I hope you enjoyed my newsletter last week with my outlook for our Tahoe Market in 2020. In case you missed my commentary on the market ahead, here's a link to my 2020 Outlook.
I feel it is also important to review the 2019 market. It is important to understand the market trends, challenges, and successes of last year in order to help us plan for 2020. Furthermore, helps us reflect on new skills we have acquired throughout the year and evaluate how we can improve moving forward.
2019 was a year of growth and recognition for Overall & Hamilton Group. We are honored and humbled to have our hard work recognized by ending 2019 as the top-producing team in Tahoe, and the top two brokers at Sierra Sotheby's International Realty. Thank you to clients past and present and all of you who have trusted us and helped our business grow.
Lake Tahoe Real Estate had a slow start in 2019 due to Mother Nature making it difficult for second home buyers to travel to Tahoe. The record snowstorms certainly kept skiers happy, but the slowdown in real estate transactions had realtors and sellers impatient. On top of the storms, the above normal snowpack delayed the normal home-preparation for getting homes on the market. Therefore, we saw a late start to our traditional summer listing season. The delays in sales and lack of inventory resulted in a slow first half of 2019.
The second half of 2019 was a whole different story. The inventory was slowly replenished in July, August and September, and there was plenty of pent up demand from buyers. This was an ideal recipe that resulted in strong sales numbers for August, September and October. The bulk of the demand was for new construction and/or newly remodeled homes in the resort communities of Truckee and North Lake Tahoe. Most neighborhoods experienced increases in median home prices between 3% to 4% in 2019.
Curious to see how the real estate market performed in your favorite neighborhoods in 2019? Read the latest Sierra Sotheby’s International Realty Micro Market Reports for a breakdown of real estate by regions and neighborhoods. If your neighborhood is not listed, or you're unsure what the data means for your situation, please don't hesitate to contact me.
Interested to know what your home might be worth in today's active market? Looking for primary home, vacation or investment opportunities? I'm happy to assist or available to connect you with a trusted agent in another market.