Hot Summer Shows in the Cool Sierra
What a beautiful summer – Q3, 2024 flew by with clear blue skies, warm days, full lakes, music concerts, biking and hiking, river rafting and more!
Our Elder Group data reports Truckee-Tahoe real estate remained strong for Q3, 2024 as compared to Q3, 2023. Truckee increased 11.8% over the last year. The average listing price decreased slightly to $1,935,248. Tahoe Donner, a mainstay with its’ volume and consistency, remained solid. The median sales price increased by 9.3% over Q3, 2023 to $1,257,500. Closed/sold inventory counts are down ~9% in both markets; there is still a supply issue at hand. Read on and check out your preferred neighborhood(s) below!
Q3’s hot topic is about Seller concessions, previously termed commissions. Concessions offered by the Seller to the Buyer’s agents are now negotiable.
The Seller may:
1) Compensate the Buyer’s Broker (or not);
2) Determine the compensation percentage;
3) Negotiate Seller’s compensation to Buyer’s Broker during the contract process.
As Realtors, we may not advise Seller’s regarding their approach to compensating a Buyer’s agent. Buyers must sign a Buyer’s Representation and Broker Compensation Agreement confirming compensation that will be paid by the Buyers if the Seller does not offer any concessions. There are exclusive and non-exclusive agreements based upon the Buyer agent-client relationship. An agreement must be executed before touring property.
Key point – the Seller’s concession amount negotiated during the contract process is the maximum of: 1) the concession amount agreed to by the Seller or 2) the Buyer agent’s compensation agreed to in the Buyer Representation Agreement. In other words, if the Seller offers a 3% concession and the Buyer’s agent has an Agreement signed at 2.5%, the Seller will pay a maximum 2.5% in “concession”. While this new process needs to shake out, each Seller Client must provide their Listing Agent with clear direction about their concession approach at the time of listing the property for sale. It will be interesting to see how this affects sold property “comps”. Currently, there is no tracking in the MLS to determine whether the sales price included Seller concessions, or not. Elder Group Tahoe will keep you informed as the process becomes more established.
Elder Group Tahoe Real Estate achieved record Q3, 2024 closed transaction volume of $34,000,000 and $81,000,000+ year to date, ranking us at the top of the Tahoe Sierra MLS and the leading .05% percent of Realtors in the U.S.. We wish you a lovely Fall season and are always available to provide expert real estate advise. Contact our Elder Group office anytime and READ ON!
The links below provide data and Alison’s videos about 8 key Neighborhoods in the Truckee market plus 16 micro-markets delivering all the financial data you need! Our Elder Group website delivers a plethora of information, retro-statistics, properties and oodles of information.
Check out your preferred Neighborhood below!
Elder Group Tahoe | Q3 2024 | Neighborhood Reports
Alpine Meadows
Donner Lake
Donner Lake-Fronts
Glenshire-Devonshire
Gray’s Crossing
Juniper Hills
Juniper Creek Ranch
Lahontan
Martis Camp
Martiswoods Estates
North Lake Tahoe
North Lake Tahoe Lakefronts
Northstar
Old Greenwood
Palisades Tahoe
Prosser
Shaffer’s Mill
Sugar Bowl
Tahoe City
Tahoe Donner
Truckee
Westshore
Westshore Lakefronts
Winter Creek
