Memorial Day brings a strange relationship to the Tahoe Truckee real estate market. While most consider this holiday to be the official kickoff to summer, in the mountains it offers a different dynamic. Tourist activity is generally tempered as golf courses are barely open and the lakes remain rather frigid. In fact, this year’s saw snow on Mt. Rose on Saturday followed by glorious 70 degree temps on Sunday and Monday; a perfect microcosm of May in Tahoe.
A reliable occurrence, however, in good markets and bad, is an influx of new listing inventory. Regardless of the performance of the region, some number of homeowners reach the end of their useful per of ownership; whether driven by the expiration of ski leases or simply other life interests to pursue in different locations. Additionally, the lift and haul of bringing a home to market may be intensified during winter when deferred maintenance projects are difficult to see though. As such, new listings swell as the snow recedes.
While market conditions have been extremely imbalanced for the several quarters, a glut of new offerings have been brought to market in the last 30 days nearly doubling the available supply. In total 263 new listings have been brought to market representing a 34% increase. This load brings the total inventory to 773 properties equal to 5 months’ supply. While still shy of the typical 6 month balance, this provides early summer consumers with a decent selection of product to view.
Despite being in the midst of the quiet season, real estate sales continue at a clip busier than is typical of the season. 168 properties are currently pending sale, 92 of which went into contract within the last 30 days.
All of this adds up to market conditions prime for an active summer. Ample inventory, strong demand and quality product are a perfect formula to match the excellent summer seasons experienced in each of the last few years.