May, 2015 marked another month of continued improvement for Tahoe Truckee real estate. The 140 sales achieved is the second highest number of transactions for any month year-to-date, and the $96,927,494 total sales volume represents a 10% increase over the prior month but 21% decrease over May 2014. With the average selling price coming in at $692,339 (2.5% improvement over same period in 2014).
New inventory was introduced in May, as many sellers rush to come on the market by Memorial Day Weekend as an introduction to the summer consumer rush. This is often about 30 days premature however as our buyers normally don't return with significant force until school is out, graduations are complete and the 4th of July is looming. This year, inventory jumped from a balanced 6 months' supply to nearly 9 months' inventory. I'm confident the equilibrium between buyers and sellers will balance out resulting in market stability this summer. However, over priced properties seeking to stretch boundaries might face some challenges as months supply inventory increases.
MLS RESALE ACTIVITY (May 2015)
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