Lake Tahoe Home Sales Continue to Rise
ZEPHYR COVE, Nev. (Oct. 11, 2012) – Home sales have continued to rise around Lake Tahoe, where there was a 37 percent jump in units sold and a 16 percent rise in sales volume, according to a quarterly report released by Lake Tahoe-based real estate company Chase International.
Homes under and over the million-dollar mark both experienced significant increases in sales (37 and 33 percent, respectively) while overall prices fell around the lake. The median price of a home in Lake Tahoe is $330,000 (down 11 percent) and the average price is $538,289 (down 15 percent). There is promise for home prices however, as the National Association of Realtors is projecting the median existing-home price to rise about five percent in 2012 and 2013.
Sales were strong in all areas of Lake Tahoe. Tahoe City saw a 33 percent increase in sales volume and a 42 percent leap in homes sold. Incline Village experienced a 30 percent increase in volume and 44 percent jump in homes sold. South Lake Tahoe came in with a 22 percent rise in volume and 34 percent increase in homes sold, while the East Shore saw a 39 percent decrease in volume (primarily due to a small dip in units sold for more than a million dollars) and a 27 percent rise in homes sold.
Incline Village has the highest median home price (down eight percent to $702,000) and South Lake Tahoe has the lowest median home price ($239,000, down 14 percent). Tahoe City saw the lowest drop in median home price (down seven percent to $419,000) while the East Shore had the biggest drop in median home price (down 29 percent to $410,000).
There were slight variances in Truckee home sales. The median home price rose two percent to $445,000 while sales volume was up three percent and units sold increased six percent. Ski areas (Northstar, Squaw Valley, and Alpine Meadows) experienced an 11 percent drop in sales volume and nine percent rise in units sold. Homes selling for less than $1 million were up 24 percent.
The report compares sales from January 1 through September 30, 2012 to the same time frame of 2011. For more information about Truckee-Tahoe real estate, contact Alison Elder, Chase International’s Realtor of the Year, at 530-582-8103 or Tahoe@alisonelder.com. And, visit Alison Elder’s site at www.ElderGroupTahoeRealEstate.com.
About Chase International
With 240 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of luxury real estate, Chase International continues to grow, having added 65 Realtors® to their ranks in the past twelve months.
Mid-year Lake Tahoe, Truckee, and the Ski Resort statistics are now available from Alison Elder, Elder Group Tahoe Real Estate, proudly affiliated with Chase International. Learn more about where the market is “today” – it’s a great time to capture a special piece of our beautiful area. Access year to date statistics below, provided by Alison Elder. Questions? Contact Alison.
Statistical leading indicators share that many of the Truckee-Tahoe real estate markets have stabilized. Supply and demand is unusually low; short sales and REO has substantially reduced compared to the last several years. Square foot pricing indicates the market has bottomed and in certain areas, recent price point sales are setting new trends. Access year to date statistics below, provided by Alison Elder. Questions? Contact Alison.
What a real estate year! Short sales, REO (bank owned) property sales and standard sales set new square footage and volume records as compared to 2010. No doubt 2012 will be a trend leader with new twists and turns related to square footage pricing, new construction trends and more. Read on for solid and accurate statistical data provided by Alison Elder, Elder Group Tahoe, Chase International. Now is the time to buy!
LAKE TAHOE, Nev. (Jan. 4, 2011) – The Lake Tahoe real estate market ended the decade with strong sales and significant signs of improvement, according to a year-end report from Chase International. The report, which compares all sales and home prices from 2010 to those of 2009, indicated a 16 percent increase in units sold and a 20 percent jump in overall sales volume.
“This is a remarkable improvement from 2009,” said Susan Lowe, corporate broker and senior vice president for Chase International. “These numbers show the regional market stabilizing.”
Tahoe City showed the largest increase in sales with a 40 percent increase in total volume (dollars) and 17 percent rise in units sold. Incline Village saw a 27 percent jump in both units and volume. The median price of a home in Incline Village is $827,000, the highest in the basin, despite a ten percent drop from 2009. The median price of homes sold along Tahoe’s East Shore is $570,000, up five percent over 2009 and for South Shore, the median price remained steady compared to 2009 at $317,000. The overall median price of homes sold in Lake Tahoe is $541,000, down six percent, while the average price remained stable (with a one percent increase) at $897,173.
The National Association of Realtors notes that historically high housing affordability is boosting sales activity across the nation, indicating a gradual recovery into 2011.
“In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” said Lawrence Yun, chief economist for NAR. “But further gains are needed to reach normal levels of sales activity.”
The sales of condominiums around the lake are also up substantially with a 48 percent rise in sales volume and 46 percent jump in units sold.
Truckee condos were up 46 percent in both sales and volume. Home sales in Truckee remained relatively flat, with little movement in volume and a five percent increase in number of units sold. The average price of a home in Truckee is $627,093 (down four percent) and the median is $490,000 (down eight percent).
A complete breakdown of Chase International’s year-end sales report can be viewed by clicking the following links: