Luxury Market Lake Tahoe
The Luxury Market Report for May 2023, issued by the Institute for Luxury Marketing, studies luxury real estate trends across North America. Their market analysis also compares sales in different resort areas across the United States and Canada.
Luxury Trends
One of the trends across the board revealed how there was a 10% increase in the number of affluent people owning three or more homes by the end of 2022. This group represents individuals with +5 million of net income.
The study also indicated that most luxury buyers prefer move-in ready homes due to the challenges of supply-chain issues and the difficulty of finding contractors. Properties that require any type of updating or renovations required value-based pricing, or slightly below market prices.
Reduction in Inventory
From August of 2022 until January and February of 2023, the days on market steadily increased from 8 days to 35 and 40 days respectively. This number began to shift down again in March 2023, as inventory for luxury homes became depleted. March 2023 required 23 days on market to sell, and April shows this number was down to 17.
The price per square foot has remained relatively stable at $452 per square foot in April 2022 and $422 in April 2023. February 2023 was at $418 per square foot, so this is inching back upward for luxury homes.
The median list price was at $1.7 in April of 2022, but it has risen to $1.722 in April 2023. This is another factor of a lack of supply. The list to sale price was at 100% in 2022, but has fallen to 99.11% in 2023. This is still indicative of a strong market and the numbers are similar to Lake Tahoe’s current market.
Resort Markets with Highest Sale Prices
The western resort markets that are showing the highest sales prices include Aspen ($11,375,500), Whistler ($9,000,000), Telluride ($6,661,250), and Los Angeles Beach Cities ($4,263,250).
The median sale price for Lake Tahoe is currently at $1.7 million. While other luxury markets are holding steady to a seller’s market, the growing inventory of luxury homes in Lake Tahoe is starting to show an inventory balance that is indicating a buyer’s market, according to their report.
Sales activity for luxury attached homes, which includes townhouses and condos are still showing a seller’s market at Lake Tahoe. The median sold price is at $1.5 million and there is a growing shortage of inventory.
Lakefront Inventory Down
It is worth noting that lakefront homes on the north and west shore of Lake Tahoe are also experiencing a lack of inventory. An exquisite home in Fleur du Lac just recently went contingent, and an iconic and charming lakefront residence in Carnelian Bay just sold. Lakefront condos seem to sell within only a few weeks of being listed.
There are currently only a handful of lakefront homes for sale.
This architecturally stunning Tahoe Vista lakefront home is currently available.
6350 North Lake Boulevard
Contact me today for specific information on the many luxury markets in Lake Tahoe and Truckee. I can also provide you with a no-obligation market analysis of your property.
Trudi Lee has been selling and listing residential real estate at North Lake Tahoe for over 30 years. Her real estate philosophy maintains a meticulous attention to the needs of her clients…