“Because Every Tahoe Adventure Starts at Home.”
April 2024
Spring has sprung in Lake Tahoe and the weather this past week has been beautiful. Calm winds, clear skies, and warming temps (relative to Tahoe) have us looking forward to summer. Driving up and down Hwy 89 corridor over the past two days, there’s been a number of boats being trailered in toward the lake, which means it’s just a matter of time until the best season for Tahoe is here!
In the meantime, the skiing remains fantastic after what ended up being above average winter for snowfall. It’s hard to believe after what was a slow start, but the snow depth at Palisades Tahoe is still measuring over twelve feet at the 8000′ elevation. Spring skiing is in full swing and I’m headed out the door to partake just as soon as I’m done drafting this newsletter!
As for the local real estate market, things remain steady in both home value, resale value, and transaction activity. Average home prices (sold) were down 4% YOY in North Lake and Truckee las month, but the number of transactions are up 23%, signalling that the market has just about come to full “correction” for buyers and sellers agreeing to value, in the wake of the bustling market experienced from late 2020 – 2022. Be sure to read my Market Recap below!
As I mentioned in the “Featured News” section of this newsletter, the Tahoe real estate market remains strong as witnessed by all trackable data, as well as my personal buyer and seller interactions. The number of sold listings are up YOY in each of the greater Tahoe regions, a whopping 23% in North Lake Tahoe and Truckee alone. In studying the data, you’ll also see the number of days on market ticking up. However, it is crucial I point out two things regarding this stat. One, this uptick coincides with an increase in sales volume. Two, the average days on market for March of 2018, 2019, and 2020; was 98. Why am I looking at and mentioning this?
The number one question I am asked is “How is the market and what do you think it will do this year?” Stated, I regularly look back at the data leading up to the “Covid Boom” (March 2020 – December 2022) and analyze if the market is heading back to pre-pandemic stats, continuing to move at unprecedented numbers, or finding a spot to settle and land on the normal. My gut intuition based on real transactions, referenced against real market data leads me to believe we have arrived at a correcton, and a NEW normal has been established.
Seeing stats like the days on market be within 24% of where there were leading up to the boom, while average sales prices get to within 4% YOY – indicates buyers and sellers are in agreement of what the home value is, and are willing, able, and wanting to make a transaction at a reasonable pace. Of course, I have no crystal ball and there are many real variables that have the potential to throw all of this on its heads.
Q: Will the default of commercial loans collapse small regional banks and send the economy into a tail spin?
A: No – because the fed would step in and lower interest rates to keep the economy going, effectively making the housing market free up and actually accelerate.
Q: What about market volatility during an election year?
A: Historically there is a “blip” in the housing market during election years. However, with tech stocks doing very well and the forever demand for Truckee-Tahoe as a jewel within the 4th largest economy of the world, we have become a rather insulated market. When tech stock do well, Tahoe does well. 39 million people in the State of Ca., only one Lake Tahoe.
As always – if you are interested in buying, selling, chatting about the market, or simply want to know the best place to grab a great meal for you and your family, give me a call. After all – every Tahoe adventure starts at home!
at Sugar Pine Point on April 20 (6:30 PM – 8:30 PM)
at The Village at Palisades Tahoe on April 20 (11:00 AM – 5:00 PM)
In 2009 Brandon moved to North Lake Tahoe as a full-time resident to join the Squaw Valley Ski Patrol. In an effort to combine his love for skiing and desire to help others, he found himself right at home. Feeling the satisfaction from combining two things he enjoyed, Brandon took the same approach when transferring his talents to the real estate industry in 2014. Over the past ten years Brandon has created a successful real estate career boasting over 100 transactions and nearly $90 Million in gross sales. Priding himself on responsiveness, authenticity and an unwavering commitment to his clients, he is confident in knowing you’ll receive the best there is when you choose to work with him.
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