Tahoe Secondary Market

We recently rolled up to Lake Tahoe for an economic summit with our Compass family and found a hot market where median sales prices are up, inventory is high, and vacation homes are flying off the shelves!

Appreciating again.

According to data from the California Association of Realtors, the Bay Area’s year-over-year house price appreciation rate went green for the first time in more than a year in August. This followed a dip of nearly 20% caused by a post-pandemic market correction.

Pricing matters.

You don’t have to take our word for it. Just take a look at the numbers. Homes that go through a price reduction spend nearly two months longer on the market and sell for around 10% less than homes without price reductions. That’s a significant difference, and another reminder to price your home to sell, not to shock.

San Mateo County Market Snapshot - July 2023

Inventory remains tight in San Mateo County, with median home prices and average time on the market going stagnant year over year. This could be a sign that the market is finally leveling out. It could also be a sign that summertime is traditionally slow for sales. Condos were only a slightly different story in July, with inventory down, prices up, and properties spending eight more days on the market than one year ago.

Santa Clara County Market Snapshot - June 2023

The market continues to be very tight in Santa Clara County, with home sales down 14% from last year, and condo sales 20% below June 2022. Meanwhile, properties are spending more time on the market as buyers weigh interest rates and inventory against their desire to find their dream home. As a result, home prices have dipped slightly, and condo prices have seen a small spike while buyers wait out the shifting market.