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The numbers for November continue to amaze me. With closed sales down from the previous month at 46 and a remaining inventory of 255, that makes the absorption rate 5.54 months for single family homes in the City and County areas. The really amazing factor is the continuing decline in prices. Even with low inventory, low interest rates there ... [Read More]
Image via Wikipedia
The numbers for November continue to amaze me. With closed sales down from the previous month at 46 and a remaining inventory of 255, that makes the absorption rate 5.54 months for single family homes in the City and County areas. The really amazing factor is the continuing decline in prices. Even with low inventory, low interest rates there is still a lack of consumer confidence. I say again, if you are thinking of investing in Tahoe Real Estate, this is the time to buy.
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The listing inventory of single family homes is 291 (City and County areas). That means if escrows keep closing at 60 per month like the last 30 day period, we will be out of listings in less than five months if no new listings come on the market. An absorption ... [Read More]
Image by Getty Images via @daylife
The listing inventory of single family homes is 291 (City and County areas). That means if escrows keep closing at 60 per month like the last 30 day period, we will be out of listings in less than five months if no new listings come on the market. An absorption rate like that takes me back to the market of 2004. The difference now is that prices are on the way down. If you were ever considering a purchase in Tahoe, it is a great time to buy.
It has been a couple of months since I ran the numbers for the market activity in South Lake Tahoe, so I included the past three month’s activity in my calculations.
354 Active Listings, of those listings 66 are either REO or Short Sale listings comprising 19% of the total. As usual, these calculations are made ... [Read More]
It has been a couple of months since I ran the numbers for the market activity in South Lake Tahoe, so I included the past three month’s activity in my calculations.
354 Active Listings, of those listings 66 are either REO or Short Sale listings comprising 19% of the total. As usual, these calculations are made on sales activity of single family homes in the City – County areas of the South Tahoe Area Realtors MLS data.
186 Sold listings in the past three months with distressed properties making up 37% of those homes closed. 55 – 30% REO Listings 14 – 7% Short Sale Listings
Pending listings are made up of 75% of either REO or Short Sales.
The trend in which distressed properties are a minority of the inventory and a majority of those homes that are selling seems to have shifted down a bit. I will venture to say that “real sellers” have realized that their homes will sell if priced competitively and buyers would rather deal with a “real seller” rather than a bank and certainly rather than a short sale, which is anything but “short’. It is all about the well priced property. Let’s see what happens in the next month with the pending listings being comprised of 75% distressed properties. We’ll see how many of the short sale buyers get tired of the wait and snatch up a well priced home that not a distress sale. More Later.
