Mid Year Real Estate Market Report

We've hit a plateau in Lake Tahoe and Truckee for real estate activity when comparing numbers in 2022 against an unprecedented and record breaking 2021.

Tahoe | Truckee Sales Statistics

We began July 2022 with 330 single family residences and 69 condos available for sale in Lake Tahoe and Truckee. When we compare this to June 2021, we had only 205 single family residences and 42 condos in our local inventory. By January od 2022, we were at 72 single family residences and 9 condos!

This set the story for the first half of 2022, showing a reduction in sales because of limited inventory.

In the Lake Tahoe Basin, the sales volume fell 42% from 2021 numbers, and the number of units sold dropped from 171 to 100. It is important to keep this inventory factor in mind when looking at the mid-year sales statistics. The median price grew 17% from 2021 to 2022, and from $650K to $762.5K.

Truckee's unit sales show a similar market, with a year over year reduction in units at 10%, from 356 units sold the first half of 2021 to only 322 in the first half of 2022.

The sales volume actually increased 9%. This is in part due to the overall median price growing 20% year over year.

Although we began January 2022 with only 22 listings in Truckee, we had 21 sales in that same month! We began July with 87 available Truckee listings. The average sale price of $1.7 million in 2021, grew to $1.35 million in the first half of 2022.

This same scenario was obvious in Tahoe Donner when comparing the first half of 2021 to 2022. While the number of units sold was down 10%, the sales volume was up 13%. The Median sale price was at just over $1 million last year at this time. By June 2022, this price rose to $1.3 million.

The good news is that inventory is finally moving back into normal levels. We are not seeing the frantic activity and highly competitive market of the first few months of 2022. Rising interest rates have cooled the market, but the biggest factory may be the reduction in affordability.

With home values rising and buyers qualifying for lower mortgage amounts at higher rates, we expect this market to return to where it was pre-pandemic.

There has probably never been a better time to list your home for sale. If you are thinking of buying, it is unlikely that we will see any kind of big adjustment like we saw after the crash of 2008. We are seeing price reductions for properties that may have initially been priced too aggressively.

The quick rise in median prices we witnessed in the first half of 2022 will probably stabilize.

Contact me today for more information on the Lake Tahoe and Truckee real estate market.