Tahoe Lakefront Report - January 2023

PRESENTED BY TRINKIE WATSON

Chase’n Around Lake Tahoe

Dear Tahoe Lakefront Owner,

All the amazing snow we’ve had so far is setting us up for a great summer with water for our lakes and watershed! Although travel has been somewhat restricted with snowy roads, no real estate doom and gloom as credible intel says the market will be good this year. With 16.7% of our economy dependent on housing – construction and related goods and services – the strength of this segment is critical.

For a general overview of the market, dollar volume for all residential homes in the Lake Tahoe Basin was 61% lower in January 2023 vs. January 2022, with 52% fewer units sold. The first half of 2022 continued to be strong with signs of waning during the summer. As we experience the correction in our market, there will be more opportunity – not just in lakefronts but in all properties – for buyers to purchase the home they may have missed in the last couple of years. Prices are not tanking, nor will they; however, they are settling from the highs we saw in 2021.

One year during the Great Recession we had 62 single family lakefront homes for sale on the North and West Shores alone. Never have there been so many at one time, and now we have the fewest! As the lake rises, lakefront homes will become even more attractive. Interest rates are down from the high a few months ago, recession concerns seem to be abating, and the stock market so far is rocking along.

If you are contemplating obtaining pier, from June 1 – 30 preliminary project proposals will be accepted for pier application drawing in July for 3 single-parcel and 9 multiparcel allocations. If you aren’t already a member of the Tahoe Lakefront Owner’s Assn, you might want to consider membership for their successful representation of your private property rights. www.tloa.net

I expect future reports to have a little more gusto as weather returns to sunnier days. In the meantime, enjoy this rather wimpy report, and please call if you have any questions.

Best regards,

LAKEFRONTS FOR SALE

West Shore – 1

North Shore – 1

Incline Village/Crystal Bay – 4

East Shore – 7

South Lake Tahoe – 0

JANUARY ACTIVITY

Single Family Homes

LAKEFRONTS IN ESCROW LAKEFRONTS

West Shore – 1

North Shore – 0

Incline Village/Crystal Bay – 0

East Shore – 2

South Lake Tahoe – 0

SOLD

West Shore – 0

North Shore – 0

Incline Village/Crystal Bay – 0

East Shore – 0

South Lake Tahoe – 0

As of January 31, there were 13 single family lakefront homes on the market, the fewest ever! Some that were listed in the fall should come back on as we get into spring. Three in escrow now, one a recent listing on the East Shore at $8.995M and another a year-old listing at $12.9M. The West Shore escrow is listed at $3,250,000 and scheduled to close end of February.

Single Family Homes Year-to-Year Comparison

SOLD – 01/01/23 – 01/31/23

West Shore – 0

North Shore – 0

Incline Village/Crystal Bay – 0

East Shore – 0

South Lake Tahoe – 0

SOLD – 01/01/22 – 01/31/22

West Shore – 1

North Shore – 1

Incline Village/Crystal Bay – 0

East Shore – 0

South Lake Tahoe – 0

As you can see, January is not a booming month for lakefront closings. Typically, those that close are October/November/December sales that want to defer until the New Year. Given the lack of inventory and few escrows, the next month’s closings will probably be slim as well.

Condominium / Townhouse Year-to-Year Comparison

SOLD – 1/1/22 – 01/31/23

West Shore – 1

North Shore – 1

Incline Village/Crystal Bay – 1

East Shore – 0

South Lake Tahoe – 0

SOLD – 01/01/22 – 01/31/22

West Shore – 0

North Shore – 0

Incline Village/Crystal Bay – 0

East Shore – 0

South Lake Tahoe – 1

Interesting, we had a little stronger showing this year than last! The West Shore closing was #21 at Fleur du Lac for $4M – an off-water unit in a newer two-unit building. The North Shore sale was a Star Harbor canal unit at $1,385M.