Quarter 2 Market Report
Currently there are a total of 98 homes and condos for sale, up from 59 last quarter! Of the 98 properties, 13 are pending (13%). There are 57 single family homes, 8 are pending (14%), median price is $2,850,000. At this time, the lowest priced active Nevada home is $1,088,000 and the average number of days on the market is 93 (down from 100 in Q1). With regard to the condo/townhome market, currently there are 41 (up 46% from Q1) for sale and the lowest price condo available is $399,000 (up 23% from Q1). Of the 41 listed condos, 5 are pending (12%). The median price is $818,000 and average days on the market is 35 (down from 65 in Q1).
Home sales for 2nd quarter of 2022 were a total of 18 with a median sales price of $1,963,000 compared to 1st quarter sales of 28 homes at a median sales price of $1,549,500. Of the 18 homes sold in Q2, list vs selling price was 99%, median selling price per sq. ft. was $712.99, average days on the market was 70 and 9 were purchased with cash. The highest priced home sale was $10,100,000.
With regards to the 2022 2nd quarter condo/townhouse sales, there were a total of 24 with a median sales price of $725,000 compared to 1st quarter sales of 32 condos at a median sales price of $677,500. Of the 24 condos sold in Q2, list vs selling price was 97%, median selling price per sq. ft. was $607.64, average days on the market was 87 and 7 were purchased with cash. The highest priced condo sale was the beachfront unit we sold in Pinewild for $3,100,000.
Totals for 1st half of 2022
Of the total of 46 homes sold in the 1st half of 2022, list price vs selling price was 94%, median selling price per sq.ft. was $628 and average days on the market was 109. Median sales price was $1,750,000 and 18 of the 46 were purchased with cash. In comparison, in the 1st half of 2021 there were 90 home sales and the median price was $1,495,000. For condo/townhome 2022 sales, list vs sell price was 98.6%, median selling price per sq.ft. was $593 and average days on the market was 92. Median sales price was $702,500 and 13 of the 56 were purchased with cash. In the 1st half of 2021 there were 64 condo sales and the median price was $657,500.
So far in 2022, the closed volume was $193,617,500 including 102 condo/townhouse and homes sales on the Nevada East Shore; the Zager Group was involved with 16% of these sales. The Zager Group is #1 again in units and volume closed so far in 2022 on the East Shore of Lake Tahoe, Nevada with over $60,000,000 in sales. We contribute our success to our commitment in providing the highest quality service to our clients and friends and are constantly striving toward improving our knowledge, services and resources.
We are mailing out our quarterly in-depth market report this week. Please reach out if you want to be included and are not currently on our mailing list.
As you can see from the graph above, we are finally starting to see some rebalancing in the real estate market. Mortgage rates dropped to the lowest point in 3 weeks. This pause should help the housing market rebalance to a more normal pace of home price appreciation. If you’ve been following along for the past weeks, you already know that this is a great thing in the big picture of real estate investing and is best viewed as a shift back in the direction of strength and stability. A majority of the price cuts are among sellers who were getting avaricious based on the bidding wars and exorbitant prices over past 2 years. Price reductions among that cohort are a welcome sight for investors! We want property value growth to be steady and sustainable. There is no need to panic, as scary as the headlines have been over the weeks. This is not the mess we were in in 2007 with the lending debacle–just enough of a return to normalcy to regain balance and stability in the real estate market. As we’ve been discussing in the past months, the word is out in surrounding state–owning property in Lake Tahoe, Nevada is a tax saving, precious commodity! Here’s the numbers from our local market this week:
We had 3 new condos and no new homes come onto the market this week. We currently have 36 active condos ranging from $399,000 to $5,425,000; the median condo price is $837,450. We currently have 46 active homes on the East Shore ranging from $1,088,000 to $64,500,000 with the median price of $2,9,000. Here’s a year to date local update:
Local East Shore Lake Tahoe, Nevada Stats – All Year to Date
- Total Sales YTD: Condos: 56 | Homes: 46
- The Median Sales Price: Condos: $702,500 | Homes: $1,750,000
- Number of Sales Over $1 Million: Condos: 12 = 21% | Homes: 40 = 87%
- The Highest Priced Sale: Condos: $5,665,500 (Tahoe Beach Club) | Homes: $32,000,000
- Median Price Per Square Foot: Condos: $593 | Homes: $628
- Median Days on the Market: Condos: 74 | Homes: 76
- List to Sell Price: Condos: 98.6% | Homes: 94%
- Price Reductions this Week: Condos: 2 | Homes: 3
Your Realtor should not only be someone you trust in knowing the real estate market but also in wealth building, preservation and management. At the Zager Group, we don’t take this responsibility lightly. We are committed to continuously learning and sharing about making the wisest choices for our future and the future of our friends and clients. We pride ourselves in being experts in this field. If someone you care about needs guidance or recommendations, please share our contact information as we are honored to be able to help! If you would like to receive our in-depth market update or would like an evaluation of your property’s value we would love to hear from you! We’ve put together some information below that we think you’ll find useful. 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