Kingswood Update May 2020

Kingswood has seen the effects of coronavirus. An escrow recently fell out since the 3/13 statewide school closure date, a turning point for our market. However, just like we are seeing in other areas there can be the opposite result from the covid effect – a home in the neighborhood at $800,000 entered escrow on 3/16.

 

While showings are somewhat challenging, real estate has been ruled an essential service so showings are permitted – we just need to be smart in how we handle them. Please see this page for LOTS more info on the Tahoe-Truckee market since 3/13.

 

Kingswood and Kingswood West had a fantastic year in 2019. Sales volume was almost as high as ’16 and ’17 which had the highest sales in the last 15 years including the peak of ’06. 
 
It wasn’t high end sales which drove the Kingswood market – there was only one sale over $1m. There was one sale under $500k. There were 5 sales in the $500k’s; 8 sales in the $600k’s; 10 sales in the $700k’s; and 2 sales in the $900k’s.
 

Quick Stats and Comparisons:

  • 4 active Kingswood + Kingswood West listings from $562k to $1.27m.
  • 2 homes in escrow listed at $639,000 and $800,000.
  • 1 sale thus far in 2020 for $800k ($5,000 over asking price).
  • Number of sales was very high in 2019: 27 vs 19 sales in 2018.
  • Time on market was also up in 2019: 72 days vs 42 in 2018.
 
The Tahoe area from Rubicon to Kings Beach averaged $1.19m sales price. Kingswood averaged $727k last year. The neighborhood is considered to be an upgrade from the Kings Beach grid and a value given nice lot sizes and central location to year-round activities, Tahoe, Northstar, etc.
 
 
My family and I live on Kingswood Drive – I enjoy working in the neighborhood and we love raising our kids here!

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