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Low supply continues to bolster increased demand as we head into 2021. In the Tahoe Sierra MLS, 73 single-family homes were listed for sale in January, compared to 248 active listings in January 2020. That’s a 71% decrease in inventory year-over-year. The result was that the median price rose 19% compared to last year, reaching $950,000. Incline Village and Crystal Bay, Nevada, saw a similar 73% decrease in active listings over last year while the median home price jumped 33%. Seven lakefront homes were available for sale in January 2021, versus 17 last year, representing a 59% decrease in lakefront inventory. After 1,937 days on the market, or 5.3 years, the renowned Crystal Bay lakefront affectionately referred to as the Glass House, located at 580 Gonowabie Rd., sold for $31.5 million. A combination of strong buyer demand, meager supply, and low interest rates will continue to put upward pressure on prices in 2021.
~ Bill Dietz, principal broker of Tahoe LuxuryProperties
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