Is it truly time to jump into the market? It might surprise you, read below
This is the big question, as there’s a lot going on in the market again, this very active “new listings” week leading into our first weekend in June.
Activity level in new listings and pending sales are signs that we’re finally getting into a more normal Spring time market. Notable activity in both the buying and selling sectors, most of which has been driven by the urge to do some Spring Clean up and changes, whether that is fixing up our homes in prep for sale or looking to buy given rates should be settling into a steady as we go trajectory.
“The big thaw” as it turns out is having an interesting impact on the market as you will read below in the stats that indicate that the “thaw” is now in a full melting stage. And as the lake and river tributaries fill, so do our active “for sale” properties, as noted below with a whopping 49% increase in new listings to market (combined over the past three weeks) as compared to our month over month tracking of listings!
And where we see an increase in listings so goes the pending sales and soon the closed escrows will follow. What this is telling us is the market interest rates are not the deterrent we have seen in the past as buyers find their navigate around this sector.
In turn the absorption rate is now at 3.3 months of inventory, sending strong buying signals that this is shifting into a balanced buyer/seller market. WOW!!! Wave finally turned that tide on active new listings as anticipated after this snowmageddon kinda winter.
Coupled with the seller’s sentiment, our real estate activity tracker shows a significant 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
As we venture further into the “warming trend”, many sellers are asking about DIY or contractor supported winter ice/ water projects. Our tradesmen will be very busy with the demand for these repairs as we finally can see our decks and soon to be our yards will appear again.
If you need any help in finding quality, qualified tradesmen please reach out to us 540-545-2493 deb@realtordeb.com, so we can get you in queue for quotes on repairs and on your way to a much welcomed summer season.
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 and here’s to the “Big Thaw”.
Here’s the latest stats 06/02/23
Active listings 84
(2% week over week)
Pending sales 44
(Up 25% week over week )
Homes Sold 25
(Flat % week over week )
Active Listings
$912,000 median home price,
(Down 1.5 % week over week )
$639.00 price per sq ft.
(Down 1.5 % week over week )
Pending Listings-
$736,000 median home price
(Up 3.5% week over week
$513?? price per sq ft.
(Up 9 % week over week,
Sold Listings
$764,000 median home price
(Down 7.3 % week over week)
$435.00 price per sq ft.
(Down 2 % week over week)
Year over year we are reporting a mere impact in the home values of 2.5% down turn in the median home prices clocking in at year over year at $705,000 per STAoR, here in the Lake Tahoe, south shore market . However, month over month we are tracking a changing scenario with predictive values of nearly flat to negative 3-5% 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 has finally hit 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 not seen for many, many months!
While interest rates are at historically low, albeit at “normal” interest rate percentages, 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 the nearly 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 this Q3-Q4 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!
Leave a Reply