When comparing sales activity for lakefront sales at Lake Tahoe from January through September of 2022, the overall sales volume is down from 2021. It is difficult to compare any year of sales activity to the banner year of 2021. It appears that the number of units sold and sales volume have simply returned to pre-pandemic levels. In some ways, we can say that sales have returned to normal.
North Shore Lakefronts
The median price of lakefronts on the North Shore dropped 43%, while the average sales price is up 17% in 2022. In 2021, the average sold price was $7,248,406 and in 2022, this number rose to $8,450,000. Days on the market grew from 51 days in 2021 to 62 days in 2022.
The highest sold price was at $23,640,000 compared to only $11,000,000 in 2021. Five lakefront properties have sold in 2022, compared to 8 in 2022. When looking back at 2019, only five properties were sold and the median price was $4,300,000 compared to $4,650,000 in 2022.
West Shore Lakefronts
Lakefront sales on the west shore of Lake Tahoe were significantly lower from January through September 2022. The total dollar volume in 2021 was $104,465,000 with 12 properties sold. In 2022, only two lakefronts were sold from January through September. The average sold price in 2021 was at $6,950,000 compared to $8,705,406 in 2021 showing a 20% drop.
South Shore Lakefronts
On the south shore, the median price of lakefronts in 2022 was up 46% from $1,475,000 in 2021 to $2,150,000 in 2022. However, the average sold price was at $2,150,000 compared to $3,711,000 in 2021.
Only 2 lakefront properties sold, compared to 5 in 2021 dropping the total dollar volume 77% from $18,565,000 in 2021 to $4,300,000 in 2021. The days on the market were at 28 days in 2021 compared to 105 in 2021, showing a lack of inventory that brought the volume down.
East Shore Lakefronts
The east shore of Lake Tahoe shows a similar drop in units for 2022, with only 4 lakefronts sold compared to 13 in 2021. The overall dollar volume dropped 56% from $131,525,000 to $58,240,000. However, both the median price and average sold price were up. A lakefront sale at $32,000,000 brought the average sold price up to $14,560,000 from $10,117,307 in 2021. While the number of units tracks to pre-pandemic numbers, the median price in 2019 was only $4,550,000 and this rose to $8,500,00 in 2021 and $9,350,000 in 2022.
Incline Village and Crystal Bay Lakefronts
The biggest drop when comparing 2022 to 2021 is in Incline Village and Crystal Bay with only one lakefront sold up through September in 2022. The average sold price dropped 52% and the dollar volume was down 90%. In terms of available lakefront inventory, there are not a lot of available homes for sale.
A lakefront and lodge-like estate is available on Lakeshore Blvd, offered at $14,950,000. A $25,000,000 lakefront is available in Secret Harbor, on the east shore, but not far from Incline Village.
As interest rates slow the market, we are seeing inventory rising across Lake Tahoe. On the north and west shore of Lake Tahoe, there are only 35 lakefront homes available. A few coveted neighborhoods like Brockway Hot Springs and Fleur Du Lac have listings for the first time in a few years.
Contact me today to learn more about the Lake Tahoe real estate market or for a free property analysis of your lakefront home.