With Lake Tahoe real estate market activity hitting national news outlets throughout the year, these numbers should come as no surprise. Here, we boil down the highlights and provide an analysis of single-family homes sold on the north side of the Lake Tahoe Basin including home sales between Incline Village and Rubicon Bay, plus Squaw Valley, Northstar and Truckee. What a year!
The first quarter of 2020 started strong, with median price and sales volume on the rise. In the second quarter, a global pandemic brought real estate showings to a brief halt as the world determined how to navigate sheltering in place. In Q3, we saw a strong recovery, with Lake Tahoe being a sought after location for those choosing to escape nearby urban areas. The recovery was, in fact, the sharpest growth rate seen in our market in over 15 years.
In the past 90 days, eight lakefront single-family homes have sold in Incline Village & Crystal Bay, NV, totaling $84,648,000. In the same area, there are currently five pending lakefront sales totaling $111,300,000 (in asking price), with the top sale being a home listed for $44,000,000 that went into contract after seven days on the market. Similarly, 1165 Lakeshore Boulevard, listed at $16,900,000, went into contract within 4 days of coming on the market.
It’s no secret that the Lake Tahoe and Truckee real estate market is hot. Even national news outlets have picked up on this recent phenomenon brought on by the unique overlay of COVID, companies shifting to employees working remotely, and Tahoe’s proximity to urban centers. Most agents have anecdotes of multiple offer scenarios within days of listing and homes selling over asking price after bidding wars.
The first quarter of 2020 started strong, with median price and sales volume on the rise. In the second quarter, a global pandemic brought real estate showings to a brief halt as the world determined how to navigate sheltering in place. In June, we’ve seen the beginnings of a strong recovery, with Lake Tahoe being a sought after location for those choosing to escape nearby urban areas.
Over this past weekend, in 48 hours, we saw 11 homes over $1.5M listing price go into contract in the Tahoe Sierra MLS. Four homes went into contract in 16 days or less of being on the market. An additional three homes were on the market for 34 days or less. This means that a total of seven homes went into contract in just about a month of being on the market. Seven of the 11 homes are located in Truckee communites. Pending sales are up considerably year over year (in Truckee, May pending sales were up 82% from May of last year), resulting in a decrease in active listings.
The first quarter of 2020 started strong, with median price and sales volume increasing in all regions with the exception of Incline Village & Crystal Bay (where median price decreased by 14%) and lakefronts (where sales volume remained flat). In the Tahoe Sierra MLS, median price reached a 14-year high. In Truckee, median price reached a 15-year high. While real estate activity remained strong through Q1, we can certainly expect the COVID-19 pandemic coupled with the Shelter In Place directive to impact the upcoming quarter’s market performance.
As we have seen in each quarter of 2019, year end data continues to show a decrease in sales volume and an increase in median price across all five micro-regions year over year. The median price reached a 14-year high in four micro-regions, with the California side of the Lake Tahoe Basin median price landing only 4% less than the high-water mark of 2006. The number of single-family homes sold dipped across all regions, suggesting that the market is showing signs of weakening. A lack of quality inventory and/or buyers sensing an overheated market can factor into a lower sales volume.
The TRPA Governing Board approved a new Shoreline Plan for Lake Tahoe in October 2018. The Shoreline Plan lifts a longstanding moratorium on new shorezone structures at Lake Tahoe, setting caps and regulations for new shorezone structures such as piers, moorings, and public boat ramps. This means that new piers and moorings are being approved, based on an application process.
As we have seen each quarter of 2019, Q3 data continues to show a decrease in sales volume and an increase in median price in all five micro-regions year over year. The median price reached a 14-year high in three micro-regions: Incline Village & Crystal Bay, Truckee, and the Tahoe Sierra MLS. The median price of lakefronts was the 2nd highest in 14 years; and, the median price on the California side of the Lake Tahoe basin was the 3rd highest in 14 years.
In the first half of 2019, we continue to see sales volume decrease and median price increase in all five micro-regions year over year. Interestingly, eight of the 11 lakefronts sold in Q2, picking up from only three lakefront sales in Q1 (all of which occurred in January). In Truckee and across the Tahoe Sierra MLS, 10% of homes sold over $2M. However, in Incline Village & Crystal Bay, 21% of single-family homes sold for over $2M in the first half of 2019.
David Coverdale is selling his Incline Village estate at 757 Champagne Road for $9,850,000. The 9,035 square foot home sits on 1.05 acres, offering privacy without sacrificing lake views. But more importantly, this is truly a rock star home! From the indoor pool surrounded by Roman-style columns, to the massage room, sauna, and theater, amenities abound and the decor is simply over the top.
