Today, the average rate on a 30-year fixed mortgage hit 4.55%. Despite rising rates, buyers continue to significantly outnumber sellers as inventory hit another record low this week. Who’s buying everything up? According to Realtor.com, across the US, millennials made up 41% of homebuyers in the past year. This makes sense as rents rise and first-time homebuyers are finding it is more cost effective to buy rather than to rent despite raising mortgage rates. Also with rising inflation, buying a home can serve as a way to control rising costs, by locking in a fixed rate and minimizing monthly expenses.
In our local resort market, the large majority of our buyers are relocating to Nevada from urban areas, driven by the COVID pandemic as health concerns, social distancing, and remote work have become the norm; along with threats of raising taxes in California. We are also seeing a significant number of baby boomers, many seeking their forever homes here in paradise. Despite rising rates it is still a good opportunity to buy as rates are still at historical lows and our market is likely to continue to hold as inventory will always be limited, working from home is here to stay and taxes continue to rise in neighboring states.
Locally we had 2 new condo and 2 new homes come onto the market this week. We currently have 9 active condos ranging from $399,000 to $2,900,000 for our listing at 600 #121 Hwy 50, in the lakefront gated community of Pinewild; the median condo price is $780,000. We currently only have 22 active homes on the East Shore ranging $1,250,000 to $35,000,000 with the median price of $3,247,500.
Year to Date Local East Shore Lake Tahoe, Nevada Stats:
- Total Sales YTD: Condos: 31 | Homes: 23
- The Median Sales Price: Condos: $680,000 | Homes: $1,475,000
- Number of sales over $1 million: Condos: 6 = 19% | Homes: 19 = 83%
- The highest priced sale: Condos: $5,665,500 (Tahoe Beach Club) | Homes: $32,000,000
- Median Price Per Square Foot: Condos: $591.59 | Homes: $625.00
- Median Days on the Market: Condos: 85 | Homes: 111
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!
