The number of available single family homes within the City and County areas of our MLS has been hovering around 150. That number is very low considering we generally run about 350. Today the number of active listings are even lower at 134.The number of closed sales within the past 30 days is 50. Out of that number only 4 (8%) were short sales and 11 (22%) were bank owned(REO), leaving the balance of 35 (70%) as “regular sales”. Last December REO sales made up 31% while short sales comprised 22.9% of the total number of single family homes sold.
Until we see an increase in the number of available properties, or a decrease in the number of buyers, things will stay busy and prices will be pushed in the upward direction. I am currently in a multiple offer situation with a local family attempting to take advantage of the low interest rates on their first home purchase. Unfortunately they will probably not get this one because first time home buyers are routinely getting bested by all cash, investor buyers. I’ll keep fighting for them in this boxing ring called The Tahoe Real Estate Market though.