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To say that the Reno-Tahoe real estate market is moving along steadily is a dramatic understatement. The volume of transactions and most other metrics were identical to the same period in October… but for one notable sale; a $47,000,000 estate on the shore of Lake Tahoe in Incline Village.  This monumental sale is reported to be among the top handful of transactions in Tahoe’s long and storied history.

Absent this iconic purchase, both periods recorded exactly 1,100 residential sales while the recent month outpaced on median price $467,000 versus $450,000. Both fell short of the same period a year ago based not upon waning demand but rather tight supply.

While 2629 active listings represents roughly 2.5 months’ supply, much of this inventory is ambitiously priced by opportunistic sellers and not likely to transact as a slightly more rational buyer mindset creeps in.

The average asking price of today’s standing inventory is $798,000 representing a 30% premium over sale prices in the month of November. In a market where the average home stays on the market for 46 days, the current supply averages 71 days on market indicating that buyers are largely ignoring this overpriced inventory.

An unusually balmy and mild start to winter is allowing for showing conditions conducive to buying activity during a time when transactions wane into the new year. If reasonably priced supply continues, 2021 will finish an already stellar year for real estate with a bang.

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