A Soft Landing…will it last?
On Friday, Japan became the 5th nation to achieve a “soft landing” on the moon’s surface; its unmanned vessel, SLIM, or Smart Lander for Investigating Moon, touched down successfully. But wait! SLIM’s solar panels were facing the wrong way, and JAXA was forced to shut down power within hours, leaving SLIM’s future in data transmission TBD.
Turns out soft landings are almost as difficult to achieve on the moon as they are for monetary policy makers to achieve in the economy, with about a 50% success rate. Are we experiencing a real economic “soft landing” now, or will our solar panels be facing the wrong way?
This debate continues, but what we know here in Tahoe is that the market is, albeit very slowly, returning to its normal patterns.
CLICK HERE FOR ALL TAHOE-TRUCKEE MARKET NUMBERS
Looking at total sales volume in the chart below can help wrap your mind around the big picture: after wild increases during the pandemic, and then a correction in 2022, the Q1 > Q4 pattern in 2023 is fairly normal. Keep in mind, however, that the $402 million volume seen last year comprised far fewer unit sales, at higher prices, than pre-pandemic.
Over the course of 2023, we started to see a return to “normal” Tahoe-Truckee closing ratios, with the average for the shortest listings at or below the original listing price. What is always a constant is that resisting the temptation to overprice your home from the start will help it sell faster.
If you’re thinking of selling, click here to schedule a 15 minute, no-commitment strategy session with Linda Granger.
Fingers crossed that easing interest rates in 2024 will loosen up supply by giving potential sellers more options, and that this will soften prices a bit.
BUYERS: To contact us and find out about pre-market listings, CLICK HERE
Coverage of Japan’s SLIM soft landing last week–the US has not had a soft landing on the moon since Apollo 17 in 1972!