Data Tells our Story: Tahoe’s Market & Our Free Assessment Offer
As Tahoe moves through Stage 2 of the state’s plan to reopen, many homeowners are wondering what might happen with the real estate market. Because we’ve never been through anything like this before, we can expect predictions of the impact to include a broad measure of uncertainty.
When it comes to making our prediction, we’re allowing the data to tell the story.
Tahoe has always remained a notably insulated market. The local market-demographics consistently see a majority of affluent buyers, given the proximity to the greater bay area. I predict the demand for homes around the lake will always be strong given the sheer scarcity of properties paired with the desirability of our area itself.
Prior to the pandemic, increasingly more tech companies were allowing their employees to work remotely, which in turn gave “full-time” bay area residents the ability to work from Tahoe. This created a higher demand in the entry-level price point as we saw buyers purchasing their first home in Tahoe while continuing to work out of San Francisco. Since the pandemic hit, companies like Facebook and Twitter are now allowing over 50% of their employees to permanently work from home.
In combining this factor with the effects of the shelter in place order, we anticipate that Tahoe will have a busy summer, to say the least. Many San Francisco residents have been cramped up in their apartments for the last 60+ days, many of them with high paying salaries, contemplating the full-time move to our area.
As we’ve seen in the past few years, the shortage of inventory continues to be an issue. The demand is strong and there is not enough supply to meet it.
Here is the data:
Actively listed homes: 322
Sold units: 57
Median price: $819,000
Pending/contingent homes: 103
Actively listed homes: 286
Sold units: 38
Median price: $727,500
Pending/contingent homes: 142
If you’re curious about the value of your home, we would be happy to provide you with a complimentary market analysis with no strings attached.
We are your community, your boots on the ground, and your market experts.
We are here to help.