“Because Every Tahoe Adventure Starts at Home.”
September 2024
Summer is almost over but that doesn’t mean that Lake Tahoe still isn’t the place to be. In fact, this time of year is what we “locals” refer to as “locals Summer.” The weather is just as good if not better than it is all summer, the crowds have dissipated, and everything you love and enjoy about Tahoe during the Summer is still available for maximum enjoyment.
As for the local real estate market, things are a bit idle. My personal experience and that of numerous agents I’ve spoke to, is that there is a bit of a pause on urgency. It seems that sellers aren’t too keen to come to terms with the fact they may be over priced and are seemingly unwilling to negotiate on what are several (individual) offers. Many of my active buyers are either waiting for the adjustment in interest rates, wanting to see the results of the election, or simply not willing to “bid against themselves.”
Median home prices (sold) were UP 311% YOY in North Lake and Truckee last month, but the number of transactions are down 22% with the days on market also up 12%. This data is very much in line with what I am experiencing and hearing from real time market experience.
Be sure to read my Market Recap below!
As I mentioned in the “Featured News” section of this newsletter, the Tahoe real estate market seems to be idle. It is typical to see a slow in the market after the Labor Day weekend. However, on top of that this year, the sentiment (along with Market Data for support) is that buyers are waiting for an adjustment in interest rates in order to come up to the listing prices that many sellers simply are not willing to come off of. Coupled with the before mentioned sentiments is the pending election and overall political climate, leaving many buyers in a holding pattern until the dust settles.
It is important to note that there is som much equity in the large majority of homes owned in Tahoe, that sellers don’t feel the “pinch or necessity” to make a price reduction that is significant or agreeable to making a deal happen. of course, deals are still getting done as seen in the 142 residential homes sold in August alone, but this is also a 22% dip, year over year from August 2023.
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!
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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