The ebb and flow of real estate transactions in the Tahoe/Truckee region typically follow a seasonal pattern. Tourists flock to town in December and January, window shop, weigh their options and purchase in March or April. Homes generally come back on the market Memorial Day to capture the increased Fourth of July traffic. Summer shoppers customarily buy after Labor Day and close early fall. This year, however, the dire shortage in available property will likely reward the savvy seller, that lists before the next wave of foot traffic, by taking advantage of current market trends.
Demand is high; inventory is low.
Many prospective sellers are inclined to wait until the spring to list their home. This tradition however does not warrant greater returns. Active listings in the area are currently below a 3-month supply, which is low for the considering the market generally hovers around 6-months; limited competition historically equates to less days on market and a greater chance of a full price offer.
Home values are increasing.
Reduced availability of homes has caused prices to appreciate at a higher rate than years previous. The median sales price in Truckee has increased by 7% in the past twelve months, a direct result of limited purchase options. In the current conditions, well-priced homes are often sold over list price.
The pool of qualified buyers in Northern California is growing.
San Francisco industry shows no signs of fatigue as it continues to be the innovative hub of the U.S. The sizable, affluent population has disposable income to invest in the second home market.