South Tahoe Stats February 10th

 

 

 

 

 

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Here’s this week’s stats plus more,

 

There’s a lot going on in the market this week of the Super Bowl and the Super Bowl of Sweet Hearts being Valentines Day all of which have provided some Super Sweet news; With the fed indicating an ease up on the interest rate pedal due to great signs in the jobs growth sector and the unemployment percentages surprising many, and thankfully  slowing inflation, there is an injection of stabilizing sanity into the markets. Lastly home loan interest rates adjusted downward and are maintaining at historically average rates. 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. 

Added to the economic positivity, there’s the truly perceptible excitement building around the winter recreation scenes.  Stay tuned as there’s more to report, or better yet come up and simply see and enjoy for yourself.

 

 Here’s the latest stats 02/09/23

Active listings 56

(Up 7%)

Pending sales 35

(Flat) 

Homes Sold  17

(Down 15%)

Active Listings 

$902,000.00 median home price,

(Down 10% week over week ) 

$612. price per sq ft. 

(Down 3.8 % week over week )

Pending Listings-

$860,000 median home price 

(Flat % week over week)

$560. price per sq ft. 

(flat% week over week) 

Sold Listings 

$600,000  median home price 

(flat% week over week) 

$418. price per sq ft. 

(flat% week over week)

Year over year we are reporting a 1.1% up tick 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 3% annual appreciation for the year over year of 2022/2023 based on the sales data leading to this week’s stats and eblast.

The absorption rate is now hovering at 3 month(s) of active residential inventory on the market.  As a point of reference, 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. 

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 (remote work), coupled with the “lifestyle” desire 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 “new normal” of a seasonal market where both Buyers and Sellers and are back to negotiating, as evidenced by 2 + 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! 

And consequently the interest rates have been slowing coming down and under 6% which as driven an uptick in the market as evidenced by pending sales and sold data above. 

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 Q2 and Q3 of this year as the likely time for 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!!

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!