“Put me in summer and I’ll be a happy snowman…”
If there were moments this winter when you thought, “Can I ask the Snow Queen to lift her spell of Eternal Winter?” you’re not alone! You may even be tempted, as we were, to blame the frozen real estate market on the Disney-esque snowfall. However, it turns out that our local trends are tracking the national market surprisingly closely.
An April 6 article in Forbes shows that nationally, like here, prices are still high and the number of transactions is down from a year ago. In good news though, unit sales increased from January to February and it turns out that, unseen in our local quarterly numbers, is the fact that we saw a 25% month-over-month transactions increase from January to February 2023.
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Bucking normal trends for the Tahoe-Truckee market, condos came through with better numbers than single family homes in this report. Congrats to our condo investors out there: you’re happy snowmen!
Interestingly, Days on Market numbers have increased dramatically, more than doubling in Truckee, for example. This could indicate that prices are overdue for a much-needed adjustment because buyers are slower to jump into contract. Not to worry–listing periods are still below the historic average.
Thankfully, inventory numbers are showing a sign of thawing out, being slightly higher than 2022. Let’s continue this upward trend! If you’re thinking of selling, contact Granger Group today.
The following chart may be enough to spur a grueling climb up North Mountain to Queen Elsa, begging for a lift of the Frozen curse. We just have to believe, like Olaf, that summer is right around the corner.
A 10 year look-back can always calm the nerves a bit. We can see that although unit sales are down, they’re within ice-fishing distance (27%) of the previous low-point in 2014, and total volume is returning to “normal”.
“Oh look at that. I’ve been impaled.” Have fun with Olaf’s funniest moments from the Disney classic, Frozen.
