South Lake Tahoe Monthly Market Update, May 2022
The housing market shift continues as rates remain near decades-highs. There are signs that the rate increase is leveling off, however, as the average 30-Year Fixed Rate mortgage declined for the second week in a row. Mortgage demand also seems to be turning the corner, as applications began dipping at a more moderate pace in the past week. There are plenty of headwinds, nevertheless, as inflation is expected to further erode purchasing power in the short term, while home sales will likely be restricted by housing supply constraints in the second half of 2022.
If you want to know more about what's going to happen with the housing market, stay tuned because we will release a blog later this month with our predictions for the real estate market in the second half of 2022.
In May, our current inventory was still low compared to pre-pandemic levels. We had a total of 137 homes on the market and 60 of these homes were under contract, leaving our housing inventory with a total of only 77 homes available. The number of homes that went under contract this month is similar compared to the same month last year. Here's some trends we're starting to see: more price reductions, fewer competing offers, less showings, higher loan costs than usual. This could be a sign of a deceleration on the market's pace. Notice that the keyword here is deceleration, not crash.
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Avg Days on Mkt
Stats Comparison from a Year Ago
South Lake Tahoe CA
- Median Sales Price - May 2022$794,000
- Median Sales Price - May 2021$695,500
- Number of Homes Sold - May 202250
- Number of Homes Sold - May 202170
- New Listings - May 2022101
- New Listings - May 202199
- Total Number of Homes on the Market - May 2022137
- Total Number of Homes on the Market - May 2021114
- Number of Homes Under Contract - May 202260
- Number of Homes Under Contract - May 202165
- Average Days on the Market - May 202245
- Average Days on the Market - May 202146
- Number of Foreclosure Homes on The Market - May 20220
- Number of Foreclosure Homes on The Market - May 20210
- Number of Short Sale Homes on The Market - May 20220
- Number of Short Sale Homes on The Market - May 20210
This Month’s Must See Home for Sale
The choice for May's must-see home of the month is 1649 Skyline Dr, listed at $1,175,000. Those with a preference for architectural design will be drawn to this contemporary home nestled in distinctive Country Club Estates. Upon entering the living area, one's eye is first drawn to the great room's majestic stone wrapped fireplace then upward to the lofty cedar-accented ceiling. Natural light pours into the living area while views of the Crystal Mountain Range remind one they are in the Sierra. The open floor plan offers a variety of options for the layout of furniture whether entertaining or relaxing in a peaceful retreat. The designer kitchen features a spacious center island, beautiful cabinetry, a pantry and an abundance of counter space. A bonus area, ideal as a home office or game area, is accessed through French doors. The primary bedroom features a large stone fireplace and an ensuite with jetted tub. The large fenced backyard includes a hot tub and an entertaining patio.
This Month’s Most Expensive Home for Sale
The most expensive new listing that entered the market this month was 969-973 Lakeview Ave, listed at $14,950,000. This home was built in 2020 and it features 11 Bedrooms / 12 Bathrooms / 21,669 Sq Ft / 6 Car Garage. This property provides a unique opportunity to purchase a legacy lakefront compound. 2 detached homes encompassing 11 Bedrooms, 12 bathrooms, over 8900sf, 120' lake frontage, 170' pier with boatlift and 4 private buoys. New construction completed in 2020 with top quality design, finishes and amenities. Downstairs living floor plans with 8 lakefront suites, 2 media rooms, 2 game rooms, gated and heated driveways. Fully furnished with professionally designed interiors and decor.
This Month’s Least Expensive Home for Sale
The least expensive new listing that entered the market this month was 1223 Bonanza Ave #10, listed at $288,000. This omplx was built in 1965 and this unit features 2 Bedrooms / 1 Bathroom / 841 Sq Ft. This ground floor end unit located in the Corte D'Azur complex has been well cared for over the years as has been the owners second home just for their own use. Lots of great sunlight fills the spacious living room which is all open to the dining and kitchen area. The kitchen and bath had some updates made about 5 years ago as well as newer carpeting and the interior being repainted. Both bedrooms are very spacious with large closets as well as a large closet in the hallway. There is plenty of parking within the complex as well as on the street. Enjoy being right next door to the Bonanza Neighborhood Park from this clean move-in ready condo sold fully furnished.
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