South Lake Tahoe Monthly Market Update, April 2022
While housing demand will eventually slow as interest rates continue to climb and remain elevated, tight supply is the key to higher housing costs in the short term and the long term. With more homes being listed onto the market in the next few months, while home building momentum continues to push forward in the second quarter, housing costs will likely ease later this year but may not start leveling off until after the spring home-buying season.
In April, our current inventory was still low with a total of 138 homes on the market. However, 35% of these homes were under contract. Leaving our housing inventory with a total of only 91 homes available. That's 64% less inventory compared to April 2020. The number of homes under contract went down 27% in April, compared to the same month last year. That's probably due to a mixture of low inventory and interest rates going up. We are also starting to see more price reductions than usual. This could be a sign of a deceleration on the market's pace.
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Avg Days on Mkt
Stats Comparison from a Year Ago
South Lake Tahoe CA
- Median Sales Price - April 2022$750,000
- Median Sales Price - April 2021$650,000
- Number of Homes Sold - April 202263
- Number of Homes Sold - April 202166
- New Listings - April 202273
- New Listings - April 202186
- Total Number of Homes on the Market - April 202291
- Total Number of Homes on the Market - April 202182
- Number of Homes Under Contract - April 202247
- Number of Homes Under Contract - April 202164
- Average Days on the Market - April 202240
- Average Days on the Market - April 202153
- Number of Foreclosure Homes on The Market - April 20220
- Number of Foreclosure Homes on The Market - April 20210
- Number of Short Sale Homes on The Market - April 20220
- Number of Short Sale Homes on The Market - April 20210
This Month’s Must See Home for Sale
The choice for April's must-see home of the month is 592 Otomites St, listed at $695,000. This is a classic Tahoe Chalet set on a 10,454 sq. ft lot backing to miles of forest service land. This cabin is in a wonderful location for those that enjoy exploring Lake Tahoe, snow shoe, cross country ski, hike or snowmobile from your backyard. Then come in and enjoy the cozy living room with open fireplace and custom handcrafted log accents, including log railing on the staircase. This cabin was updated when the current owners purchased it in 2004, at that time new windows, appliances, rigid insulation in the upper bedrooms, log accents, roof and floor coverings were installed. The first floor includes the living room, kitchen, two bedrooms and a full bath with stacked washer/dryer. Upstairs are two bedrooms with vaulted ceilings and skylights. One bedroom has a small coffee deck, but no closet.
This Month’s Most Expensive Home for Sale
The most expensive new listing that entered the market this month was 2611 Copper Way, listed at $4,250,000. This home was built in 2018 and it features 10 Bedrooms / 10 Bathrooms / 7,278 Sq Ft / 3 Car Garage. Ultra luxury home with more amenities than one can imagine. With indoor pool, theater, game room, and a huge great room you may never want to leave. The game room is complete with your own sports bar including a pool table, shuffle board, foosball, gas fireplace, 4 TVs and deck access. Upstairs, a gourmet kitchen features 2 huge islands, a commercial style range and extensive cabinetry. The adjacent great room boasts soaring 20' ceilings, and a loft above with an additional wet bar and TV area. 8 of the bedrooms are suites allowing for great privacy. Selling turn-key with all of the top of the line Restoration Hardware furnishings included.
This Month’s Least Expensive Home for Sale
The least expensive new listing that entered the market this month was 1200 Wildwood Ave #18, listed at $375,000. Turn-key furnished condo located on flat ground just a few blocks from the Stateline, Heavenly Gondola and Lake Tahoe! The condo features downstairs living with a wood burning fireplace in the living room. Just off the kitchen is the bathroom/laundry combo. Upstairs there are two large bedrooms and a bath. Lots of storage with many closets inside, this condo is one of only a few that features a CARPORT with a storage closet for all the Tahoe toys. The condo comes completely furnished and is currently one of the lowest priced properties in the Tahoe area. Just a short walk/bike ride to many shops, restaurants and markets. The Heavenly shuttle bus stop also picks up just down the street.
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