Multiple Offers Currently Are the New Normal

Real Estate Update

I was asked recently about the percentage of sales at South Lake Tahoe that had sold above the seller’s asking price in the last 30 days. Based on a total of 137 single family home sales the numbers I saw caught my attention. Especially when compared to last years numbers.

Forty percent of the properties sold in the last month were above the asking price which was to be expected with the lack of current inventory. 43% were sold below the asking price. Further research showed most of those properties had been on the market for over 60 days or were homes priced over $1,000,000.

Only 17% were sold at the asking price. Regarding properties priced over $1,000,000 only 2 of 16 residences sold above the asking price.

Looking back on 2019 as a reference there were only 62 single family sales during the same time period. That was 55% less than this years sales during the same time period. Plus there were only 6% of the properties sold above the asking price as compared to 40% in 2020. 81% sold below the seller’s asking price, and 13% sold at the seller’s asking price. Who knew? Now you do.

September 13, 2020

2020 – 1st Quarter Real Estate Update

REAL ESTATE UPDATE LAKE TAHOE

Chase International just released their local statistics for the 1st quarter at South Lake Tahoe.  I must say some of the numbers are weaker than I thought they would be.  Keep in mind while the coronavirus picked up steam in March, most of March sales volume occurred from business written in January and February.  Nonetheless we had a strong first quarter for condo sales increasing a whopping 93% from this time last year to $13,571,000.  Note that condo sales increased by 11% on the Nevada East Shore.  However single family sales volume declined 14% to $54,321,000 at South Lake while Nevada declined 29%.  The median sales price for condos rose by 11% to $352,000 while single family homes declined 20% to $444,000.  Not sure what’s up with the condo market but that’s where the action is right now.

I’m sure you heard about the Nevada Governor Directive where open house showings, and in-person showings of single family and multi-family residences currently occupied by renters of real estate on the market for sale, are hereby prohibited for the duration this Directive is in effect.  However you can transfer ownership, as long as you do not need to view the property interior, inspectors do not need to go inside, appraisals are done from the exterior or the buyer waives his rights.  The new owner still has to honor the current lease and also cannot evict until this Directive is over.

I can be reached at 775-309-8454 if you need assistance.  My email is RStiles@TahoeSouthRealty.com. Be safe everyone!

March 2020 NV East Shore Update

REAL ESTATE UPDATE LAKE TAHOE

We had 16 residential home/condo sales on the Nevada East Shore during March. A 23% increase from the 13 sales in March of 2019. The median sales price also increased from $900,000 to $1,190,000 for residential home sales yet the average days on market declined from 223 days last year to 142 days. For those curious if any properties were withdrawn from the market there were 16 withdrawn this year as compared to only 7 in March 2019. Agents are finding other ways to show your property at this time. I have been using video for my listings as well as for buyers not wanting to venture inside our current listings. I am also wearing gloves at this time and have noticed owners placing sanitizer near their front doors for everyone’s use. Be safe everyone. Learn more by visiting RealEstateLakeTahoeStiles.com for more information. Call 775-309-8454 to schedule an appointment.

NV East Shore Real Estate Update

REAL ESTATE UPDATE LAKE TAHOE

There were 9 residential home sales on the Nevada East Shore in February as compared to 13 last year. The median sales price hovered around $890,000 – same as last year. The days on market however declined from 201 days in 2019 to 145 in 2020. Five of the sales occurred along the Kingsbury Grade area with 2 at Round Hill, and 1 each at Zephyr Heights and Skyland. There were an additional 5 condo/townhome sales as compared to 6 last year. Nothing changes if nothing changes, they say however if you decide to sell your residence and are looking for an experienced local agent with 25 years of experience, I’d be happy to help. Robert Stiles, REALTOR® NV BS.1001136 CHASE INTERNATIONAL 530-314-0352 / 775-309-8454

Nevada East Shore Year End Real Estate Preview

REAL ESTATE UPDATE LAKE TAHOE

The Nevada East Shore real estate market heated up in 2019.  Thus far we’ve experienced 25% more single family residential sales than during 2018.  The increase in numbers from 106 to 133 units does not include 6 lakefront sales.  The median sales price for the area also increased 13.9% to $900,000.  Days on market to sell a home declined by 15%.  I’m seeing an increase in the number of families wanting to leave California.  Happy Holidays! 

Year End Real Estate Preview

South Lake Tahoe Welcome Sign

It is slowing down a bit in the South Lake Tahoe real estate market but primarily within the county area.  While the number of sales in the past 12 months within the city limits stayed steady near 350 we had a 20% drop in the number of sales in our county areas along the N. Upper Truckee and Pioneer Trail corridor.  I noticed quite a few vacation rental home sales this year. I wonder if the city maintained 2018 sales numbers because of Proposition T which bans vacation rentals outside of the tourist corridor at the end of 2021?  Days on market for both areas however stayed near 2018 levels at 79 which tells me urgency levels have been sustained.  Sales prices increased 5.4% within the city limits while county areas received an increase of only 3.9%.  I would have thought county levels would increase higher in value along with an increase in the number of sales but that was not the case.  There have been 226 county sales within the Tahoe Basin in the last 12 months.  Final numbers for all of Lake Tahoe areas should arrive before mid-January. Happy Holidays!