The Bay Area is migrating to Tahoe in mass! This article may sound familiar to a lot of you, https://tahoequarterly.com/summer-2020/heading-for-the-hills-in-a-post-covid-19-world.
The market is absolutely on fire! New listings are selling within a week and old listings are evaporating as well. The competition is also fierce which is pushing up the prices. This year is shaping up to be record breaking in a lot of ways. If people can’t buy, then they are renting for extended periods of time. COVID-19 is rapidly changing the Tahoe demographic as young professionals are now becoming a permanent resident.
Here are the numbers from the past week beginning on June 22ndth, 2020. This data is extrapolated from the South Tahoe Association of Realtors MLS (Multiple Listing Service) and the Northern Nevada Regional MLS.
California South Shore
- 31 New Listings
- 62 New Pending Sales
- 21 Closings
- 3 Cancellations, 2 Withdrawn from market
Nevada East Shore
- 11 New Listings
- 13 New Pending Sales
- 7 Closings
- 5 Cancellations/Withdrawn from market
You may have noticed that the south shore sales is outpacing the new listings coming onto the market by double. This has been happening in every price bracket under a million. Several homes are contested with multiple offers and selling above the asking prices. The Nevada market is struggling to meet the buyer demand. Sellers are almost nonexistent under $800,000. Almost all of the sales on the Nevada east under $800,000 are condo/townhomes.
Please allow me to help you navigate the Tahoe real estate market with successful results. You may call me anytime, cell 530-314-9008. I look forward to assisting you with your next sale!