The story is that the STORMY WINTER WELCOME, has definitely arrived given the recent dumping(s) of snow and 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.
There’s a lot going on in the market this week: With the fed easing up on interest rate hikes due to slowing inflation, there is an injection of stabilizing sanity into the markets and 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, buy some real estate, and enjoy the great and amazing Tahoe natural environment 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 01/27/23
Active listings 56
(Down 1.2%)
Pending sales 37
(Up 15%)
Homes Sold 24
(Down 25%)
Active Listings
$1,033,500.00 median home price,
(Up 10.5% week over week )
$611. price per sq ft.
(Down 2.5 % week over week )
Pending Listings-
$848,000 median home price
(Up 24 % week over week)
$523. price per sq ft.
(Up 7% week over week)
Sold Listings
$617,0000 median home price
(Up 4% week over week)
$442.00 price per sq ft.
(Down 4 % week over week
Year after year we report a 1.3% uptick in median home prices in the So. Shore market of Lake Tahoe. However, month after month we are tracking a changing scenario with predictive values of flat to negative 3% annual appreciation for the year of 2022, based on the sales data leading to this week’s stats and eblast.
The absorption rate is now hovering at 2.3 months 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 is 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 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 slowly 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! We welcome and encourage you to come and 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 a bittersweet time in the history of Deb Howard and Co. In our evolving real estate career, I am merging my company with the 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, we welcome in this wonderful next chapter for me and my most 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.
I look forward to seeing you there and be watching for the “welcoming open house” so you can share in our excitement with us!
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