Tight Local Inventory Results in Competitive Spring Market

This is an interesting article I found today, and it echoes what is occurring within many of our micro-climates here in Truckee and Lake Tahoe. We are seeing far less fewer homes come to market in April than we have in the past, and this shortage of inventory is creating a sense of urgency for many buyers, especially in the lower end of the market. Even robust markets such as Tahoe Donner are seeing strong sales price to list price ratios, and on a personal level, my listings are achieving high showing rates and multiple offers within 10% of asking price.  While I absolutely expect to see another wave of REO and short sale properties hit the market, I don't expect these properties to "steal the show" in volume, and in fact I believe that the competitive market will only increase their values during the marketing period.  Only time can tell, but from what we've seen over the past 4 weeks, our Spring and Summer has the potential to bring the real estate market a much needed recharge for local sellers.  I'm happy to Spring into 2012!