Matty’s Minute - A Lifestyle Edition

0 Days On Market

-Extreme scarcity driving consumers to look for off market opportunities-

One of the most remarkable characteristics of our current market is just how little inventory we've managed to have while still shattering historical records month after month. Throughout much of 2020 and early 2021, we've hovered at just 5 weeks supply of listing inventory. Thus, it would only take 5 weeks for every listing to be consumed, whereas, a normal balanced market typically has a benchmark of 6 months supply. Favorable property is being consumed immediately as listings continue to trickle in one by one. Buyers who have honed in on their ideal community are eagerly hitting the refresh button awaiting something to arise.

Looking at just single family homes for the entire Truckee/Tahoe region, there are currently more homes pending than active with just 112 active listings and 147 homes under contract. With a median of only 28 days on market, approximately 1/3rd of these sales are happening off market and/or under one week of being on the market.

Here's a breakdown of our Core Communities and Active vs. Pending property...

Gray's Crossing: 0 Active/ 5 Pending
Martis Camp:      3 Active/ 6 Pending
Lahontan:            2 Active/ 2 Pending
Schaffer's Mill:    3 Active/ 0 Pending
Old Greenwood:  1 Active/ 2 Pending
Northstar:           21 Active/ 10 Pending

This kind of velocity indicates just how overwhelming the demand remains for living here in the mountains, and why having the right agent out there "banging on doors" to try and find off market and/or coming soon properties for sale is paramount. 

Sellers are typically opting with the strategy of listing on MLS for just a few days, while setting a date to review all offers in a "highest and best" or a multiple counter offer position. Buyers need to be prepared for a highly competitive situation and the possibility to offer well over asking price with favorable terms. Having a strategy in place and your "ducks in a row" with your financial advisor, lender and real estate agent will help you be successful in this environment. Don't get discouraged as it may take learning from a few failed offer attempts to understand how to adjust your strategy. 

While I do not foresee a slowdown in the current velocity of saturation... I am hopeful that we will begin to see more of what we like to call "Savvy Sellers," looking to capitalize on scarcity in the market and beat the springtime rush of what historically is our busiest listing season. 

As always please contact me to discuss current market dynamics and/or to have a discussion about listing your home.

More snow on the way today and tomorrow...bring your powder skis and boards this weekend.

-Matty