Despite interest rates and anticipated seasonal increase in inventory, the market continues to set new records. The national median home sale price was up 3.5% from January to February, the fastest single month gain ever seen during the winter months. Prices were up 16% in the US in one year to a record high of $389,500 mostly due to the number of homes for sale falling to another new low. The lack of inventory is causing a decrease in home sales, down 4% nationally from January to February.
Redfin tracks 88 of the largest metro areas and reported that all but one increased in median sale prices from a year earlier. They reported that the largest price increases were in North Port, FL (+29%), Phoenix, AZ (+28%) and Las Vegas, NV (+28%).
Locally we had 1 new condo and no new homes come onto the market this week. We currently have 9 active condos ranging from $307,500 to $1,750,000 for our listing at 600 #36 Hwy 50, in the lakefront gated community of Pinewild; the median condo price is $750,000. We currently only have 21 active homes on the East Shore ranging $1,275,000 to $35,000,000 with the median price of $3,500,000 up $50,000 from last week.
Year to Date Local East Shore Lake Tahoe, Nevada Stats:
- Total Sales YTD: Condos: 30 | Homes: 23
- The Median Sales Price: Condos: $682,250 | Homes: $1,500,000
- Number of sales over $1 million: Condos: 5 = 17% | Homes: 19 = 83%
- The highest priced sale: Condos: $5,665,500 (Tahoe Beach Club) | Homes: $32,000,000
- Median Price Per Square Foot: Condos: $592.05 | Homes: $625.00
- Median Days on the Market: Condos: 82 | Homes: 111
If you are following my weekly report, you’ll see that everything is continuing to go up except inventory and days on the market. If you are considering selling, there has never been a better time! At the beginning of April I will be mailing out an in-depth market update for the first quarter of 2022. If you would like to be included please reply with your current address and I’ll add you to my mailing list.
If you have anything you want to share with our community please let us know so that it can be included in future newsletters. We at the Zager Group are honored to continue to serve our community and are available if you have any questions or if we can provide you with any services, please feel free to reach out anytime. Thank you for the opportunity to serve you and for your continued trust and support!
