The first half of 2022 has seen a small slowdown in the number of units sold and a steady increase in median price in both condos and single family homes across Lake Tahoe and Truckee. In my opinion we have returned to a normal market, ahead of, but similar to 2019 which was a good year. The craziness and urgency that was in our market in 2020 and 2021, due to COVID, has also been reduced. We do still have multiple offers which can result in the sold price being above asking, but not as dramatically above asking price as we saw during the COVID surge.
We are now in a much better inventory situation and listings are selling at normal rates compared to the frenzy of the last two years. We are also seeing a lot of price reductions, but this does not mean values are going down. It is the result of sellers not recognizing that the market has changed and over pricing their properties. As you will see, if you click on the links at the bottom of this post to get the full details on each area, median prices of sold listings are going up. That means values are going up, the result of greater demand than supply.
North and West Shore
From January 1st-June 30th 100 single family home units were sold in the area which is a 42% decrease from this time last year. The median price was $1.2M which is up 7% from last year. Condos sales saw a drop as well from this time last year but only an 11% decrease with 32 units sold in Q1 and Q2 of 2022 compared to 39 last year at this time. Median price for condos was up 17%.
South Lake Tahoe
From January 1st-June 30th 302 single family home units were sold in the area which is a 20% decrease from this time last year. The median price was $775,000 which is up 6% from last year. Condos sales saw a drop as well from this time last year but only an 22% decrease with 43 units sold in Q1 and Q2 of 2022 compared to 55 last year at this time. Median price for condos was up 22%.
Incline Village
From January 1st-June 30th 75 single family home units were sold in the area which is a 40% decrease from this time last year. The median price was $2.45M which is up 17% from last year. Condos sales saw a drop as well from this time last year but only a 29% decrease with 76 units sold in Q1 and Q2 of 2022 compared to 107 units sold last year at this time. Median price for condos was up 24%.
Truckee
From January 1st-June 30th 322 single family home units were sold in the area which is a 10% decrease from this time last year. The median price was $1.35M which is up 13% from last year. Condos sales saw a drop as well from this time last year with a 44% decrease with 115 units sold in Q1 and Q2 of 2022 compared to 204 units sold last year at this time. Median price for condos was up 22% to $775,000.
Tahoe Donner
From January 1st-June 30th 322 single family home units were sold in the area which is a 10% decrease from this time last year. The median price was $1.3M which is up 25% from last year. Condos sales saw a drop as well from this time last year but only 16% decrease with 26 units sold in Q1 and Q2 of 2022 compared to 31 units sold last year at this time. Median price for condos was up 17%.
Bottom Line
We are still experiencing a strong active market which is good for both sellers and buyers. It is good for sellers because even though it is not moving as fast as the last two years, properties that are priced right are selling and values are still going up.
It is good for buyers because there is more inventory and buyers have time to choose among more choices. The feeling of urgency that buyers felt during COVID has gone away and sellers are more willing to negotiate. Finally, because values are going up, now is a good time to buy because buyers will start gaining equity immediately and will not have to pay a higher price in the future. Yes, the rate of value increase will probably not be as great as in the last two years but, in my opinion, we will continue to have a much higher level of demand than that of inventory.
Contact me if you have any questions or would like to discuss your real estate needs, either selling or buying property, in our market.
Links to all of the stats by region:
2022 Mid Year Market Stats – Lake Tahoe Overview
2022 Mid Year Market Stats – North & West
2022 Mid Year Market Stats – South Shore
2022 Mid Year Market Stats – Incline
2022 Mid Year Market Stats – Truckee
2022 Mid Year Market Stats – Tahoe Donner
2022 Mid Year Market Stats – Reno Sparks Carson Overview
*Greg Rankin and Chase International do not guarantee the accuracy of this information. Statistical information gathered from the Tahoe Sierra Multiple Listing Service, the South Lake Tahoe Board of Realtors MLS, Incline Village MLS, Sierra Nevada and NNRMLS. Not all real estate transactions in our area go through MLS, therefore, this information may not be completely accurate. CalDRE License #00826938
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