Despite Slowdown of Covid-Panicked Buyers Exiting Big Cities
The Lake Tahoe area, much like many of the resort communities around the country, such as Aspen, Vail Sun Valley, Jackson Hole, and Breckenridge, have seen strong growth and sales and an upward trajectory of prices in early 2022.
According to Camille Duvall, Global Real Estate Advisor at Sierra Sotheby's International Realty, "We are seeing a slight shift in the market in that there are not 30 offers for a property; there are four or five offers. Buyers no longer feel the "pandemic panic" to get out of larger cities. The crazy phenomenon we experienced last year is that buyers entering into contracts for $6M+ properties over face time is no longer the norm. The combination of aspirational selling prices and buyers taking their time to perform due diligence brings a tiny glimmer of balance to the market.
"In the under $2 million market, long-time locals in the area are starting to recognize the equity that they have in their homes.
"We are still seeing a steady trickle of those homes come onto the market, especially in the outlying surrounding areas off the lake. Lakefront homes on Tahoe are still at a premium, with a 12 total of just sales in 2021, featuring a high sale of $31.5M in Incline Village. 2022 is starting off strong, with five sales in Q1 and continued strong pricing with a high sale of $19.770M.
"If these trends continue, we should see some breathing room with the inventory in the Lake Tahoe market", concludes Duvall.