Welcome Fall, it’s officially autumn, personally my favorite season!
There is definitely a sense of excitement in the cooling air and on the streets of Lake Tahoe, as we see, what was a most enjoyable Indian summer, in the rear view mirror. Unseasonably cool temps. lead us into the much loved fall festival activities with crisp cool air and which inevitably leads to bringing the Snow word is back in the forecast (opensnow.com).
What can be described as a typical early fall seasonal real estate cycle, our So Shore market appears to be shaping up for just that. The busy summer tourism throngs are off to work, school and preparing for life and the up coming holidays, and which now finds our visitors coming back in the form of qualified serious buyers. We love our Fall buying prospects, we now have time to seriously take a look at the benefits of buying a first time home, second home and/or investment property, often times these homes are viewed as likely retirement home candidates, and to what is referred to as life cycle housing.
Definitely a story of a sustainable market, like it or not. This is when supply meets demand for a consistent period of time. If you’re hoping for a boom market (hello, sellers), or for that matter a bust market (ditto, buyer’s)… don’t look here.
After observing and measuring the market, the pattern appears to be one of consistency in both the supply and thankfully the demand and therefore sustainability.
Check out the stats below, which are a bit skewed as we experienced a cyber attack on our MLS services and have been without much our critical information both for showing property available but also for tracking the sales data. Good news is the issue was resolved and we have our data back.
So we start afresh with our statical data this start of a new month of Sept and reboot the statistical data going forward.
In short however our active listings are at leveling off trend, as in slow and steady, the pending sales are trending steady upwards and the sales are following the pending sales naturally.
And In turn the absorption rate is now at 3.3 months of inventory, sending strong buying signals that this is shifting into a very well balanced seller/buyer market once again.
Coupled with the seller’s sentiment, our real estate activity tracker shows an increase as buyers are seriously looking at their options based on the number of calls, texts and emails, as well as hits and clicks and serious time spent perusing properties available at www.realtordeb.com .
If you and your home are ready to make a move, we truly are here to help you, every step of the way.
Happy to provide market analytics on the current market value of your home and any assist in the process with relocation or referral services you might need along the way.
Stay tuned as there’s more to report. Cheers.
Here’s the latest stats 09/28/23
Active listings -140
Down 2% week over week stat,
Pending sales- 60
UP 13% week over week stat
Homes Sold 42
Down 18 week over week stat,
$798,000.00 median home price,
Flat % week over week stat,
$701.00 price per sq ft.
Flat % last week over week stat,
$760/639,000.00 median home price
Down 17% week over week stat,
$510/462.00 price per sq ft.
Down 9% increase on price per sq ft.
$700,000 median home price
Flat % last week over week stat,
$448 price per sq ft.
Down 3.6% week over week stat)
More to follow on the year over year stats, as Im seeing pricing remain solid. It feels like an equal buyer/seller negotiable market.
The absorption rate is scaling consistent at the 3.3 month(s) of active residential inventory on the market. As a point of reference, less than 3 months of inventory has become the standard for these past many months. It is widely held that 3-5 months of inventory is a normal market where buyers and sellers have equal footing in negotiations, something we have been seeing for multiple months! That’s a great sign!
While interest rates are up, up and away, albeit at “normal” interest rate percentages, we are finding our real-estate market also returning to a “new normal” of a seasonal market where Buyers and Sellers and are back to negotiating, as evidenced by the 3.3 months of active listing inventory on the market. For many a relief, for others the sense they may have missed the market. The latter is playing out, as prices have declined ever so slightly! With the stabilizing inventory and seasonally tempered home prices, the big picture for a more “normal” real estate market bodes well as we lean into Q4 of this year, as the continued recovery of 2023. Stay tuned for this as this is the moment we’ve been waiting for!
Welcome to our Lake Tahoe market and community where we welcome and encourage you to come and let’s look at what new and inviting opportunities are available. If you’re new to the market we’ll bring you up to speed and get you on the right path to your Tahoe home ownership!!
For me it is bittersweet time in the history of Deb Howard and Co., in our evolving real estate career as I merge my company with a outstanding partner Berkshire Hathaway Home Services Drysdale Properties for which I am most thrilled and honored to join. In this evolution I bid farewell to our real estate home for the past 17 years.
In closing one door we open another this exciting new year and welcome in this exciting next chapter for me and my most amazing and incredible team. The Deb Howard Group is moving to our new offices to Harrison Ave., smack in the heart of Lakeview Commons, the hub of Al Tahoe business district and steps to the lake, vibrant shops, restaurant and music venues.
Look forward to seeing you there and be watching for the “welcoming open house” so you can share in our excitement with us!