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. It's a seller's market, and, in this frenzied state, buyers must be ready to act fast with appealing offers.
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Yes, The Market is HOT - Here's the data
Here's a look at the month of July. In the Tahoe Sierra MLS, single-family home sales volume increased 153% year over year for the month, with 225 single-family homes sold in July 2020 compared to 89 homes sold in July 2019. Comparing the same period, active listings decreased by 64%, going from 498 homes listed for sale in July 2019 to only 180 homes listed this July. Not unexpected, homes in contract/sale pending status also increased 76%. With a significant increase in homes sold and homes in contract along with a significant decrease in inventory, the market is competitive for buyers. We expect to see these conditions drive prices up, and, appropriately, the Tahoe Sierra MLS experienced a 21% increase in median price, going from $700K last July to $849K this July.
In the world of lakefronts, numbers are smaller and statistics can be impacted dramatically by a few sales. In looking at single-family lakefronts between Incline Village and Rubicon Bay, we saw eight lakefront homes sell in July versus zero sales in July 2019. There were 19 lakefronts listed for sale last year in July and 13 this year, meaning that active listings decreased by 46%. And, there were four pending sales in July of last year and six pending sales this year, an increase of 50%.
If you are interested in learning the value of your home, if you would consider offers, or if you would like to learn more about other sales in your neighborhood, let us assist you.
Source: Tahoe Sierra MLS and Incline Village MLS
View TLUXP recent sales here.