What September’s Market Shifts Mean for Your Listings in Tahoe & Truckee

Good Morning All,

As we enter October, the Tahoe & Truckee real estate market has seen some significant shifts. If you’re thinking about selling, now is the time to understand the current trends.

What’s Happening in Tahoe & Truckee’s Market:

1. Sales Activity: Residential sales in the Tahoe & Truckee region for September 2024 remained robust with 130 transactions, totaling nearly $250 million. However, this represents a 20% decrease compared to historical averages for this time of year.

2. Price Trends: The average sale price for homes in September was $1,215,000, marking a 15% increase year-over-year despite challenges in the broader market. Sellers are still seeing strong offers, with homes selling at about 2.8% below the asking price.

3. Inventory Levels: Inventory has increased by 25% year-over-year, with 5.04 months of supply, offering buyers more options but creating longer time frames for sellers as they navigate a competitive market.

What Does This Mean for You?

If you’re thinking of selling, now is the time to price your home competitively. With an inventory increase of 25% year-over-year and homes staying on the market for an average of 30 days, sellers should expect buyers to have more negotiating power. However, well-priced homes are still moving quickly, especially in popular areas.

Our Advice for Sellers:

It’s simple: Don’t overprice your home. With 5.04 months of supply, buyers have more choices, and pricing competitively is key to attracting serious buyers. Homes are currently selling at 97% of the list price, so setting a realistic price will help you sell faster and for a fair value.

Looking Ahead—Want to Know How This Impacts You?

At Ricki Manahan Real Estate, we’re here to help you navigate this changing market. If you’re wondering whether now is the right time to make a move or how these shifts impact your property’s value, we’ve got a powerful tool to help you.

Our Real Estate GPT tool can analyze your specific situation, scanning your email list to uncover potential buyers and sellers who are likely to act soon. No guesswork—just data-driven insights.

What is Real Estate GPT and How Can It Help You?

Real Estate GPT is your personal real estate assistant, designed to give you clear, actionable insights about your home or the market—all based on your specific situation. Whether you’re curious about your home’s value, thinking about selling, or just want to know how the market is doing, Real Estate GPT has the answers.

How It Works:

• Ask Real Estate GPT a Question: Wondering if now is the right time to sell? Want to know what homes like yours are selling for? Just ask!

• Instant, Personalized Answers: Real Estate GPT analyzes current market data and gives you tailored insights specific to your property and neighborhood. No more guesswork or endless searching online.

• Simple & Easy: You’ll get data-backed responses that are easy to understand, whether you’re thinking about selling soon or just want to keep an eye on the market.