South Lake Tahoe Monthly Market Update, February 2022
As we're quickly approaching 2022’s spring market, federal government has increased mortgage rates already in Q1 and economists are holding their breath as they anticipate further rate hikes this month (and throughout the year to come). This has left serious prospective homebuyers scrambling to find their dream homes at the lowest, locked-in rates that they can, forcing even more competition and home price increases across most markets. Sellers are still skeptical of how they can successfully make their next move, so inventory is continuing to plummet. Inventory numbers are likely to increase as the warmer months arrive, but should remain low by typical spring market standards.
In February our current inventory continues to hit a record of an all time low. Inventory is down 42.5% compared to the same month last year. There were 50 new listings coming up on the market last month, compared to 74 new listings in February last year. The median sale's price is continuing to increase as inventory stays low.
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Avg Days on Mkt
Stats Comparison from a Year Ago
South Lake Tahoe CA
- Median Sales Price - February 2022$805,000
- Median Sales Price - February 2021$646,000
- Number of Homes Sold - February 202244
- Number of Homes Sold - February 202149
- New Listings - February 202250
- New Listings - February 202174
- Total Number of Homes on the Market - February 202242
- Total Number of Homes on the Market - February 202173
- Number of Homes Under Contract - February 202263
- Number of Homes Under Contract - February 202166
- Average Days on the Market - February 202265
- Average Days on the Market - February 202186
- Number of Foreclosure Homes on The Market - February 20220
- Number of Foreclosure Homes on The Market - February 20210
- Number of Short Sale Homes on The Market - February 20220
- Number of Short Sale Homes on The Market - February 20210
This Month’s Must See Home for Sale
The choice for February's must-see home of the month is 774 Jeffery St, listed at $950,000. This property was built in 1961 and it features 4 Bedrooms / 2 Bathrooms / 2,046 Sq Ft / 2 Car Garage. This elegant ranch-style home is located on a quiet street near a meadow, forest, seasonal creek and a lagoon. Not only is this home located close to bike trails leading to popular destinations, an extra sense of privacy is a bonus as this property is adjacent to a forest service lot on the side, and a City owned lot situated behind. Attention boat lovers: THIS HOME INCLUDES BOAT DOCK C-26. Upon entering, you will find yourself in the living room featuring wood floors, an inviting gas fireplace and an open line of sight to the large kitchen and dining room. Down the hall are three bedrooms, two full baths, an office, and a hobby room.
This Month’s Most Expensive Home for Sale
The most expensive new listing that entered the market this month was 2140 White Sands Dr, listed at $5,990,000. This home was built in 1985 and it features 5 Bedrooms / 6 Bathrooms / 4,349 Sq Ft / 2 Car Garage. This exquisite mountain contemporary home is located on one of the largest and most prestigious lots that front the wide West Channel of Tahoe Keys. It is one minute from Lake Tahoe! Tastefully and meticulously decorated, the home is a true compliment to the location. It's commanding views of Mount Tallac, the Channel and Lake Tahoe are mesmerizing. Sunsets are spectacular from every room and vantage point. Watch eagles fishing the lagoon as you drop in a line from your deck. This home is ready to enjoy and sells furnished.
This Month’s Least Expensive Home for Sale
The least expensive new listing that entered the market this month was 1223 Bonanza Ave #3, listed at $295,000. This condo complex was built in 1965 and it features 2 Bedrooms / 1 Bathroom / 812 Sq Ft. A Light and Bright Ground Floor Unit in Corte Azure with new appliances, new luxury vinyl floors and paint. Another opportunity opens up in one of the Tahoe basins' most affordable two-bedroom condo communities. This condo unit features views of the HOA owned open space across the street and is close to everything South Lake Tahoe has to offer. This is an ideal turn-key starter family home located next to Bonanza Neighborhood Park.
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