It is almost uncanny how similar the 3rd quarter of this year ended up being compared to last year. Total sales are separated by just 2, 473 in 2017 vs 475 in 2016. The similarities don’t stop there. Tahoe Basin sales were down just 3 compared to last year while Squaw / Alpine went up 3 compared to last year. Even the differences for Truckee and Tahoe Donner were single digit down 8 and up 6 respectively. There was even little change between single family homes and condos down 4 and up 2 respectively. We did see a slight increase in foreclosures in those numbers but still nothing of significance at just 2% of all sales. The numbers only firm up my opinion that we are not in any sort of a bubble situation. We simply seem to be in a steady balanced market that continues to have high demand with limited supply. So balanced as a matter of fact that it seemed as though we fluctuated between a buyers market and sellers market from area to area and at times some areas fluctuated month to month. All good signs of a very healthy and stable market.
As the selling season begins to wind down so does the inventory. The transition has begun within our multiple listing system too. The number of price reductions on many days out number new listings by 2 to 1 and some days even 3-1. These price reductions point to sellers who are more motivated and likely want out before winter. I often tell people this can be the best time of year to find deals if you are not to picky and can be patient. Finding the right house with the right seller can take time. It is also the time to start looking to the future. It appears interest rates are not going up considerably any time soon. Building continues at a fast and furious pace meaning more supply. We are hoping for good snowfall this winter for skiers and also to keep lakes and rivers full next summer. Optimism for this winter is apparently running high based on the vacation rental bookings in our office for the holidays and coming winter. If you need a rental this winter book it soon. It is my belief that another good winter will lead to yet another great summer and strong selling season. I don’t think we need to repeat last winter as it was a bit much but a good ole average winter would be great.
Speaking of rentals, we managed to pull together 3 new long term rentals to manage and replaced 2 long term tenants moving out of the area. All properties received multiple showings and applications even as rates continue to climb. Once again I will ask, if you or anyone you know is thinking of renting their property we would be happy to help and happy to add more opportunities for our locals searching for places to live in a difficult housing shortage situation. We are also happy to take on more seasonal or vacation rental properties to manage as well.