Tahoe’s High End Homes Bump First Quarter Real Estate Sales
ZEPHYR COVE, Nev. (Apr. 7, 2016) – Lake Tahoe real estate saw an eight percent jump in total homes sold during the first quarter of 2016, the result of an eleven percent increase in homes sold for more than $1 million. Homes selling for under a million were down nine percent.
The numbers are part of a report released by Chase International Real Estate, comparing all MLS sales from January 1, 2016 through March 31 to the same timeframe of 2015.
Providing the most comprehensive lake-wide assessment of how the real estate market is faring at Lake Tahoe, Chase International combines sales stats from four regions, broken out into East Shore, South Shore, West Shore and North Shore neighborhoods. From those tallies, average Lake Tahoe numbers are compiled. Chase’s first quarter report shows both the average and median prices of a home at Lake Tahoe were up one percent from this time last year ($804,517 and $508,500, respectively).
Incline Village saw the biggest jump in sales with a 98 percent increase in volume sold and 38 percent rise in units sold. Homes selling for more than a million was up 100 percent, while homes selling for less than a million rose ten percent.
Tahoe City experienced decreases across the board, with a 28 percent drop in volume and a 17 percent fall in units sold. The median price of a home in Tahoe City fell three percent to $529,950 while Incline’s jumped 19 percent to $949,000.
“Overall sales around the lake are strong,” said Sue Lowe, senior vice president of Chase International. “If we had more homes and endless room to build, we’d see huge increases everywhere, but we’re limited with what we have to offer, and that’s actually part of the appeal for Tahoe homebuyers.”
The most affordable place to buy a home is South Lake Tahoe, with a median home price of $393,000 (up five percent) and average price of $453,830 (up two percent).
Condo sales around the lake were also strong, with a 30 percent rise in volume and 37 percent jump in units sold.
There was significant movement in Truckee, with a 110 percent leap in homes selling for more than a million and 25 percent increase in homes selling for under a million. The median price of a home rose 13 percent over last year’s numbers at this time, to $655,000.
Filed under: Lake Tahoe Lifestyles
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