Before I update you on the Tahoe real estate market, I want to share a quick story of hope. On Tuesday afternoon our town of Truckee held a vigil to peacefully reflect on the lives of those who were killed by police and denounce systemic racism in the U.S. I was moved by the spirit of the crowds that lined our streets with colorful signs displaying the names of lost lives. Even the Chief of Police, Rob Leftwich was able to connect with a number of our community members and knelt in unison with them to honor Mr. George Floyd. I was most inspired by the respect that was displayed by everyone wearing masks and the positive energy and solidarity that emanated from our community. At a time when so many people are suffering emotionally and financially, I wanted to share my own sense of hope for a brighter future. Thank you.
On the same theme of a positive outlook, the Tahoe real estate market is showing signs of a healthy rebound. Like other regional resort areas, the Tahoe real estate market has been a beneficiary of the otherwise economically devastating Covid-19 pandemic. Of course, the market experienced a brief pause (down over 60% from the same period last year), as families initially focused on their immediate and urgent needs and adhered to state guidelines preventing travel to Tahoe. However, once families had an opportunity to reflect during the shelter-in-place phase, previous buying trends resumed as well as accelerated. 1) Tahoe began seeing a dramatic influx of families choosing to move here full-time as tech companies close their offices, giving employees the freedom to work from anywhere. 2) There is an urgent desire for a “drive-to “escape from the Bay. Now, more than ever, families want a place near open spaces with less human density. We think these trends will continue through the summer and Tahoe will experience a robust selling season.
Looking forward to the fall and winter, we are concerned about the long-term effect the economic shut-down will have on the market as the urgency of sellers might outweigh the demand from buyers. It’s hard to say what the future holds, but today we are busier with real estate inquiries than I can ever remember. For now, the Tahoe market is gaining momentum as buyers are securing their vacation homes in time for summer. Many have realized that the restrictions on short-term rentals might mean their only passport to Tahoe this summer is OWNERSHIP.
Not only are the inquiries for real estate off the charts, many are translating into sales. We have seen 261 properties go “Pending” since May 1st, and 125 of those escrows were opened since Memorial Day (less than ten days ago!). There are currently 309 pending sales in our Tahoe Sierra MLS and 60 in the Incline Village MLS. These numbers are growing every day.
The stats above are a good indication of what’s to come in the next few weeks/months. As soon as school wraps up in the next week or so and the weather starts to cooperate, I anticipate we might see our best June ever.
If you’re looking to escape to the mountains and enjoy recreating this summer in Tahoe, get your Passport now. Interest rates are low and there are great properties to choose from. Tahoe ownership has never been more freeing. Let our team help you find your perfect Tahoe escape.