The story of a sustainable market, like it or not, is 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.
For the past few weeks we’ve been witnessing signs resembling something of a surge or rush to get our So Shore homes to market after a very nasty winter beat us up, understandably.
However after observing and measuring the market for loe these past few weeks, the pattern appears to be one of consistency in both the supply and thankfully the demand and therefore sustainability.
Check out the stats below, which are a bit skewed as we experienced a cyber attack on our MLS services and have been without much our critical information both for showing property available but also for tracking the sales data. Good news is the issue was resolved and we have our data back.
So we start afresh with our statical data this start of a new month of Sept and reboot the statistical data going forward.
In short however our active listings are trending upwards, the pending sales are staying steady or flat and the sales have been climbing.
This market still has some punch to it as we kick off the end of summer with Labor Day observances and celebrations of our mighty labor force and to those who labored before and after us! There is definitely an air of excitement on the streets of Lake Tahoe, enjoying the last weeks of, what we hope will be, an Indian Summer leading into the much loved fall festival activities and crisp cool air.
We have experienced very active real estate market, now that we are in the dog days of summer and what has been of the big family vacation getaway season. Folks are “vacationing with a vengeance” in an effort to make up for winter fatigue many have experienced. The weather is quite literally perfect (finally), the skies are clear of smoke and So Shore is all dressed up.
It “IS” truly time to jump into the market…check out why. It might surprise you, read below;
This is always the big question but let me tell you, with all that’s going on in the market again let the evidence speak for itself!
What this is telling us is the market interest rates are not the deterrent we have seen in the past as buyers find their ability to navigate around this sector. Interesting to see the Fed continue to raise its policy rate and now at a 22 year high. The impacts on the economy both good and bad are being felt as we continue to see the signs of decline on inflation and the recession word has left the building, all the while seeing employment records move upward. Consumer confidence is at a 2 year high. Seemingly all good news for the economy.
In turn the absorption rate is now at 2.25 months of inventory, sending strong buying signals that this is shifting into a seller’s market once again.
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 our dog days of summer and continued good weather, 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.
Here’s the latest stats 09/01/23
Active listings -142
(TBD however this number is up from our last week over week stat)
Pending sales- 43
(TBD however this number is down from our last week over week stat)
Homes Sold -63
(TBD however this number is up from our last week over week stat)
Active Listings
$848,500.00 median home price,
(TBD however this number is down from our last week over week stat)
$684.00 price per sq ft.
(TBD however this number is up from our last week over week stat)
Pending Sales-
$795,000.00 median home price
(TBD however this number is up from our last week over week stat)
$464.00 price per sq ft.
(TBD however this number is down from our last week over week stat)
Sold Listings
$678,500.00 median home price
(TBD however this number is down from our last week over week stat)
$551.00 price per sq ft.
(TBD however this number is up from our last week over week stat)
Year over year we are reporting an impact in the home values of 6.5% down turn in the median home prices clocking in at year over year at $675,000 per STAoR, here in the Lake Tahoe, south shore market. This is consistent with our 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 is scaling downward now at the 2.25 month(s) of active residential inventory on the market for the first time in well over a year. As a point of reference, less than 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 up, up and away, albeit 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 2.25 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. Stay tuned for this.
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