May 2022 Lake Tahoe Market Report
We finished the first quarter of 2022 in Lake Tahoe with a reduction in the number of sales, compared to last year’s first quarter. However, the median price continues to rise. In the Tahoe Sierra MLS, 31% of homes sold were over 2 million, while the Incline Village MLS showed 69% of homes sold were over 2 million.
In Q1 of 2021, Incline Village had 91 sales, compared to a reduction to only 53 sales in the first quarter of 2022. Lakefront sales in North Lake Tahoe and Incline Village were also down with only 2 sales in Q1 2022, compared to 7 in Q1 2021.
We are beginning to see a rise in inventory in some areas. If more lakefront homes come on the market, we could see these sales numbers increase because demand still exceeds supply.
Significant sales in the first quarter included a lakefront home in Carnelian Bay that sold for 23.6 million. While the number of sales continues to decrease due to a lack of inventory, the median home price is now 1.37 million, up 21% over 2021.
May vs. April 2022
When comparing May 2022 to April 2022, we get a slightly different picture. In the Tahoe Sierra MLS, April of 2022 began with only 140 listings and closed with 60 sales. May, on the other hand, began with 237 listings and closed with 86 sales. This shows an increase month over month in 2022.
If inventory continues to rise, we may see sales number increase because the pent-up demand hasn’t changed in the Lake Tahoe and Incline Village real estate market.
When you compare the luxury market in May 2022 to April, we also see an increase. April 2022 only had 5 sales of homes from $3 to 5 million, while May shows 9 sales in this price point. Additionally, the dollar volume on the North Shore for April 2022 was only $16.6 million, compared to $26.3 million in May. On the West Shore, the volume in April was $4.1 million compared to $5.6 million in May.
Overall, the first quarter of 2022 shows a decrease compared to the first quarter of 2021. With an expected increase in inventory, we may still close the second quarter of 2022 with higher numbers.
New Lakefront Listings
6073 North Lake Blvd, Carnelian Bay
On the market only 10 days, this spectacular panoramic Lake Tahoe home has stunning mountain and lake views. This split lake front home offers 5 bedrooms and 4 bathrooms, a gourmet kitchen with built ins, and a fabulous sundeck over a boat lift with steel pilings and a buoy. It includes a beautiful primary suite, with huge walk in closet and a bathroom with a walk-in shower and jacuzzi bathtub. The marble floors and countertops are heated. Just down the street from Gar Woods, enjoy the unobstructed lake views from each level!
8747 Lakeside Dr, Rubicon Bay
This new listing is a perfectly appointed west shore retreat, https://www.steveandchristineperry.com/mls/8747_Lakeside_Drive_Rubicon_Bay_CA_961500000-20220950situated just above the crystal clear, turquoise waters of Rubicon Bay. Located at the end of Lakeside Drive with no through traffic, creates peace, serenity and privacy for this lakefront paradise. 120 feet of pristine white sand beach is protected by rock jetties at both ends, and includes two buoys making this property the perfect summer getaway. This stunning lakefront lodge features 4 ensuite bedrooms and a beautiful stone patio with sweeping lake and mountain views.
61 Somers Loop, Crystal Bay, NV
This property is not a new listing, but it is quite unique and is located the crystal coastline of Crystal Bay, Nevada. This massive lakefront acreage is one of the last, great untouched swathes of land and includes one of Tahoe’s most prominent points. Throughout the 5.61 pristine acres on Lake Tahoe’s Crystal Coastline lies the opportunity to build your Nevada legacy estate compound that includes 1690 feet +/- of unrivaled shoreline. The 360 degrees of top-of-the-world views are just the beginning of this paradise. Rise with the sun, stroll its Sierra landscape, bask on the sun-kissed beach, cruise the sparkling waters at sunset, gaze into the stars - every day and every night. Prestigious waterfront amenities include 1 pier with boathouse and 2 permitted buoys. Take it all in, then design the residence and accompanying amenities to suit generations to come.
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