We are starting the week with some cold weather, but May Tahoe snow is just for show! We will be warming back up again on Wednesday. Memorial weekend will be sunny and warm.
The south shore real estate market is showing strong activity for the second consecutive week. Restrictions are relaxing. Restaurants and lodging have opened on a limited basis. The US Forest service is allowing more access to the outdoor recreation. It’s not the normal that we remember but it’s a welcome change!
Here are the numbers from the past week beginning on May 11th, 2020. This data is extrapolated from the South Tahoe Association of Realtors MLS (Multiple Listing Service) and the Northern Nevada Regional MLS.
- 21 New Listings
- 18 New Pending Sales
- 1 Listing Cancellation
- 8 Closings
Nevada East Shore
- 3 New Listings
- 5 New Pending Sales
- 2 Closings
- 4 Listing Withdrawals
For the Nevada east shore, it’s interesting to note that 3 of the sales were new listings that came on the market within the last 2 weeks and they were all condo/townhomes.
The California south shore has been heating up in the last 2 weeks. Over the past weekend, there were 15 properties that became pending sales. It seems to have coincided with the relaxed restrictions.
Overall, both the south and east shore are experiencing a low inventory. It’s more extreme on the Nevada side. Last week I had listened to a California economist and he had mentioned something that may help to explain it. He said that unlike the Great Recession, housing is not in trouble. Owners still have plenty of equity. Additionally, in the past decade, borrowers were better qualified. They may not be feeling the urgency to sell.
It is the season to see more homes come on the market, which gives buyers more selection to choose from. It is encouraging for sellers to see that homes are selling very quickly. The disparity that we all felt with the shutdown is now feeling more optimistic!
If you would like more specific information about your home or neighborhood, I’d be happy to dive into it more. You may reach me at cell 530-314-9008 or email to [email protected]. I look forward to assisting you with your real estate needs.