Welcome Fall, waiting for winter and happiest of holidays.
Clarification, with winter comes snow and after last years EPIC snow, there’s much anticipation.
Snow lovers, all of us (mostly), may differ slightly on how much snow we love.
For now we will continue to monitor the snow forecasts and with that, comes the preparation for the holidays are upon us.
For now we are enjoying a typical fall to winter seasonal real estate cycle, our So Shore market appears to be shaping up for just that. The winter sports and Lake Tahoe raving fans and lovers of the quality or life preparing for the up coming holidays, and which 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.
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 downward as is typical of this time of the year, as in slow and steady, and the pending sales are steady to upward, with the sales which are following the pending sales naturally.
And In turn the absorption rate is now at 2.9 months of inventory, sending strong signals that this end of the 4th qtr. market, has shifted into a seller’s market. 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 Holidays, come to visit Tahoe this holiday 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 12/08/23
Active listings -128
Down 6% week over week stat
Pending sales-41
Flat % week over week stat
Home Sold 44
Up 8.6 % week over week stat,
Active Listings
$812,500.00 median home price,
Up 2% week over week stat,
$694.00 price per sq ft.
Flat % week over week stat,
Pending Sales-
$667,000.00 median home price
Down 1% week over week stat,
$481.00 price per sq ft.,
Down .5% on price per sq ft.,
Sold Listings
$708,000.00 median home price
Down 2.5% last week over week stat,
$489.00 price per sq ft.
Flat % 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 3.5% decline.
However and by 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 slightly upward at 2.9 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 2.9 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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