Happy Spring from The Moore Team!

This winter in Lake Tahoe was relatively warm, with only a handful of significant snowstorms scattered throughout the season. As a result of the limited snowfall, the real estate market on the North and West Shores remained active in the first quarter, posting a year-over-year increase in sales volume. While several high-profile transactions in Incline Village and Tahoe City captured attention, strength was evident across all price points. We’re seeing signs that new listing inventory may arrive earlier than usual this year, so if you're interested in buying or selling, whether in California or Nevada, the time may be right to reach out to us for a consultation to assess your options. 

Below, we share our insights on the real estate market through Q1, including a closer look at the lakefront segment, along with our outlook for the months ahead.

Transaction volume for single-family homes and condominiums across the North and West Shores continued its gradual rebound in Q1, building off post-COVID lows. The California side of the lake recorded a slight year-over-year increase, with 48 properties sold in Q1 2026 compared to 47 in Q1 2025. While both average and median sales prices declined by roughly 10%, we view this as more of a shift in sales composition, rather than a broad-based softening in values. Increased activity in the lower end of the market, particularly below the $1M price point, played a meaningful role, as buyers moved to take advantage of lower interest rates earlier in the quarter, and sellers aimed to list ahead of the typical spring inventory surge. Rising rates following the onset of the Iran conflict appear to have tempered momentum, with transaction volume holding steady despite a growing pool of available listings. Although rates have begun to ease modestly as markets adjust, the initial spike likely impacted buyer urgency and overall absorption.

The condominium segment also contributed to downward pressure on average and median pricing. Buyers in this category are increasingly sensitive to elevated carrying costs, particularly HOA dues, which now commonly exceed $800 per month across most price points. For the entry-level buyer, these fees significantly affect their debt-to-income ratio, reducing purchasing power. When combined with rising utility expenses, these factors are creating additional friction for both primary homebuyers and investors, who are sensitive to reduced ROI resulting from the higher fees. As a result, sellers in the condo market are often required to price more competitively to attract demand, and those adjustments are reflected in broader market statistics.

In Incline Village, Q1 told a markedly different story. Transaction volume increased significantly, with 50 sales compared to 38 during the same period last year. Both average and median sales prices saw substantial gains, driven largely by a surge in high-end activity. Notably, there were 11 sales above $5M in Q1 2026, including 6 above $10M, compared to just one sale above $5M and none above $10M in Q1 2025. Even when excluding the $132M off-market sale on Lakeshore Boulevard, the strength of the luxury segment meaningfully lifted overall market metrics., driving average sales price up 178%. That said, a closer look reveals a familiar theme: certain segments, particularly condominiums, are experiencing similar cost-related pressures seen on the California side, reinforcing the importance of analyzing Tahoe real estate as a collection of distinct micro-markets rather than a single, uniform trend.

As always, if you’d like to better understand how current market dynamics relate to your specific property or plans, we’re happy to connect and provide more tailored insight.

The lakefront market is what drew headlines in Q1. We saw 6 lakefronts transactions, 3 each on the California and Nevada sides of the state line. For comparison, in 2025 we also saw 3 Q1 lakefront sales in California, but there were no Nevada lakefront sales. The publicity around these sales was significant, and rightfully so.

In Incline Village, a $46,000,000 sale caught everyone's attention in February, until the same buyer dropped $132,000,000 in March to purchase 1145 Lakeshore Blvd, along with a smaller parcel next door. This record-breaking sale dwarfed the previous Lake Tahoe sales record from 2024, when a property previously owned by casino mogul Steve Wynn sold for $62,000,000. These sales followed a $42,000,000 sale in Q4 2025, when a prominent tech founder purchased the Crystal Pointe property in Crystal Bay. While it remains to be seen whether billionaires truly exit California due to the proposed wealth tax, there is indisputable evidence that they are preparing to do so.

On the California side of the lake, the sale of 1350 West Lake Blvd for $17,010,000 was the highest closing through Q1. However media attention was drawn to the sale of 1250 West Lake Blvd, which closed for $10,750,000 and was sold by well-known comedian Daniel Tosh, who purchased another lakefront residence during 2025. A third significant sale in Kings Beach closed for $10,350,000 when a buyer scooped up two of the four parcels that composed the Porcupine Point estate. The remaining two parcels are in contract, with a last asking price of $19,650,000, and are scheduled to close escrow in May.

Lakefront buyers in California and Nevada are willing to spend top-dollar when a property meets their specific needs, particularly when it is updated or offered turnkey. We believe the headline sales in Q1 will provide a boost to the lakefront market as a whole through the remainder of 2026.  The prices being paid for newer, turnkey properties will surely help elevate the value of those properties in need of redevelopment, as buyers now have more 'runway' when looking to generate equity from the finished product. 

At this time, there are several active lakefront listings across California and Nevada, priced from $4,200,000 to $45,000,000.  We are also aware of off-market opportunities in Carnelian Bay, Dollar Point, and Homewood. The off-market properties are likely to hit the active market in the coming weeks or months, but for the motivated buyer they are available to tour at this time. For more information on active and off-market inventory, contact us. Sellers and Buyers can avoid further competition being proactive as we approach the summer months when lakefront listings and transaction volume peak. 

