Home market demand continues to outpace supply at Lake Tahoe
SOUTH LAKE TAHOE, Calif. — Demand for the Reno-Tahoe lifestyle continues to boom according to quarterly real estate reports released by Sierra Sotheby’s International Realty.
Record-low mortgage rates and pandemic related side effects including a surge in visitor activity continue to play into a fast-paced market where home sales are turning over faster than available inventory can accommodate.
“This past year had everyone taking a closer look at their priorities and where they want to live and spend their time,” said Brit Crezee, director of marketing for Sotheby’s.
A recently compiled second quarter market snapshot illustrates how buyers competing for a limited supply of homes is affecting both sales volume and prices across all sectors.
The biggest year-over-year increases in median home prices took place in Truckee (63%), Incline Village (59%) and North and West shores (57%). Reno and surrounding areas also showed significant double-digit gains.
At Lake Tahoe, home sales between $1-2 million made up the biggest percentage of sales volume, accounting for nearly 48% of total transactions for the Truckee/North Tahoe area.
The hotspot for South Lake Tahoe fell between $500,000 and $750,000, making up 39% of sales. And for Reno/Carson Valley, homes between $250,000 and $500,000 were the biggest movers accounting for nearly 50% of all sales.
Squaw Valley — $1,800,000
Northstar — $1,677,500
Carson Valley — $496,160
Sierra Foothills — $553,976
South Lake Tahoe — $737,000
Truckee — $1,200,000
Reno — $515,000
Incline Village — $2,100,000
East Shore — $1,527,500
North and West shores — $1,118,000
Plumas and Sierra County — $430,000
*Single Family Homes. Data supplied by regional Multiple Listing Systems
The uptick is good news for sellers but bad news for prospective home buyers looking to own their slice of paradise.
Real estate professionals warn buyers against getting caught in the hype and urge them to avoid taking on a home with major flaws or overpaying for a property.
“Find an experienced, locally-based real estate professional who knows the ins-and-outs of the market,” says Crezee. “Working with an inexperienced or out-of-area agent could cost you access to the best industry partners as well as valuable time, money or perhaps your dream home.”
For sellers, homework is needed to achieve top dollar. The pros suggest staging the home and doing inspections and repairs in advance. Also price your home competitively to attract the largest pool of buyers.
To see critical market data including days on market and list versus sale price broken down by all Reno and Lake Tahoe neighborhoods visit tahoemicroreports.com.
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