It seems like just yesterday we were ringing in the New Year, and wondering if it was possible for business in 2022 to top 2021. Three weeks in, we can confidently say that this year is projected to be even busier than last year!
2021 North Lake Tahoe Real Estate Year In Review
2,048 Residential Sales – Down 18%
$2.8 Billion in Dollar Volume – Up 6%
$1,387,000 Average Sale Price – Up 29%
$900,000 Median Sale Price – Up 23%
2,562 Active Listings – Down 28%
49 Average Days on the Market
Last year, Team Blair Tahoe handled $291M in sales volume across 218 deals – a record number! With multiple deals in progress, we are anticipating more busy months ahead. However, the past few month's activity has led to some interesting revelations:
- The fact that 60-70% of homes are still selling for the asking price or above highlights the importance of buyers being willing to compete, however;
- Sellers need to price their homes correctly or their Days on Market can jump 4-5X as buyers have become more cautious around overpriced properties.
The past year proved that the famous Lake Tahoe lifestyle is in high demand! Even as prices soared, buyer demand continued. Today, our Buyer’s Agents have a roster of clients waiting for their dream home to come on the market.
Low inventory didn’t, and shouldn’t, slow overall growth. Although the number of transactions in North Lake Tahoe decreased by 18%, the average price increased by 29%. Records were set in communities all around the lake, proving that the appeal of mountain life is as strong as ever!
Looking forward, the sales cycle may slow a bit, but available inventory should continue to hold its value. The pandemic, stock market activity, and remote work trend will continue to be factors in how the Lake Tahoe real estate market evolves. Homeowners who appreciate their newfound lifestyle will likely hold onto their investments, even if companies bring back ‘in-office’ work. One thing is for sure, this will be another fascinating year to be involved in Lake Tahoe real estate.