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South Lake Tahoe Monthly Market Update, March 2022

Nanda & Jimmy Dozier

We are real estate agents servicing all the areas around Lake Tahoe, in both California and Nevada.Selling a home in today’s market can be challengi...

We are real estate agents servicing all the areas around Lake Tahoe, in both California and Nevada.Selling a home in today’s market can be challengi...

Apr 4 6 minutes read

Freddie Mac reported that the average 30-year fixed mortgage rate hit 4.67%. Just one week earlier the rate was at 4.42%. Meanwhile, back in December it was 3.11%. Soaring mortgage rates, of course, are an immediate hurdle to the demand side of the market. Rising mortgage rates mean some borrowers will lose their mortgage eligibility. Borrowers who do maintain their mortgage eligibility could still be deterred by the additional cost it adds to their payment.

But industry insiders say we shouldn't pencil in a housing crash. Instead, many housing analysts say rising mortgage rates should be enough to cool down the market—but not enough to crash it. As buyers back off a bit, that could allow inventory to rise. If the number of U.S. homes for sale, which is still 48% below its pre-pandemic level, can tick up, that might be enough to break the frenzy that has sent the housing market into unsustainable levels of price appreciation.

In March, our current inventory was still low with a total of 136 homes on the market. However, 48% of these homes were under contract. Leaving our housing inventory with a total of only 65 homes available. That's 63% less inventory compared to March 2020. There were 88 new listings coming up on the market last month, compared to 62 new listings in March last year. 

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Stats Summary 

March 2022

$775k

Median Price

88

New Listings

55

Homes Sold

42

Avg Days on Mkt

Stats Comparison from a Year Ago

South Lake Tahoe CA

  • Median Sales Price - March 2022
    $775,000
  • Median Sales Price - March 2021
    $750,000
  • Number of Homes Sold - March 2022
    55
  • Number of Homes Sold - March 2021
    83
  • New Listings - March 2022
    88
  • New Listings - March 2021
    62
  • Total Number of Homes on the Market - March 2022
    65
  • Total Number of Homes on the Market - March 2021
    65
  • Number of Homes Under Contract - March 2022
    71
  • Number of Homes Under Contract - March 2021
    68
  • Average Days on the Market - March 2022
    42
  • Average Days on the Market - March 2021
    44
  • Number of Foreclosure Homes on The Market - March 2022
    0
  • Number of Foreclosure Homes on The Market - March 2021
    0
  • Number of Short Sale Homes on The Market - March 2022
    0
  • Number of Short Sale Homes on The Market - March 2021
    0

This Month’s Must See Home for Sale

The choice for March's must-see home of the month is 1464 Sterling Ct, listed at $1,399,000. Beautiful lake view home in one of the most desirable areas of Lake Tahoe. Located on a private cul de sac in the highly coveted upper Heavenly neighborhood. Situated on a large boulder studded lot adjacent to forest service land. Enjoy stunning lake views from the large great room that features open beam ceilings and a wall of windows. Appreciate the breathtaking sunsets and stars from the expansive front and back decks with Trex decking. Features include an upgraded kitchen with custom cabinetry, granite slab countertops, wood flooring, new interior paint, hot tub, heated driveway, storage shed, whole house fan and a greenhouse. Easy access to everything Tahoe has to offer. 

 

This Month’s Most Expensive Home for Sale

The most expensive new listing that entered the market this month was 2205 Inverness Dr, listed at $3,888,000. This home was built in 2022 and it features 5 Bedrooms / 5 Bathrooms / 3,241 Sq Ft / 2 Car Garage. Luxurious brand-new waterfront home in the Tahoe Keys! This mountain-modern residence boasts 5 bedrooms and 5 full bathrooms including 3 master suites, in-floor heating, and more! The spacious great room features 18' ceilings with floor-to-ceiling windows, porcelain tile flooring, and a stunning gas fireplace. Two 12' opening doors extend the living area outdoors to the massive patio that features a built-in BBQ, gas fire pit, and leads to the overwater deck and boat dock. The chef's kitchen has custom alder cabinets, granite and quartz slab counters with seemingly unlimited counter space, a pantry, and ultra-high-end Heston and Viking appliances including a 48 gas range and a built-in fridge. Each bathroom and suite boasts extravagant tilework and lavish fixtures throughout. 

 

This Month’s Least Expensive Home for Sale

The least expensive new listing that entered the market this month was 1281 Bonanza Ave #2, listed at $299,000. This condo complex was built in 1965 and it features 2 Bedrooms / 1 Bathroom / 832 Sq Ft / Carport.  Located in the up and coming neighborhood at the Y, this affordable and turnkey condo is within walking distance to hiking/biking trails, the Bonanza community park, popular breweries, restaurants and shopping. Pride of ownership shows throughout this property. This condo was meticulously remodeled and most buyers would agree that it's attractive features would make it a great asset. The stunning kitchen highlights brand new butcher block countertops, stainless steel appliances, new cabinets, and a backsplash that pops with vibrancy. The bathroom is adorned with a new tub, surround, curved glass doors, and an elegant vanity with a vessel sink. Other upgrades include newer laminate flooring, new paint, new light fixtures, and beautifully crafted wood details and trims throughout. This unit comes with an assigned carport. 

 

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