Does it feel like down is up and up is down lately? Well at least in real estate, you’re not imagining things. Granger Group’s Third Quarter 2021 Market Report shows prices up and days on market shorter than ever–which are both great–but red flags emerging due to a drop in active listings and pending contracts from historic norms.
Compared to 2020, single family home median prices increased between 28% and 70%, and listing periods went down between 29% and 60%. The days on market statistic for Truckee homes shattered all records at a head-spinningly short average of 22 days.
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In the quarter-to-quarter numbers below, a slight downward price correction from Q2 to Q3 2021 is a welcome sign that the market may start to stabilize in the wake of the roller coaster of 2020.
The only sector in our report that saw positive growth in unit sales over 2020 was ski area condos, with closings UP 73%! Whether this is due to attractive pricing, the abundance of sunny ski days we had last season, or lack of inventory elsewhere is anybody’s guess. We decided to see which area had the most growth. Olympic Valley saw the biggest increase, while Northstar maintained its dominance in terms of sheer numbers.
Our wish for the next year is that instead of the pineapple upside-down cake we were served in 2021, the Tahoe-Truckee market gets a nice big slice of chocolate layer cake where all the facets of a healthy market are working together: more active listings, a continued trend of quick sales, and most importantly, more unit sales. We are optimistic this will happen as the market calms and Covid-panic recedes.
If you’re thinking of selling, click here to schedule a 15 minute, no-commitment strategy session with Linda Granger!
FEATURED LISTING: 50 EDGECLIFF COURT
Superbly positioned on the outer bluffs of Dollar Point, this 6BR/4.5BA home has an unmatched air of seclusion for such a convenient location. Enjoy panoramic views of Lake Tahoe from home, or take advantage of Dollar Point Association’s highly coveted amenities.
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Contact us to learn more about this spectacular property!