Real Estate Sales Still Strong in Lake Tahoe
Lake Tahoe and Truckee real estate sales continue to be strong. Even during the worst part of the pandemic, our sale activity has remained stable. According to the Tahoe Sierra Board of Realtors, April showed 355 active listings with 52 sales.
During the first quarter of 2020, we had 207 sales of single family homes in the Lake Tahoe and Truckee basin. If you compare this to the 191 sales in the first quarter of 2019, you can see the sales were stronger this year over last year. During the first week of May, there were 15 sales with 4 of these sales over $1 million. Both the entry level and luxury market appear resilient to the economic slowing around the world.
Buyers have always searched online to find their property of choice, prior to contacting a realtor. Through virtual tours and by offering live video conferencing, I am able to show buyers aspects of the property that are not normally visible. Our buyers have always shopped remotely, technology has always been a large part of how we sell homes.
Mortgage rates continue to be at an all time low. The pandemic may actually have increased buyer interest from our feeder markets of Sacramento and the Bay Area. The demand for a more rural retreat in the mountains and away from the crowds may be driving sales.
The stay at home order in California continues, and there have been local measures to keep tourists out of Lake Tahoe during the worst of the pandemic. As of May 1, the Tahoe Forest Health System had conducted 651 lab tests in Truckee and through a testing site in Incline Village, recording only 56 positive results. According to the Centers for Disease Control, North Lake Tahoe’s cases peaked between late March and early April.
We look forward to the safe re-opening of our local economy. Boating on Lake Tahoe will be reintroduced in a phased approach. Boats that already have the invasive species decal and considered ‘Tahoe local’ will be allowed on Lake Tahoe in the opening stages.
Our local food stores have remained opened, with distancing measures to allow for safe shopping.
Whether you are thinking of buying or selling your home at Lake Tahoe or Truckee, this may be a perfect time to do so. Contact me today for a free market analysis or to safely view our current listings.