What a 2020 it’s been thus far! Current market trends indicate a promising start to the year, and we look forward to conserving this momentum throughout 2020. In anticipation of the first quarter market report release, I thought I might share with you a retrospective look at the 2019 market.
It is my belief that educated buyers and sellers experience the most seamless and fruitful transactions. With this in mind, here are a few valuable stats from this year end report. First, I’d like to share with you a few noteworthy highlights in this year’s report. For all of our annual reports lake wide, please simply click here for all the detailed reports.
We’ve seen an increase in our single family median home prices every year for the last eight years, since 2012. The median home price in South Lake Tahoe as of November 2019 was $484,500. We are almost back to our April 2006 home prices that peaked at $489,000! Condo median home prices actually declined slightly, down about 5.3% from 2018 to 2019, with an average median sales price for 2019 at $345,750.
On the East Shore Nevada side, Zephyr Cove has seen a 29.29% increase in the average median sales price up from $742,500 in 2018 to 960,000 in 2019. Overall, non-lakefront single family homes on the East Shore saw a median sales price increase of 50.25%, rising from $599,000 to $900,000 from 2018 to 2019. Lakefront homes along the East Shore saw a slight decrease in median sales prices going from $5,710,000 in 2018 to $4,550,000 in 2019.
These trends indicate stiffer competition for South Lake and East Shore Nevada listings, and lend to previous indications of a seller’s market trend around the lake. Seller’s markets are reciprocally beneficial to buyers as more properties are listed, offering a wider variety of inventory.
I hope that you find these reports informative. Please do not hesitate to reach out to me for any information regarding your Tahoe property! I would be happy to provide you with a complimentary valuation of your property in today’s market, or assist you in finding your perfect Tahoe home. Please feel free to contact me directly any time!