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2022 Market Wrap Up

This week we are sending you a glimpse of the 2022 market wrap up and letting you know that we are mailing our in-depth market report via our quarterly newsletter next week. Please reply with your physical mailing address if you would like to be included.

CURRENT INVENTORY

We are still very low on local inventory. Currently there are only a total of 76 homes and condos for sale, down from 95 last quarter. Of the 76 properties, 11 are pending (14%). There are 45 single family homes, 8 are pending (18%), and median price is up 7% from Q3. At this time, the lowest priced active Nevada home is $1,025,000. With regard to the condo/townhome market, currently there are 31 (down 25% from Q3) for sale and the lowest price condo available is $325,000. Of the 31 listed condos, 3 are pending (10%).

Q4

Home sales for Q4 of 2022 totaled 14 with a median sales price of $1,577,500 compared to 3rd quarter sales of 24 homes at a median sales price of $1,450,000. Of the 14 homes sold in Q4, list vs selling price was 92%, median selling price per sq. ft. was $798.40, median days on the market was 110 and 36% were purchased with cash. The highest priced home sale was $13,000,000.

As for the 2022 4th quarter condo/townhouse sales, there were a total of 13 with a median sales price of $650,000. Of the 13 condos sold in Q4, list vs selling price was 96%, median selling price per sq. ft. was $576.81, median days on the market was 123 and one was purchased with cash.

2022

Of the 84 homes sold in 2022, list price vs selling price was 97% (up 2% from 2021), median selling price per sq.ft. was $663.27 (up 8% from 2021) and median days on the market was 76 (up from 72 in 2021). Median sales price was $1,552,500 (up 10% from 2021) and 37% were purchased with cash. In comparison, in the 2021 there were 158 home sales and the median price was $1,417,500, list to sell price was 95%, median selling price per sq.ft. was $612.42, median days on the market was 72 and 46% were cash purchases.

Of the 85 condo/townhomes sold in 2022, list vs sell price was 97%, median selling price per sq.ft. was $593.82 and median days on the market was 80. Median sales price was $680,000 and 26% were purchased with cash. In 2021 there were 100 condo sales and the median price was $694,500, list to sell price was 102%, median selling price per sq.ft. was $543.40, median days on the market was 55 and 34% were cash purchases.

In 2022, the closed volume was $321,326,777 including 169 condo/townhouse and homes sales on the Nevada East Shore; the Zager Group was involved with 22% (38) of these sales. The Zager Group is #1 again in units and volume closed in 2022 on the East Shore of Lake Tahoe, Nevada with over $77,000,000 in sales. We contribute our success to our commitment in providing the highest quality service to our friends and clients and are constantly striving toward improving our knowledge, services and resources.

We appreciate any and all feedback on how we can better serve you. Thank you for the opportunity to help you with your real estate needs and for your continued trust and support! If you have any questions or if we can provide you with any services, please feel free to reach out anytime.

Happy New Year!

Craig Zager & The Zager Group