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In the Tahoe Sierra MLS, single-family home sales volume increased 153% year over year for the month, with 225 single-family homes sold in July 2020 compared to 89 sold in July 2019. Comparing the same period, active listings decreased by 64%, dropping from 498 homes listed for sale in July 2019 to only 180 homes listed this July. Not unexpectedly, homes in contract/sale pending status also increased 76%. With a significant increase in homes both sold and under contract, along with a significant decrease in inventory, the market is competitive for buyers. We expect to see these conditions drive prices up and, accordingly, the Tahoe Sierra MLS experienced a 21% increase in median price, climbing from $700K last July to $849K this July. It’s a seller’s market and — in this frenzied state — buyers must be ready to act fast with appealing offers.
~Bill Dietz, principal broker of Tahoe Luxury Properties