What Buyers and Sellers Need to Know about Coronavirus and the Tahoe Donner Real Estate Market
Coronavirus fears aside, the pace of real estate sales in Tahoe Donner was slightly better for the first three months of 2020 than it had been in 2019. Total Q1 sales volume rose to $33 million, with 7 more homes selling during the first quarter of this year than last. While we did see some cancellations in March due to Covid-19 concerns, six Tahoe Donner homes sold in the first week of April, including this new custom home near the Tahoe Donner Golf Course that sold on April 8 for a little over $1.4 million (within 4 percent of its original asking price):
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- 47 homes sold in Tahoe Donner from January to March this year (up from 40 during the same period in 2019)
- The median Q1 sales price fell almost $100k this year in Tahoe Donner, down from a 2019 high of $742,290
- Total volume rose to more than $33 million (a 7 percent increase over Q1 sales in 2019)
- 10 homes listed for sale were withdrawn from the market or canceled in March in the wake of CA Gov. Gavin Newsom's 'shelter in place' order and the subsequent closure of all the area Ski Resorts
Tahoe Donner Home Sale Projections
Luxury homes sales (homes over $1 million) followed a similar pattern in Tahoe Donner, with six homes sold during the first three months of 2020 - on par with last year. Luxury sales volume was down to $7,150,000 (half a million less that the 1st Quarter of 2019), and the median price of Tahoe Donner's luxury homes fell 15 percent to $1,150,000.
Based on current escrows and low inventory, this Spring will likely see the pace of sales slower than normal. April will likely see about 60 percent of the average sales for this time of year. Another six homes are scheduled to close in May (last year, 20 homes sold in Tahoe Donner during the month of May).
Tahoe Donner Low Inventory of Homes for Sale
When the market recovers, we will likely see pent up demand with low inventory. On April 1, there were only 38 homes for sale in Tahoe Donner. If you are considering selling, the pre-recovery point would be an excellent time to market your home. Please contact me now if this is something you are considering, as the pre-listing process (including professional photography, pre-marketing, and point-of-sale considerations like defensible space and upper lateral inspections) can take some time to complete.
Despite low inventory, the current Tahoe Donner real estate market strongly favors buyers. A number of homes have been reduced in price, and with fewer owners able to cash flow their investments due to restrictions on short-term rentals, some sellers might be more motivated to cash out. With restrictions on travel, and hotels all closed, it is very challenging for buyers to view homes or make the decision to move forward on something that checks their boxes. But those who can move forward in uncertain times might enjoy a sweet opportunity window before the cloud lifts and demand picks up. (Some Reno hotels, including the non-smoking Renaissance near the RiverWalk, are still accepting guests)
If you are considering selling, let's connect so we can have your home ready to raise the curtain on a fully set stage when the market picks up again. As a 20-year property owner in Tahoe Donner, I offer a granular understanding of our market. My online marketing skills are unparalleled, and I'd love to show you what this means to you as a seller.
New protocol is in place to protect both buyers and sellers amid the uncertainties over Covid-19 (Click here for an article with additional information about this).
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Posted by Jackie Ginley on
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