Single-family homes in California on Lake Tahoe’s North and West Shores, plus all of Truckee, Northstar, Olympic Valley and Alpine Meadows.

Points of Interest

  • Single-family homes sold decreased 23% year over year.
  • Median price increased 5% year over year and is on a 7-year growth trend.
  • Sales volume reached a 6-year low.
  • 170 of 712 homes (24%) sold over $2 million.

North & West Shores

Single-family homes in the Lake Tahoe Basin in California including Tahoe’s North and West Shores, as well as Alpine Meadows and Olympic Valley.

Points of Interest

  • Single-family homes sold decreased 34% year over year.
  • Median price decreased 1% year over year.
  • Sales volume reached a 10-year low.
  • 49 of 209 homes (23%) sold over $2 million.

Incline Village & Crystal Bay

Single-family homes in Incline Village, NV and Crystal Bay, NV.

Points of Interest

  • Single-family homes sold decreased 38% year over year.
  • Median price increased 25% year over year and is on a 7-year growth trend.
  • Sales volume reached a 5-year low.
  • 74 of 115 homes (64%) sold for over $2 million.

Lakefronts

Single-family lakefront homes located between Rubicon Bay, CA and Incline Village, NV.

Points of Interest

  • Single-family homes sold decreased 67% year over year.
  • Median price decreased 28% year over year.
  • Sales volume reached a record low (16 years of data).
  • 8 of 8 homes (100%) sold for over $2 million.

Truckee

Single-family homes in Truckee including Downtown Truckee, Glenshire, Prosser, Tahoe-Donner, Donner Lake, Donner Summit, Sierra Meadows, Old Greenwood, Northstar, Martis Camp & Lahontan.\

Points of Interest

  • Single-family homes sold decreased by 16% year over year.
  • Median price increased by 9% year over year and is on a 7-year growth trend.
  • Median price reached an historic high. Sales volume is the second lowest in 6 years.
  • 121 of 503 homes (24%) sold for over $2 million.

 

 

2021 Year End Lake Tahoe Real Estate Update

Posted on by Jackie Calvert

Last year at this time, we reported that 2020 was an historic year in Lake Tahoe real estate, showcasing dramatic and unprecedented activity as a result of the pandemic shifting buying behavior and accessibility. In 2020, our Year End Market Report highlighted a massive spike in sales volume alongside a noticeable increase in median price, with both reaching record highs in all microregions (with the exception of lakefronts, where sales volume fell one home below the record). This year, we are seeing median prices once again reaching historic highs in all micro-regions, although by a much larger increase, with the minimum being a 24% increase in median price year over year (on top of the previous record high, that is!). The difference is that in 2021, all micro-regions are showing a decrease in sales volume, by a minimum of 14% and as high as 37% year over year. The decrease in sales volume may be due to limited inventory available, however it also may be indicative of the market reaching our threshold in pricing. On Lake Tahoe’s North & West Shores, median price has been on a 10-year upwards trajectory and this year alone saw a 41% increase in median price. We look forward to 2022 to determine if these trends are sustainable, or if we will begin to see a plateau as the market attempts to correct itself.

2021 Market Recap

2021 Tahoe Sierra MLS Year End Report
  • Single-family homes sold decreased 25% year over year.
  • Median price increased 38% year over year and is on a 6-year growth trend.
  • Median price reached an historic high.
  • 236 of 1,199 homes (20%) sold over $2 million.

North & West Shore Recap

2021 Tahoe Sierra MLS Year End Report
  • Single-family homes sold decreased 25% year over year.
  • Median price increased 41% year over year and is on a 10-year growth trend.
  • Median price reached an historic high.
  • 83 of 423 homes (20%) sold for over $2 million.

Incline Village & Crystal Bay

2021 Tahoe Sierra MLS Year End Report
  • Single-family homes sold decreased 37% year over year.
  • Median price increased 37% year over year and is on a 4-year growth trend.
  • Median price reached an historic high.
  • 118 of 235 homes (50%) sold for over $2 million.

Lakefronts

2021 Tahoe Sierra MLS Year End Report
  • Single-family homes sold decreased 14% year over year.
  • Median price increased 24% year over year and reached an historic high.
  • 32 of 32 homes (100%) sold for over $2 million.

Truckee

2021 Tahoe Sierra MLS Year End Report
  • Single-family homes sold decreased by 25% year over year.
  • Median price increased by 37% year over year and is on a 6-year growth trend.
  • Median price reached an historic high.
  • 153 of 776 homes (20%) sold for over $2 million