Huge Demand for Lake Tahoe Homes
The pandemic has actually increased the demand for Lake Tahoe homes. The market report for Lake Tahoe home sales has been through several phases this year. We began 2020 with strong sales compared to 2019. The stay at home order during the second quarter temporarily stalled sales activity. Currently, home sales are showing record-breaking numbers.
June and July showed a huge growth in year over year sales. We are approaching the second half of 2020 with more demand than supply. The days on market has been cut in half and multiple offers are the norm. This means that the second half of 2020 should also be strong, as long as new listings become available.
Many buyers are coming from the Silicon Valley and Bay Area. Companies are allowing employees to work remotely and children are attending schools online. Once the shelter-in-place order was lifted, we had a huge influx of buyers, visitors and renters who preferred to exchange city life for mountain living.
Sales Statistics Year over Year
In looking at sales activity just for July, home sales were up a whopping 141% over last year. This includes the entire California side of Lake Tahoe from Truckee to the North shore and West shore. As available inventory started to decline, the median price increased 20% from $716,000 in July 2019 to $860,000.
May saw 190 homes go into contract, 318 sales in June and 298 in July. Many buyers are choosing Lake Tahoe as their primary residence because they are now able to work remotely and commute to the Bay when necessary.
Year over Year Inventory Numbers
According to the Tahoe Sierra MLS, in 2019, the average days on market for homes on the North Shore of Lake Tahoe was 101 compared to only 45 days in 2020. The number of days on market to sell a home in Truckee dropped from 86 to 57 in 2020. Sales activity during the second quarter of last year showed 262 sales, while this year we have had 308 sales.
Sold properties over $2,000,000 was at 19 in 2019. We finished the second quarter with 25 properties selling over $2,000,000. In virtually every market, sales are up while inventory is declining.
As available inventory declines, home builders are also reporting an uptick in business. Many people are buying lots and building their mountain retreat.
Visiting Lake Tahoe Safely
Lake Tahoe and Truckee have implemented many safe practices that have allowed restaurants, stores and even Farmer’s Markets to re-open. Of course, hiking through the many beautiful trails of Lake Tahoe allows for great exercise without the risk of being in close proximity to others.
I follow safe practices too, in helping buyers to find the perfect home. Once I understand your needs, I can provide virtual tours and answer your questions live as we tour the property. When you are ready to visit the home, we take separate cars, wear masks and tour the property following the best practices that ensure the safety of both buyers and sellers.
A Great Time to Buy or Sell
It is hard to know how long this trend will last, and it is a great time to list your property for sale to receive the best possible price. At the same time, the lack of inventory will most certainly drive home prices up – so if you are thinking of buying, you might want to jump in.
Whether you are thinking of buying or selling your home at Lake Tahoe, I would love to help you. Contact me today for a free market analysis or to arrange a safe home viewing.
I love introducing clients to the amazing lifestyle only Lake Tahoe and Truckee can provide. Contact me today for more information or for a market analysis for a specific neighborhood. I’d love to show you around.