Truckee April Home Sales Market Update
With the housing market staggered to some degree by the health crisis the country is currently facing, some potential purchasers are questioning whether home values will be impacted. The price of any item is determined by supply as well as the market’s demand for the that item.
According to NAR’s latest REALTOR Confidence Index, on a scale of “weak, stable, or strong,” buyer traffic is considered stable or strong in every state. However, seller traffic is considered weak in all but four states. This means there are far fewer homes on the market than what is needed to satisfy the needs of buyers looking to purchase right now. Experts agree that housing supply is at historically low levels, so home prices are unlikely to depreciate this year.
Zillow Economist, Jeff Tucker, said “Real estate transactions and new listings have declined abruptly amidst the coronavirus pandemic, but we haven't yet seen prices significantly affected". My data pulled today confirms his sentiment.
The numbers pulled on May 12, 2020 from the Tahoe Sierra Multiple Listing Service tell an interesting story when comparing exact months of April 2019 to April 2020. While new listings were down almost 50% in the month of April 2020 (150) as compared to 2019 (297) the percentage sold was up. April 2020 percentage sold was 51.02% as compared to 45.79% in April 2019. The average sales price sold was up over $100K and days on market were down to 71 as compared to 118 days on market in April 2019. I am personally seeing a solid level of showings on my listings at The Boulders. If you would like to understand the Tahoe market further, text or call me at 530-675-HOME for specific Boulders' data.
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