2019 Lakefront Market Report Lake Tahoe
What is most notable about the 2019 market report for lakefront homes at Lake Tahoe is that we don’t have a lot of inventory. While inventory has continued to grow throughout the Tahoe basin all during 2019, that is not the case for homes actually located on Lake Tahoe. The median sale price for lakefront homes on the West shore is up almost 20% over 2018. On the North shore, the median price rose 14% over 2018.
Inventory is Down Prices are Up
Inventory levels for lakefront listings at Lake Tahoe did grow during the first couple of quarters of 2019, as sales numbers dropped. However, by September the number of listings coming onto the market had decreased and October showed strong sales. While there were 45 lakefront listings on the market in August 2019, this number has dropped to 29 in December. This is good news for sellers who are still getting close to asking price for their lakefront homes.
Longer Days on Market
As expected, higher inventory levels and prices translated into a longer selling period. The median days on market for lakefront properties went from 60 days in June to over 100 days in November. The sale to list price for Lakefront homes dropped slightly from 98 to 94%. I expect the trend of higher median prices against a lower number of sales to bring only a slight reduction in price for the lakefront market.
Lakefront home sales on the North shore of Lake Tahoe show sales numbers growing over the past 3 years. However, 2019 was a bit slower. The median price grew 29% over 2018’s for lakefront homes on the North shore.
Sales 2018 vs 2019 Slightly Slower
2018 was a very strong year for sales and we started 2019 with lower inventory. We are finishing up the last quarter of 2019 with 4 sales in November, while 7 new lakefront listings came on the market, bringing the inventory to 29 lakefront homes for sale in December 2019. Overall, there was a 41% decrease in sales of lakefront homes over last year.
Median Price Up Lakefront Homes
The median price of active lakefront listings is at 3.7 million and increased 12% over last year. It is interesting to note that more than 88% of lakefront listings have sold for over 2 million, leaving very little opportunity for an entry level lakefront home. While prices may adjust as inventory levels grow, the market for lakefront homes is always strong because of the limited supply. Homes with piers and buoys are especially popular because of the difficulty in building a new pier or adding buoys to Lake Tahoe.
On the West shore of Lake Tahoe, sales numbers have held steady over the last 4 years. The median sales price has grown a whopping 45% from 2018 to 2019
Quaint Neighborhoods and Coves
There are many quaint neighborhoods for lakefront living on the West shore. This includes the secluded neighborhood of Sunnyside all the way to the incredible views and lakefront homes at the Rubicon. The North shore too, has many wonderful coves and entry level lakefront buying opportunities.
Whether you are considering buying a lakefront home at Lake Tahoe, or would like a free comparative market analysis, I am an expert in lakefront real estate at Lake Tahoe. Sierra Sotheby’s is the market leader for lakefront homes sales at Lake Tahoe and no other company has the international connections and sophisticated marketing solutions that we can offer you. Contact me today for more information!