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IPFS News Link • Housing

Lake Tahoe sees record property sales and rocketing prices amid the pandemic...

• https://www.dailymail.co, By MARLENE LENTHANG

Lake Tahoe has seen a record breaking year of real estate sales and the inventory of properties is at a shocking low amid the pandemic as people working from home seek refuge in the picturesque mountains.  

Local real estate agents in the Lake Tahoe and Reno area reveal home sales in the area are up 20 percent compared to July last year and the number of active listings are down 25 percent, with properties whisked off the market in a matter of days. 

'People were thinking of leaving the Bay area, leaving more populated cities and coming to areas like Lake Tahoe, which is traditionally a second home market, and buying homes there and working remotely,' Senior Buyers Agent Sarah Russell with RedFin tells DailyMail.com. 

She says she saw the wave of buyers hit around the third and fourth week of the pandemic when offices closed and people started working remotely.

Russell says the market is so hot in-demand properties receive multiple offers often leading to bidding wars and waived contingencies. 

'I know in Tahoe we just don't have enough homes even on the market for buyers to look at. By the time you schedule a tour the agent is already calling saying, hey I've got offers. It's very hot market,' she said.  


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