March 6, 2015
What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes and Condos for the East Shore. I just started tracking condos with homes as of October 28th, 2009 which will be give different results from previous market reports. The reason that I use this segment of the market is that it has the most influence on the general value trends.
The home sales in Lake Tahoe east shore are appearing sluggish compared to the south shore! To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of homes for sale and the pending sales. This past week the Market Activity Ratio had decreased by .6% to show that 11.3% of the available homes for sale are now pending sales in escrow. This is due to the number of Lake Tahoe homes for sale increasing by 1 as the pending sales decreased by 1. There is now 1 bank owned foreclosure and 4 short sales available on the market. The distress sales now represent 3.5% of the available inventory and 33.3% of the pending sales.
This past week there were 2 completed sales for a YTD total of 17 sales. The sales were on Cave Rock Dr for $450,000 and Snug Harbor Rd for $3,400,000. The lakefront sale was enough to increase the 6 month average sales price by 3% to $940,350. The average days on market are 191 days. For more information, contact your local Lake Tahoe real estate agent, Jim Wire, 530-543-8101 or email firstname.lastname@example.org.
June 22, 2013
The Federal Reserve has been artificially deflating interest rates to stimulate the housing market. Now that the economy and jobs are on the road to recovery, they are pulling back on the reigns a little and allowing a rise with interest rates. As we all know the road is still rocky and anything can throw us back into an economic slump. If that happens, I’m sure the Feds will act again.
So what does this mean for you? For those that are looking to purchase a home, it probably means a small increment in your monthly payment. If your budget is already tight, it could be the difference of affording a home or not. With rising home prices, the pinch can turn into a slap. Hopefully all it means is that you will need to lower your expectations and buy a home that doesn’t give you everything!
It’s hard to compromise your expectations but you’ll be glad you did! The housing market is still undervalued with no place to go but up. In a few short years, we may realize some appreciation. When this happens you’ll feel like the smart person that you are and begin your search for the home that does have everything! For more market information, go to www.HotWireToTahoe.com or just call me at 530-314-9008.
December 6, 2011
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