Tahoe Home Sales & COVID-19 Weekly Update 3/30/20

Last week on Friday I had just received a message from our local board of Realtors;

“Real Estate Now Listed as an Essential Service in March 28, 2020 Federal List of Essential Critical Infrastructure WorkersToday, the U.S. Department of Homeland Security Cybersecurity and Infrastructure Security Agency (CISA) updated its list of essential services during the coronavirus (COVID-19) crisis and expressly included residential real estate. Since Governor Newsom’s March 4, 2020 order incorporates this list, the order now includes residential and commercial real estate, including settlement services, as essential services in California. “

However, local governments may have a more restrictive standard. A week ago, Nevada had already classified real estate activities as essential. The CDC is recommending that there be no “Open House” and to do virtual home tours as much as possible.

Escrow/Title companies are an essential service as they are part of the financial markets. Even though new purchases are way down, lenders are inundated with the refinance loans.

As you may be aware the spread has spiked, and it has not peaked yet. “Shelter in Place” orders will remain in effect until possibly the end of April. All of the communities around Lake Tahoe have restricted VHR (Vacation Home Rental) usage. VHRs may rent to people conducting essential services in the area such as traveling nurses and doctors.

With the travel restrictions, real estate activity in Tahoe has dropped dramatically with a spike going in the opposite direction. Last week I gave you some statistics to show the market activity level. Here are more statistics for the week of March 23^rd 2020

South Lake Tahoe Market

10 New Listings

2 New Pending Sales

24 Listings Withdrawn

7 Closings

Lake Tahoe Nevada East Shore

0 New Listings

1 New Pending Sale

4 Listings Withdrawn

1 Closing

The drop in sales activity is not a surprise as the travel restrictions continue and we shelter in place. Some homes were withdrawn from the market for various reasons. Either sellers don’t see the point in continued marketing, or they don’t wish to contaminate their home. Although there are homes coming onto the market. Virtual home tours, Face Time and other