Historically, the Memorial Day Weekend marks the beginning of the most significant influx of new listing inventory in the Tahoe market. This year, however, we expect that window to open earlier, as sellers look to capitalize on unseasonably warm weather and get ahead of anticipated competition. Whether this earlier surge in inventory will translate into increased buyer activity remains to be seen. Buyers today are quite disciplined, willing to wait for the right property, in the right location, at the right price. When those elements align, they are prepared to act decisively, often at or near asking price. Conversely, properties that are overpriced or insufficiently prepared tend to linger, ultimately requiring price reductions that can result in a lower final sale than if they had been positioned correctly from the outset.

In the more accessible segments of the market, competition is likely to intensify if and when interest rates begin to ease. Buyers who are financially prepared would be well-advised to act when the right opportunity presents itself, rather than waiting for ideal rate conditions. A favorable rate can always be refinanced; a missed opportunity in a rising market is far more difficult to recover.

At the luxury and lakefront level, demand for newer, turnkey properties remains exceptionally strong, and we see no indication of that trend slowing. True lakefront estates and homes with private lake access continue to represent a finite and highly coveted asset. We are currently observing a “consolidation phase,” where existing owners are expanding their holdings and deepening their presence in the market. Significant wealth creation in feeder markets such as Silicon Valleyhas helped propel values to record levels. In this environment, buyers are best served by evaluating opportunities within the context of today’s market, rather than anchoring to historical pricing, if their goal is to successfully secure a property.

Invoices for annual mooring registration fees will be available for payment on January 1, 2026, and payment is due by April 30, 2026. 

To renew your mooring registration, please use the "Log In" button on the right side of the TRPA webpage (LINK BELOW). Once logged in, click the "Mooring Registration Renewal Payment" button. Buoy ID Tags are not reissued annually. New tags are issued only if the originals are lost or stolen. To request replacements, complete and return the Replacement Buoy Tag form.

The Tahoe City Farmers Market is our favorite weekly spot to experience the heart of our community. From locally grown fruits and vegetables to fresh flowers, breads, and meats you won’t find anywhere else, it’s a true showcase of Tahoe’s best.

Whether you stop by in the morning for coffee and pastries or swing through later to grab lunch by the beach, feel free to drop by our office across the street to say hello! 

The Made in Tahoe Festival is a celebration of all things local, bringing together Tahoe artisans, makers, and small businesses in one vibrant, can’t-miss event. From handcrafted goods and art to locally inspired products, it’s the perfect place to discover unique pieces that truly reflect the Tahoe lifestyle.

With live music, food vendors, and a lively community atmosphere, it’s an easy way to spend the day supporting local and soaking up the best of what Tahoe has to offer.

Stroll through downtown Tahoe City and sample exceptional wines from more than 30 wineries. Enjoy gourmet food pairings, live music, and the stunning beauty of Lake Tahoe. Stop by Mountain Luxury Properties and enjoy some live music,  delicious bites by Gar Woods Grill & Pier, and a variety of Rombauer wines. This is our favorite event of the year and we hope you join. 

The Rock Tahoe Half Marathon is one of the most scenic race experiences in the region, taking runners along the shoreline of Lake Tahoe with incredible lake views nearly the entire way. Starting in Homewood and finishing in Tahoe City, it’s equal parts challenge and reward.

Whether you’re running, cheering, or just soaking up the energy, it’s a fun, high-energy event that brings the community together and highlights Tahoe at its absolute best.

Voted Best of Truckee-Tahoe in 2025, The Alfonso Insurance Agency is located locally in Truckee, and prides themselves on bringing service back to a service-starved industry. Communication is consistent and proactive, helping clients avoid stressful changes or lapses in coverage that can be common with other insurance providers. 

From the team at Alfonso Insurance Agency: 

"We’ve built our foundation as a Farmers Insurance agency. But sometimes, our clients need to go above and beyond. That’s when we shift and work directly as a broker to find the right carrier—especially when things seem challenging. We’ll be there for you because above all, we pride ourselves on our client services.

We’re at home in Truckee-Tahoe, and we understand that each client is also a close neighbor."

MONICA SMITH  |  MARK MOORE  |  KIMBERLY BOYLE  |  BRENDAN BOYLE

CA BRE 00691452, 02014452, 01995832, 02069122

NV S. 0194297

 With over 70 years of combined experience, and more than $275M in sales in the past 5 years, The Moore Team is consistently a top-producing team and a leading force in Lake Tahoe real estate. In 2025, The Moore Team was involved with 20% of all lakefront transactions on the North & West Shores of Lake Tahoe. While we specialize in lakefront and lake view properties in the Tahoe Basin, our expertise extends throughout Olympic Valley, Alpine Meadows, and Truckee.

As always, we’re grateful for the opportunity to serve our clients and friends, and we look forward to helping more of you achieve your real estate goals in 2026.