Tahoe Homes Sales During COVID-19 Weekly Report 4/13/2020

I believe that we are going into week 4 of the “Shelter in Place” order. As I had mentioned previously, California and Nevada had categorized the real estate industry as essential. The activity level has been low but it’s alive!

Here are the numbers from the past week beginning on April 6^th, 2020. This data is extrapolated from the South Tahoe Association of Realtors MLS and the Northern Nevada Regional MLS.

South Lake Tahoe

9 New Listings

5 New Pending Sales

1 Withdrawn from Market

9 Closings

East Shore Lake Tahoe

1 New Listing

3 New Pending Sales

1 Withdrawn from Market

6 Closings

I took a closer look at the closings for the South Lake Tahoe market. Here is the break down for Sold Price vs List Price.

5 Sales – 31-60 Days on Market – Sold for 98.48% List Price

1 Sale – 61-90 Days on Market – Sold 99.88% List Price

3 Sales – 120+ Days on Market – Sold 93.51% List Price

It appears that the longer a home/condo sits on the market the selling price lowers. Click below to see a graph for the Months Supply. The Months Supply is calculated by dividing the number of homes/condos for sale by the rate they are selling. If it is below 2 months, it is considered a seller’s market by definition. Although the number of listings this month for homes and condos is currently 157. Last month it was 216. This is abnormal. Typically, April inventory should be increasing from the previous month. Of course, nothing is normal as COVID-19 has become the great disruptor.

http://southtahoe.stats.10kresearch.com/infoserv/s-v1/Ss9v-yz3