May has been an exciting month for North Lake Tahoe this year. Warm temperatures and the lower snowpack resulted in earlier than usual golf course openings with ideal trail conditions throughout the area. In a nutshell, recreation for spring and summer got a month’s head start this year. Real estate sales are keeping up with this pace. No surprise considering the 9 Bay Area Counties are anywhere from 16-39% up in sales prices. Tahoe is never far behind, as we average 17% up in sales prices. This, too, will change with the season.
Memorial Weekend is typically the kick off to the listing cycle. This year was no exception as we saw 132 new listings hit the market. We currently have 229 pending sales, and a total listing inventory of just 771 units! The weekend’s colder temperatures and rain did not translate into impressive sales numbers, but we did see 20 properties go into contract over the 3 day weekend at an average of 18 days on the market and a median price of $578,000. Swigard’s Hardware (my husband’s store in Tahoe City) saw record sales over the weekend. Over the years there has been a noticeable correlation to real estate sales in Tahoe, so I am bracing myself. There were no lakefront sales over the weekend to report and there are currently 42 lakefront properties on the North Shore at a median price of $3,745,000.
With this, my new split-lakefront listing at 3135 West Lake Boulevard for $1,995,000 is attractive. This 4 bedroom home will be on the MLS starting Friday. On the heart of the West Shore, this sizeable home offers a deep water pier, 2 registered buoys and over 70 feet of beach frontage. With undeniable huge lake views of Hurricane Bay and Lake Tahoe, this home has been an iconic face of the West Shore since the 1960’s. Somebody will steal this lakefront home and amenities for just a fraction of the cost of any other West Shore lakefront.
Other noteworthy news includes a continuing run on land sales in the area, particularly in Grays Crossing and Lahontan. Grays Crossing has sold 25 home sites year to date, with an additional 12 pending averaging $80,000. There are additional home sites that will be coming to market in Grays Crossing at an average list price of $100,000. Prices are quickly escalating and could see $120,000 before long. Same with Lahontan where there are only about 24 home sites at a list average of $318,000, as compared to last year with 33 lots at an average of $128,000.
Highlight sales over the last month include a Squaw Valley property at 75 Winding Creek Road for $1,781,000. Home Run Townhomes saw 2 closings at $1,740,000 and $1,800,000. This Mountainside community is quickly transforming into a sought after ski-in/ski-out neighborhood with neighbors forming life-long relationships. Martis 25 saw its first closing in Mountainside, and soon the ceremonial ground breaking will take place for the first custom home build in this gated ski community.
Martis Camp saw 2 significant home closings. 10700 Avoca Circle closed at $3,395,000 and 10942 Olana at $5,795,000. This puts the going rates clearly into $1,000 per/ft range for Martis Camp. Please reach out for a complete list of homes available.
An interesting sale at the lake was at 4345 Jeffrey Way. This 3bed/2bath/no garage Old Tahoe home, built in the 1930’s, closed at an impressive $749,000 further validating the desire for properties at the Lake.