Daffodils are up, and the first robins of spring are hopping around our Tahoe/Truckee neighborhoods! Time to get ready for another exciting summer in what many of us feel is the most beautiful place in the world. Tahoe/Truckee Spring Market Report 2019
First quarter 2019 has yielded a mixed bag of market statistics for us to contemplate. In a few sectors, notably ski area homes, prices are down but the number of homes sold is up from Q1 2018. In other categories such as Tahoe Basin SFR’s, prices are strong while unit sales are down. Here at Granger Group, we maintain optimism about these natural (and ‘to be expected’) fluctuations. The market is self-correcting, and frankly, if it weren’t, we’d be very concerned.
In comments on the national real estate market to Fortune Magazine in January of this year, Mark Boud, chief economist for Metrostudy, said, “Eventually, the surge in prices will sow the seeds of a correction. But supply is so tight that the drop should be mild–unless America suffers a recession.” This agrees with what we are seeing here. Prices surged from 2013-summer 2018, active inventory dropped, and our overall economy is healthy. We firmly believe there is every reason to see opportunity in the Tahoe/Truckee market for buyers and sellers alike.
DAYS ON MARKET — What are the real numbers?
As anyone who follows Tahoe real estate knows, day-of-listing offers are not as common as they may be in places like San Francisco and New York. Here, average Days on Market (DOM) stats generally run in the 70-100 day range–often quite a bit higher. A bit of patience can sometimes be required!
We took a look at the historical figures on single family homes under $2mill that sell in less than 90 days. (Listings over $2mill statistically move more slowly and can skew the results, so they are not included.)
What we learned is that Q1 2019 was a record-breaking 1st quarter for shorter listing periods! From January to March this year, 68% of closings had listing periods under 90 days. This far exceeding most 1st quarter numbers. The overall trend since 2009 in this chart, of a higher percentage of homes selling more quickly, is encouraging news for a bustling Tahoe/Truckee market in 2019.
Unit sales per quarter for three DOM categories:
0-90 Days, 91-180 Days and 181+ Days. (Click on each chart to see larger.)
Call us at 530-581-6927 to find out how you can avoid becoming a “longer listing” statistic!
