The North Tahoe Truckee real estate market is continuing to be as hot as in the first three weeks of this month, as I detailed in my last market report. Here are the statistics for the sale of Single-Family Homes and Condominiums in North Tahoe and Truckee, excluding Donner Summit, Sierra County & Surrounding Areas for the period of June 24 to June 29, 2020. *
- New Listings 36 Median Price $905,000
- Of those, 7 went into contract (Pending)
- Total Active Listings 304 Median Price $999,999
- Total Pending Listings 324 Median Price $825,000
Of our total 628 residential listings 51% are pending (in contract). As I said in last weeks market Report, in a normal market that number is usually +/- 28%
The most competitive, and active, segment of our market is in the under $1,000,000 price range: 66% of the Pending Listings with an average Days On Market of just 58 days! Looking at the under $800,000 the average Days On Market is 53 days.
To repeat what I said last week: For those who have been thinking about selling their home, NOW IS THE TIME TO SELL!
For those thinking of buying I have these comments.
We are in a sellers’ market that is extremely competitive. Properties that are priced right are going into contract very quickly after coming on the market. In the under $1,00,000 price range we are often seeing multiple offers and the homes are selling at listing price or above.
Before buyers come to look at properties, they need to prepare to make a purchase by getting pre-approved for a loan, not pre-qualified! They should be ready to decide quickly and act quickly when they see the home that feels right to them. Finally, they should expect to pay asking price or possibly over asking price. Low offers will not succeed.
You think it is not a good time to buy? That is not correct, NOW IS A GOOD TIME TO BUY, better than it will be in the next few years. Why, because prices are raising, and that will continue due to high demand and low inventory and very favorable interest rates; the 30-year fixed-rate mortgage average is down to 3.13%, the lowest in its history. These low rates give you more buying power. When rates go up, and they will, your buying power will go down. On a $300,000 loan a rate increase of 1% equals a payment increase of $200 more per month; on a 30 year loan that is $72,000!
Contact me for a no obligation discussion of your real estate needs.
*Greg Rankin and Chase International do not guarantee the accuracy of this information. Statistical information gathered from the Tahoe Sierra Multiple Listing Service. Not all real estate transactions in our area go through MLS, therefore, this information may not be completely accurate. CalDRE License #00826938