The pace at which real estate trends morph in a resort market such as Tahoe and Truckee is often quite gradual. Seasonal considerations often mask these shifts creating a lag time before definitions can be known. Only in certain rare instances are these shifts so apparent, and when they are the underlying reasons are generally non-economic.
Much like in March 2020 when the emergence of COVID rendered so many to shelter-in-place, the fires on either side of Lake Tahoe and Truckee have had an understandably similar impact. Though demand has not waned, and supply has not surged, market activity has slowed to a trickle following a 16-month surge that defined the most prolific period ever for Tahoe real estate. In the simplest terms, the experience of touring property and making buying decisions has become an unenjoyable experience based upon smoke and evacuation orders. We simply cannot in good conscience recommend that people visit the region given the current circumstances.
We have no clarity as to when these conditions may abate and remain optimistic for the health and safety of our community. From past experience, we expect that normalized conditions will bring most consumers back to the marketplace though it seems undeniable that some scars will remain. It is not unreasonable to expect a small surge in standing inventory based upon the absence of absorption in the days to come. While this could stymie the upward trajectory of values, there is little reason to believe that sellers will be in a position of distress that could meaningfully erode prices.
A report at the end of September will reflect the circumstances we are contending with today. Depending on the next days and weeks, that information may be no more relevant than a report on the robust closings in August.
Tahoe Mountain Realty wishes the best for all those being impacted by the Caldor and Dixie Fires and expresses our appreciation for those working on the front lines to keep us safe.
HOW TO HELP FROM AFAR
Here are some resources to help those affected by both the Caldor Fire and Dixie Fires.
- Support the regional ALERTWildfire program by donating or volunteering.
- Donate to the American Red Cross Northern California Chapter
- Donate to a Community Foundation: Community foundations get resources to local NGOs that support both the immediate relief work and the longer-term recovery for families that have lost homes and businesses.
- Under the “relief fund” tab in the above link is a list of vetted community foundations and organizations that are supporting local recovery efforts.
- Check Fire Evacuee for the free Open Homes service provided by AirBNB for those in the region.
- The El Dorado Fire Fund has been set up to help those in El Doroado county who have been financially impacted by the Caldor Fire, providing money for food and animals’ needs.
- You can also support the Lake Valley Fire District
Visit Go Tahoe North’s page for a comprehensive list of Wildfire Resources
- Donations for residents affected by the fire can be made at any Plumas Bank branch or mailed to PCIRC at PO Box 3005, Quincy, CA 95971.
- Give Resources is a nonprofit out of Yuba City collecting donations for Dixie Fire victims. Donations are strategically distributed to those that have lost their homes.
- The North Valley Community Foundation has a Wildfire Relief and Recovery Fund that raises money for nonprofits giving immediate assistance to anyone impacted by wildfires. The organization also has the Dixie Fire Grant Program, which supports the rebuilding and revitalization of communities.
- The Almanor Foundation Wildfire Relief Fund collects donations for immediate and long-term recovery efforts for wildfires burning in Plumas County.
- The Plumas Crisis Intervention & Resource Center has established a Dixie Fire Relief Fund with Amazon Custom Gifts to help those impacted by the blaze. Donations include everyday items like blankets, socks and toilet paper, as well as gift cards for the evacuees.
Visit Cal Fire’s Dixie Fire page for a comprehensive list of resources