First Quarter 2021 Lakefront Market Report
Statistics from the Tahoe Sierra MLS show that the First Quarter of 2021 continues to outpace activity from the same period last year. The lakefront market shows more than 100% increase in sales for West Shore and North Shore lakefronts in 2021 compared to 2020.
As available inventory continues to decline, the days on market has dropped a whopping 78%.
For all areas of North Lake Tahoe and Truckee, the Quarter 1-2021 report show that there were 362 Units Sold compared to only 206 during the same period last year. Sales Volume was at $602.5 million compared to $192 million in 2020.
When you include non-lakefront sales on the North and West Shore of Lake Tahoe, 80 units sold First Quarter 2021, compared to only 48 in 2020. The Median Price rose from $675K last year to $999.5K this year. Sales were evenly split with 40 homes sold over $1 million and 40 homes sold for under $1 million.
North Shore Lakefront Sales First Quarter 2021
The Median Price for a North Shore lakefront in 2021 for the First Quarter was just over $4 million, compared to $7.6 million for January to March in 2020. During the first quarter 2021, only one lakefront sold during this period last year, while 2 lakefronts sold during Jan to March 2021.
The average days on market for a North Shore Lakefront listing was at 46 for this period last year. In 2021, this number dropped 75% to only 10 days!
The highest lakefront sold price last year during this period was $7.6 million and only $5.3 million in 2021. Since there were 2 lakefronts sold in the first quarter of 2021 however, the dollar volume rose to over $8 million, compared to $7.6 million in 2020.
West Shore Lakefront Sales First Quarter 2021
A total of 3 lakefront properties on the West Shore sold in the First Quarter of 2021, compared to only 1 during the same period last year. The Average Sold Price for a West Shore lakefront in 2021 rose 80% to $12.8 million, from only $7 million in 2020. However, the Median Sale Price actually dropped to $4 million from just over $7 million in 2020.
The difference in Average Sale Price to Median Price is based on the diversity of pricepoints that West Shore Lakefronts can have, sometimes with 8 figure sales numbers. . The highest sold price in 2021 for a West Shore Lakefront was $31 million compared to only $7 million in 2020.
The average days on market was actually a little higher at 141 days in 2021 compared to only 128 in 2020. Total Dollar Volume for the First Quarter 2021 was $38.5 million and only $7.1 million in 2020.
As available inventory continues to decline, sales numbers for subsequent quarters of 2021 may not be as strong as last year. If you have been thinking of listing your lakefront property for sale, this would be the best time to command the largest pool of available buyers.
Contact me today for a free market analysis of your property.
Additionally, if you are interested in purchasing a lakefront property, it is important to work with a realtor who is knowledgeable about properties coming onto the market. Contact me today for a list of available lakefront listings at Lake Tahoe.