The resort community of Tahoe Donner typically has between 80 and 120 homes on the market, Overall said. Now there are only about a dozen.
Almost all the deals are all-cash, with few or no contingencies. Overall said that if buyers need financing, they have little chance of getting a home, since sellers prefer quick, all-cash deals.
“I think it’s set a new market here,” he said.
And the numbers show no signs of slowing. Kaili Sanchez, with Sierra Sotheby’s, said the company’s pending sales in June for the Tahoe area totaled $191 million, up from $72 million last year.
July is shaping up to be even better, with $129 million in pending sales between July 1 and July 15 — more than three times last year’s total. She said that while families have long seen Tahoe as a vacation-home market, now many families are planning to stay longer.
“They’re buying for their primary residence now,” she said. “Maybe it’s for a year, maybe longer. But they want to be outdoors.”
With so few homes for sale, many buyers have taken to buying up empty land and building a home. Local builders and architects say the waiting lists are getting longer for their services. Brokers have also started knocking on doors in hopes of persuading owners to list their homes.
“People who might have sold in a typical season are keeping their homes because they want a place to stay,” Belleci said. “The inventory is getting to the point where we are running out of homes for sale. It’s very limited.”