2nd Quarter Lake Tahoe 2022 Sales Report
The Market Report for the 2nd Quarter of 2022 in Lake Tahoe shows the result of coming into April with limited inventory. The result was a reduction in unit sales and dollar volume in a year over year analysis in most areas.
The 3rd Quarter numbers for 2022 will probably show a more dramatic downward shift as inventory has increased to normal levels and higher interest rates have cooled market activity.
NORTH AND WEST SHORE LAKE TAHOE
The North Shore and West Shore saw the most significant decrease. However, numbers for dollar volume on the West Shore can be skewed because of one or two lakefront sales over $10 million. Still, when comparing unit sales, there was a drop year over year.
On the North Shore, we had only 36 sales in the 2nd quarter compared to 50 in 2021. The dollar volume dropped from $81.7 million in 2021 to $64.5 million in 2022. Surprisingly, the median price held steady year over year at $1.2 million. Days on market for sales was slightly longer at 29 days, compared to 22 days in 2021.
Sales on the West Shore dropped more than 50% with only 17 sales compared to 40 in 2021. The dollar volume too, dropped from $89.4 million to only $28.3 million in the 2nd Quarter of 2022. The median price did not change significantly, increasing to $1.3 million from $1.2 million in 2021. Homes sold more quickly, showing an average of 13 days on market, compared to 31 in 2021.
ALPINE MEADOWS AND SQUAW VALLEY
The Alpine Meadows/Squaw Valley market for the 2nd Quarter of 2022 revealed a large increase in the median price, from $1.8 million in 2021 to $2.4 million in 2022. However, a $4 million sale in May on Hidden Lake Loop seems to have skewed the median price. Unit sales held steady year over year, but the dollar volume was slightly lower, at $26 million compared to $28 million in 2021.
Northstar numbers for the 2nd Quarter of 2022 are actually higher than in 2021, which is unusual compared to the entire region. We had 9 sales compared to 4 in 2021, with dollar volume at 15.6 million, compared to only $5.6 million in 2021. Homes continued to sell very quickly at an average of 10 days on market prior to selling.
While Truckee listings in the 2nd Quarter of 2022 sold more quickly than in 2021, with only 18 days on market compared to 29 in 2021, year over year sales numbers did not show much change. There were 91 sales in the 2nd Quarter, compared to 96 this time last year. Dollar Volume was actually higher at $187 million, compared to $175 million in 2021. This is due to the increase in median price from $1.1 million in 2021 to $1.2 million in 2022.
Tahoe Donner showed the result of a similar median price increase. There were less unit sales, at 74 in 2022 compared to 78 in 2021 but the median price increased from $1.1 million to $1.29 in 2022. This increased the total dollar volume sold from only $91.8 million in 2021 to $104.9 million in 2022.
This week, there was a surprise drop in interest rates, even while the FED increased rates on July 27th. Homes are selling faster this year as long as they are priced competitively. Some homes that remained on the market at the 1st Quarter list prices of a more competitive market, did have price reductions.
Inventory is slowly returning to normal levels, but we still have a healthy demand for the type of property that can only be found at Lake Tahoe. Contact our team today for a free property analysis of your home or for information on available listings.