Of the myriad ways this quintessentially British slogan can be applied today, the one that stands out when looking at the 2024 Tahoe-Truckee Year End statistics is our message to potential sellers: “Don’t panic! You haven’t missed out! Keep Calm and Carry On…”
There is a pervasive feeling among homeowners that prices peaked a couple of years back and they can’t hope to regain perceived losses as a result of having not listed in 2020-22. Well, the numbers show that this simply isn’t the case. Yes, prices have eased, a little, but they are holding steady and in some areas, like Tahoe Donner, have actually increased over Q4 2023.
The higher prices can be frustrating for buyers, but we encourage you to look at these trends as the ‘new normal’, rather than waiting for a radical drop that may not happen.
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Staying calm and carrying on: 2023 and 2024 show that historically normal annual patterns have returned, with Q4 yielding a healthy 62% increase in total volume over Q1.
The neighborhood breakdown below demonstrates a few interesting things: 1) We’re all in this together, with only a few anomalies; 2) The perception that prices have or will slide back to pre-pandemic levels is thus far unfounded; 3) It’s important to look at the actual data before jumping to any conclusions.
Inventory is slowly making a comeback, and while we’d love to see more pending contracts in 2025, we are encouraged to see an upward trend.
For anyone finding it challenging to Keep Calm and Carry On in these uncertain times, we highly recommend a coffee break with this delightful animated video of “Three Little Birds” (aka “Don’t Worry About a Thing”) by Bob Marley.