The Nevada East Shore real estate market heated up in 2019. Thus far we’ve experienced 25% more single family residential sales than during 2018. The increase in numbers from 106 to 133 units does not include 6 lakefront sales. The median sales price for the area also increased 13.9% to $900,000. Days on market to sell a home declined by 15%. I’m seeing an increase in the number of families wanting to leave California. Happy Holidays!
It is slowing down a bit in the South Lake Tahoe real estate market but primarily within the county area. While the number of sales in the past 12 months within the city limits stayed steady near 350 we had a 20% drop in the number of sales in our county areas along the N. Upper Truckee and Pioneer Trail corridor. I noticed quite a few vacation rental home sales this year. I wonder if the city maintained 2018 sales numbers because of Proposition T which bans vacation rentals outside of the tourist corridor at the end of 2021? Days on market for both areas however stayed near 2018 levels at 79 which tells me urgency levels have been sustained. Sales prices increased 5.4% within the city limits while county areas received an increase of only 3.9%. I would have thought county levels would increase higher in value along with an increase in the number of sales but that was not the case. There have been 226 county sales within the Tahoe Basin in the last 12 months. Final numbers for all of Lake Tahoe areas should arrive before mid-January. Happy Holidays!
October’s median sales price for single family residences on the NV East Shore was $1,000,000. Days on market averaged 111. The lowest priced unit sold was located on Tina Ct for $499,000. The highest was in the Glenbrook community for $5,450,000. Most of last month’s sales occurred in the mid Kingsbury and Zephyr Heights communities. There were a total of 15 sales last month. This compares to only 10 residential units sold last year at this time with a median sales price of $778,750.
October’s median sales price for both city and county areas backed off from last month’s annual high to $480,000. We’ve bounced off this level 3 times since April 2019. For a look at the median sales price for each neighborhood along with the average days on market and the number of units sold see below.
Days on market in October increased by 10% from this time last year. However the total number of sales in the 89448 zip code doubled from 6 last year to 13. The median price of those sales also increased from $641,500 to $800,000 but this last bit of information really only says that those with lower priced homes decided to sell last year while those with higher priced homes decided to sell this October. The important figure to note here is the increase in the average days on market. This typically means a slowdown in the market place however we’ll watch to see what occurs over the next few months. Please contact me if you have any questions or concerns or would just like to receive a free price analysis of your residence. Robert Stiles, REALTOR® CHASE INTERNATIONAL BS.1001136 NV 530-314-0352
What goes up must come down, right. Well prices did decline over the last 3 months however in September prices jumped to near all-time highs not seen since the summer of 2006. The median sales price for the South Lake Tahoe city and county areas rose last month to $485,000. Only $4000 off our highest median sales price ever – $489,000 which occurred two months earlier in April 2006. Can we still go higher? Only time will tell.