Well, here we go with NOAA forecasting snow for Lake Tahoe there is a feeling of urgency. What do the abundant number of falling pine cones, huge population of yellow jackets and hyper acvive squirrels and Ste
llar’s Jay indicate? Some say a heavy winter. We would love to see that since we got a marginal amount of snow last year and lake levels are low. We are busy at our house making the swap from summer to winter (the kayaks went to storage yesterday). Whatever happens , I am excited to see the seasons change and welcome cooler days with the possibility of a long wet winter. I’ll tell you in the Spring if all the signs for a wet winter mean anything.
Here are the sales stats for December 2011 – March 28, 2012
December 2011 Total Sold 61 Short Sales 14 REOs 19
January 40 8 20
February 33 7 15
March 41 7 10
The current inventory of available single family homes in the City and County areas sits at 219. It has been many years since we’ve seen inventory that low. I mentioned in a previous blog that, as the inventory and interest rates remain low, the prices continue to fall, however slowly, and those facts defy the principal of supply and demand. I have personally been in multiple offer situations over the past weeks while representing sellers and buyers which tells me that the consumer confidence is beginning to rise. The wild card in this mix is the inventory of upcoming bank owned properties and short sale homes. The market is good for sellers who want to sell and buyers who want to buy. We are not at the bottom of this market yet, we are close enough that if you are looking for Tahoe home and plan to keep it over the long haul, get in the mix and buy something.
On mostly man made snow Heavenly Valley Ski Area is scheduled to be open this week, November 18. Their hours and terrain are sure to be limited, but they will be open nonetheless. Sierra-at-Tahoe is waiting for natural snow to open their resort and Kirkwood, which has 35-39 inches, has no opening date scheduled. Here comes another winter, I wonder if it will be unending, bottomless powder skiing like last year. I’ll let you know in the Spring.
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.