It’s official…The ” Winter Welcome” is upon us, so is the snow
Snow lovers, all of us (mostly), although we may differ slightly on how much snow we love. However as of this writing, I would venture to state that everyone is anxiously awaiting the upcoming round of the lovely cold flakey stuff for the long Martin Luther King holiday weekend.
We will continue to monitor the snow forecasts, which appear to be ready to deliver! 🤞🤞
And for now, we are enjoying a typical the winter seasonal real estate cycle that our So Shore market appears to be shaping up for. Lake Tahoe’s raving fans of winter sports and lovers of our unique lifestyle, now finds our visitors coming back in many cases in the form of qualified serious next cycle of buyers.
We love our winter buying prospects, as 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.
You ask, “What is the market in Lake Tahoe So Shore doing?”
Definitely a story of a sustainable market, like it or not… This occurs 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.
In the short term, however, our active listings are trending flat to downward as is typical of this time of the year and as in slow and steady. The pending sales are flat, Closed escrows are flat as well considerably for the second week in a row but follow the pending sales naturally, so expect that cycle to trend upwards in the next couple of weeks.
The big news now is there’s upward mortgage applications which tie in directly to moderating interest rates, and signs that buyers coming into the market place are indeed able to negotiate price by about 3% which will help offset impacts from interest rates. The market is moving from a sellers market to an equal buyer/seller market.
And In turn the absorption rate is now at 4.3 months of inventory, sending strong signals that this beginning of the new year and 1st qtr market have shifted back into an even playing field. This transitions likely are due in part, to the lowering of interest rates, and have rekindled the market once again.
Coupled with the seller’s sentiment, our real estate activity tracker shows an increase as buyers who 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.
Happy snowy weekend, come to visit Tahoe this snow season, and like many of us, you might just decide to stay.
Stay tuned as there’s more to report.
Here’s the latest stats 01/19/24
Active listings -110/103
Down 6 % week over week stat
Pending sales-31
Flat % week over week stat
Home Sold 24
Flat % week over week stat,
Active Listings
$829,000.00 median home price,
Up 3 % week over week stat,
$698.00 price per sq ft.
Up 2% week over week stat,
Pending Sales-
$699,000.00 median home price
Flat% week over week stat,
$502.00 price per sq ft.,
Up 5% on price per sq ft.
Sold Listings
$625/600,000.00 median home price
Down 4% last week over week stat,
$447.00 price per sq ft.
Down 3.5% week over week stat
More to follow on the year over year stats, however as the statistics become So Shore pricing falling for the first time this year as we see statistics year over year showing a 4% decline.
By way of contrast NAR has just released the year over year analysis with a 5.5% real-estate value increase nationwide, and with a prognosis of real estate values remaining solid if not increasing over 2024.
With the improving interest rates, things feels like we may be looking at a positive market in an equal buyer/seller negotiable market, something I think everyone would benefit from.
The absorption rate is scaling upward at 4.3 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 moving downward and hovering 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 4.3 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 Q1 of this year, as the continued recovery of 2024. 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!
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