The Lake Tahoe real estate market continues to remain strong in the first quarter. All micro-regions showed an increase in sales volume year-over-year, with the exception of the California side of the Lake Tahoe Basin, which showed a slight 7% decrease. In the Tahoe Sierra MLS, Truckee, and the California side of the Lake Tahoe Basin, median price remained relatively flat year-over-year, with increases or decreases less than 1%.
The real story continues to be on the Nevada side of the lake where sales volume increased by 45% year-over-year, and median price increased by 26%. As Californias face increased taxes, our tax-friendly neighbor, Nevada, draws California residents looking to relocate.
The lakefront market faced historically low inventory in Q1. Don't be fooled by the 67% drop in median price in Q1 in the lakefront market. With the sample size being three homes in 2017 and five homes sold in Q1 2018, median price is easily skewed. As of April 5, 2018, there are 11 lakefront single-family homes actively listed between Incline Village and Rubicon Bay, with four of these homes listed at $25M or above.
If you have any questions, or if you would like to discuss market conditions, please call our office at 530.584.3444.
Source: Tahoe Sierra MLS and Incline Village MLS
