It’s hard to believe today is the start of the last quarter of 2020. The third quarter redefined the Tahoe market for 2020. It was a fast-paced and competitive buying frenzy. Our team sold more in that single quarter than we do in a typical year. Our days on market shrank from our average of 120 days to less than 10 days on market; and we went from our normal single-offer negotiations to multiple offers and bidding wars. The third quarter was challenging for buyers, as inventory was limited, and competition was fierce. Hence, the majority of the sales in the third quarter closed over the asking price.
It was and continues to be a seller’s market. This has resulted in some buyer fatigue. Many buyers have thrown in the towel and put their house hunting on hold until “the market calms down.” Nonetheless, demand is still outpacing the supply in most neighborhoods, which will continue to fuel the competitive nature of our current market.
The fourth quarter will most likely be characterized by little surges of sales, as new listings come on and the anxiously awaiting buyers pounce on them. We won’t have as much inventory to sell, so expect the numbers to be lower than the third quarter. While the number of transactions will be down, I don’t anticipate prices to dip at all. We look forward to continuing riding this real estate roller coaster, and will keep you informed along the way.
I will be analyzing the numbers, and I look forward to sharing a detailed Q3 report with you next week. Keep an eye out for my Q3 Market Recap.
Fall is in full swing in Tahoe. It’s an ideal time to come up and explore the real estate, as well as, the hiking and biking trails. Here are some great trail recommendations: Click Here to View Trails. Feel free to call me for other recommendations.