Here’s this week’s stats plus more,
The story, this incredible fall and early snow season…feels more like winter given the recent dumping of snow and maybe more on the way. It is really crisp out there, especially in the am, which is a great time to get your snow gear tuned up and get out there this weekend… and while you’re at it, check out the breathtaking snowscapes when the sun rises. Thanksgiving turkeys, to one of our most festive and busiest time of the year in out amazing Lake Tahoe basin!
There’s a lot going on in the market this week; The election was not the barn burner some thought and thankfully has put some stabilizing sanity into the markets, along with the reports on slowing inflation which has turned into a frenzy in the financial markets pushing upward after months seemingly of losses, and lastly home loan interest rates adjusted downward. All of which has left everyone feeling better, if not good…so, get out there and buy some real estate and enjoy the great and amazing Tahoe natural environment and which has been shaped by our intriguing history.
Plus there’s the truly perceptible excitement building around the winter recreation scenes. Stay tuned, there’s more to report, or better yet come up and simply see and enjoy for yourself.
Here’s the latest stats 11/25/22
Active listings 100
Pending sales 32
Homes Sold 27
$869,000.00 median home price,
(Up 1% week over week )
$551. price per sq ft.
(Flat % week over week )
$657,500 median home price
(Down 9% week over week)
$482. price per sq ft.
(Up 10 % up week over week)
$685,0000 median home price
( flat week over week)
$464.00 price per sq ft.
(down 2 % week over week)
Year over year we are reporting a 3% increase in median home prices in the Lake Tahoe, So. Shore market. However, month over month we are tracking a changing scenario with predictive values of flat to negative 2% annual appreciation for the calendar year of 2022 based on the sales data leading to this week’s stats and eblast.
The absorption rate is now hovering at 3.7 month(s) of inventory. As a point of reference, 3 months of inventory has become a bit of a standard for these past many months. This however is now lining up with that of our market history and which our association has been tracking for over two decades. As we roll well into our Indian summer, the indicators are showing buyer demand appears to be consistent with our traditional seasonal trends.
Interestingly, the perfect storm of conditions that drove the pandemic’s “seller’s market” here in the Lake Tahoe basin being driven by the underlying factor and demand for access to a healthy outdoor recreational lifestyle. The ability to work remotely, new to many, with an easy short distance commute (when needed ) to “the office”, coupled with Tahoe So Shore’s attractive inventory and pricing made the home buying decision an easy and quick solution for many.
And while this still exists, the main drive that coupled the lifestyle drive has receded, that being the flight to safety. With most now having the safety net of vaccines and boosters to keep us safe and healthy, many are venturing back to the workplace or “the office” and resuming a more normalized lifestyle, kids back to school, etc.
So, we are finding our real-estate market also returning to a more normal seasonal market where both Buyers and Sellers and are back to negotiating, as evidenced by slightly more than 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!
The Federal Reserve is seeing some relief in the inflation department as reports are coming out that appear to be responding to the pressure the Feds have put on the financial markets in an effort to curb the runaway inflations. Dare we say, “it’s working”, we could use some economic good news to go with the political cooling and stabilization!
Add the stabilizing inventory and seasonally tempered home prices, the big picture for a more “normal” real estate market bodes well as we lean into this time next year as the likely time recovery in 2023.
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!!
Best wishes to you and yours..
“Be sure to get outside and breathe the fresh air, feel the sun on your skin and keep your body and mind moving in a forward and positive direction. Together we will get through this season of Covid Craziness”…