Lake Tahoe Luxury Market Report
Lake Tahoe is getting national media attention about the enormous demand driving our record-breaking, sales activity. Just in the first 3 weeks of September 2020, we have had 208 properties go under contract, compared to 170 sales for the entire month of September 2019.
The surge began in May and continued throughout the summer. In 2020, we had 1,121 sales from May to August, compared to 555 sales for the same period of 2019. According to the Tahoe Sierra Board of Realtors, this year, we have had 236 properties sell for over $1 million. During 2019, we had 152 sales over $1 million over the same period.
August Luxury Market Report
When we look at the specific price points for August sales of luxury properties in Lake Tahoe, the sales numbers are up across the board. In August of 2020 alone, we had 87 properties sell for over $1.2 million, compared to only 38 in August of 2019. In many price points, the sales numbers have tripled.
Sale Price Aug 2020 Sales Aug 2019 Sales
$1,200,000 - $1,499,999 20 7
$1,500,000 - $1,999,999 30 17
$2,000,000 - $2,999,999 18 5
$3,000,000 - $4,999,999 10 6
$5,000,000 - $7,999,999 3 1
$8,000,000 - $9,999,999 3 0
$10,000,000 or more 3 2
Affordability and the Market
We know that markets are cyclical and what goes up, often comes down. Because of the reduction in inventory and how it drives prices upward, the lack of affordability may eventually slow the market.
During May of 2020, the median price of homes for sale in North Lake Tahoe was $692,000. By August 2020, the median price had risen to $1,218,972.
We don’t really know how long this type of market can continue. It took 2008 to show us just how sweet 2007 market activity really was. Just as many buyers are choosing a better quality of life in making purchases of Lake Tahoe and Truckee real estate, there is move-up potential for everyone.
Great Move-Up Opportunities
If you haven’t had a property analysis of your home in the last 4 months, you will be surprised to learn its current value. You may have settled for what you could afford when you made your purchase, and moving into that lakeview or lakefront home may now be a real possibility.
Many Lake Tahoe homeowners are moving up to get that extra bedroom to convert to an office. Others are moving up to enjoy more privacy, better views or access to buoys and piers.
Whether you are thinking of buying or selling your property at Lake Tahoe, I would love to offer a free property analysis along with several purchase options. Most sellers don’t realize that this market provides an opportunity to also enjoy a better quality of life.
Contact me today for more information. I specialize in the Luxury markets of Lake Tahoe and Truckee and would love to discuss the great opportunities available in this market.