We are finalizing our quarterly market report as real estate nationwide is starting to shift. Make sure to reach out with your mailing address if you want to be included!
While record-high home prices and increasing mortgage rates are proving problematic for some individual homebuyers, the investor demand is stronger than ever. Skyrocketing rents due to low inventory and first time home buyers being priced out of the market are incentivizing investors who are flipping houses and charging higher rents. Rentals nationwide are up 14.1% since this time last year. In the 4th quarter of 2021, investors bought up 18.4% of homes nationwide, a record high compared to 12.6% in the 4th quarter of 2020. It continues to be extremely difficult to compete with investors in this market as 75.3% with all cash in the fourth quarter. The percentage of investors moving into higher priced homes was up 24.1% from last year incentivized by inventory being at an all-time low.
Despite a fewer number of buyers overall nationwide the MLS data still largely reveals a market that’s hotter than ever, with homes selling at their highest prices and fastest pace on record. Demand here at the Lake continues to rise. Zillow reported that South Lake Tahoe was the number one search in all of the US in 2021! The Nevada side of Lake Tahoe is in even hotter demand primarily due to tax benefits, better schools, roads, and lower inventory.
Locally we had 4 new condos and 1 new home come onto the market this week. We currently have 15 active condos ranging from $339,900 to $1,750,000 for our listing at 600 #36 Hwy 50, in the lakefront gated community of Pinewild; the median condo price is $849,000 up 9% since last week. We currently only have 23 active homes on the East Shore ranging $1,225,000 to $35,000,000 with the median price of $2,900,000.
Year to Date Local East Shore Lake Tahoe, Nevada Stats:
- Total Sales YTD: Condos: 35 | Homes: 30
- The Median Sales Price: Condos: $710,000 | Homes: $1,649,500
- Number of sales over $1 million: Condos: 8 = 23% | Homes: 26 = 87%
- The highest priced sale: Condos: $5,665,500 (Tahoe Beach Club) | Homes: $32,000,000
- Median Price Per Square Foot: Condos: $571.76 | Homes: $646.75
- Median Days on the Market: Condos: 85 | Homes: 104
We will be mailing out our in-depth market update for the first quarter of 2022 next week. If you would like to be included please reply with your current address and I’ll add you to my mailing list.
If you have anything you want to share with our community please let us know so that it can be included in future newsletters.
Thank you!
Craig Zager & The Zager Group