South Lake Tahoe Monthly Market Update, June 2022
Low inventory, fervid competition and massive price gains have battered buyers since 2020, but now rapidly rising mortgage rates are making it even harder to purchase an affordable home.
For many buyers, higher mortgage rates mean they can no longer afford homes in specific price ranges. The problem is that even modest single-family homes cost as much as lavish pads did a few years ago, so buyers are stuck either waiting for more inventory to come online or moving to a more affordable area. And there are many more who are hoping prices will drop—but that might not happen anytime soon.
In June, we are seeing signs of inventory levels starting to increase. We had a total of 172 homes on the market, that's 25% higher compared to the same time last year, but still low compared to pre-pandemic levels. We saw a decrease on the number of homes that sold, as well as the number of homes that went under contract this month. Properties are sitting on the market a little longer, compared to last year, but the housing market still seems stable and moving at a healthy pace.
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Avg Days on Mkt
Stats Comparison from a Year Ago
South Lake Tahoe CA
- Median Sales Price - June 2022$762,500
- Median Sales Price - June 2021$747,500
- Number of Homes Sold - June 202256
- Number of Homes Sold - June 202170
- New Listings - June 202295
- New Listings - June 2021102
- Total Number of Homes on the Market - June 2022172
- Total Number of Homes on the Market - June 2021139
- Number of Homes Under Contract - June 202254
- Number of Homes Under Contract - June 202167
- Average Days on the Market - June 202243
- Average Days on the Market - June 202149
- Number of Foreclosure Homes on The Market - June 20220
- Number of Foreclosure Homes on The Market - June 20210
- Number of Short Sale Homes on The Market - June 20220
- Number of Short Sale Homes on The Market - June 20210
This Month’s Must See Home for Sale
The choice for June's must-see home of the month is 1209 12th St, listed at $995,000. If you are looking for a property with a tranquil setting, yet close to all the conveniences of in-town living, this is it. Located in the highly desirable Tahoe Island neighborhood, this beautiful chalet is situated on an expansive .6 acre parcel backing to forest. Features include open beam, wood, vaulted ceilings, updated bathrooms, low e vinyl windows, and gas fireplace with beautiful stone surround. The back yard is landscaped with a park like setting and has views of Mt. Tallac. Features include a new storage shed, hot tub, a large dog run, an abundance of decks, and a gate that leads to miles of walking and biking trails that lead to the beaches of beautiful Lake Tahoe. With 3 bedrooms, 2 baths, a large upstairs family/game room and an extra bonus space that could be used as storage, gym, office, or an extra sleeping area this property would be perfect for a full-time family home or vacation retreat. Easy access to shopping, restaurants, and skiing.
This Month’s Most Expensive Home for Sale
The most expensive new listing that entered the market this month was 1468 Ski Run Blvd, listed at $5,325,000. This home was built in 2015 and it features 10 Bedrooms / 9 Bathrooms / 7,000 Sq Ft / 4 Car Garage. Lake view home near Heavenly Ski Resort. Enjoy a soak in the roof top hot tub with lake views, outdoor fireplace, & seating area. Entertain in the sports bar style game room with a full bar, foosball, shuffleboard, pool table and 4 massive televisions. Or catch a movie in the 22 seat theater with 124 inch screen. Plenty of room to spread out with 7000 SF, 10 bedrooms, 9 full baths, & privacy. All bedroom but one are en-suite. The covered deck with outdoor grill, & fireplace is the perfect spot to unwind. To complete the package is an indoor pool, & dry sauna, perfect for relaxing after a day on the slopes or boating on the lake. Even the luxury furnishings from Restoration Hardware are included!
This Month’s Least Expensive Home for Sale
The least expensive new listing that entered the market this month was 1223 Bonanza Ave #34, listed at $305,000. This complex was built in 1965 and this unit features 2 Bedrooms / 1 Bathroom / 841 Sq Ft. This fully renovated 2-bedroom condo inside Cote D' Azur has granite counter tops, upgraded kitchen and bathroom cabinets, all new windows, tile floors in kitchen and bathroom, and carpeted floors inside the bedrooms and living room. The $277 monthly HOA dues include common area maintenance, laundry facilities, security system, insurance policy including fire hazard coverage, exterior maintenance, snow removal, and unlimited hot water. Best price point in Tahoe for a turn key home.
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