Summer is just around the corner in the Tahoe region, and with it our local market saw an influx in new listings over this past Memorial Day weekend. During the holiday weekend, 66 new homes hit the market, with 13 of those homes pending sale in less than 6 days from listing. The homes that went into contract over the weekend were priced correctly for the current market. The sellers were realistic about their current home value, and in turn drove activity and offers to their listings. What we are seeing is homes that are priced inadequately sitting on the market longer, and then coming back for a price reduction to meet market value. In pricing listings, our professional advice is to always price for the current market and avoid price reductions.
We are hopeful that inventory will see a positive gain going into this summer season. Historically, balance in our Tahoe real estate market is a six month supply of inventory. Currently, if we had 200 listings for example, that would be about 6 weeks of inventory supply in the market. What does this mean? Our market will continue to hold high valuations and experience competitive buyers.
Leave a Reply