In the first three quarters of 2022, each micro-region saw a decrease in the number of single-family homes sold year over year. 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 indicate that market activity is slowing.
In the first half of 2022, each micro-region saw a decrease in the number of single-family homes sold. With the exception of the lakefront report (which has a very small sample size and excludes a notable off-market sale), all micro-regions saw an increase in median price. Interestingly, while median price has continued to increase, the growth rate itself has slowed.
In the first quarter of 2022, each micro-region saw a decrease in the number of single-family homes sold, alongside an increase in median price. In fact, median prices, in general, have nearly doubled in two years. In the Tahoe Sierra MLS, 31% of homes sold for over $2 million. In Incline Village & Crystal Bay, 69% of homes sold over $2 million. Lack of available inventory continues to drive prices up.
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 micro-regions (with the exception of lakefronts, where sales volume fell one home below the record).
A beachfront property in Tahoe Vista, CA sold for $18,000,000.
Two lakefront sales over $20M closed on December 28.Two notable sales this week showcase what an exceptional year 2021 has been in the world of Lake Tahoe real estate. On December 28, an Incline Village lakefront home on Lakeshore Boulevard closed for $46M and a Homewood lakefront home closed for $21.715M.
Larry Ellison Entity Buys Hyatt – $345MAccording to public documents recorded in Washoe County, an entity associated with Larry Ellison purchased the Hyatt Regency Hotel located at 111 Country Club Dr. and an adjoining parcel on 995 Lakeshore Blvd. The latter parcel is a lakefront property of around 8.5 acres with twelve cottages and the main building, while the hotel is a 12-story, 422-room hotel just across the street on Lakeshore Blvd.
In the first three quarters of 2021, in all micro-regions, sales volume of single-family homes decreased while median price reached historic highs. Notably, this is the first time we have seen any micro-region show a decrease in sales volume since the mid-year 2020 report, which may reflect the limited available inventory, the impact of the California wildfires on home sales, and the potentially unsustainable growth trends. As we saw in the mid-year report, all micro-regions continue to show median prices above $1M.
Two Crystal Bay lakefront lots, 44 & 61 Somers Loop, total 10.1 acres and 2,990′ of shoreline are currently on the market creating a unique opportuntity for someone to own a significant piece of the Crystal Bay Coast. The property is comprised of two pristine parcels with an easement that separates the two.
In October 2018, the TRPA Governing Board approved a new Shoreline Plan for Lake Tahoe. 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.
In the first half of 2021, we continued to see significant growth of both sales volume and median price of single-family homes in the Tahoe region. The flurry of buying activity that began in Q2 2020 has yet to subside. High demand and increased sales eroded the supply of available homes. Buyers’ offers became more and more aggressive, which, ultimately, increased prices. All micro-regions, with the exception of lakefronts, reached historic highs in both sales volume and median price.
In the first quarter of 2021, we saw the continued impact of the pandemic on Tahoe’s real estate market. As we saw throughout 2020, the appeal of Lake Tahoe, as a convenient escape from urban centers, drove increased demand. The demand continued to exceed supply, triggering a flurry of buying activity that resulted in a spike in median price.
