Reno Gazette Journal Article
Real Estate: East Shore serves as Tahoe bright spot in quarterly report
The East Shore continued to outperform the rest of the Lake Tahoe real estate market, which saw home values fall overall during the third quarter.
The median price for a single-family home in Lake Tahoe fell 10 percent to $370,500 from July to September, according to Chase International’slatest housing report. Average price also fell to $630,984 —an 11 percent drop. Unit sales fell by 4 percent to 712 units.
One bright spot was the East Shore, which continued its positive pace from the second quarter. The median price for an East Shore home in the third quarter was $575,000, up 7 percent from the previous quarter. East Shore also posted a 51 percent jump in average price to $1.4 million.
The positive numbers for East Shore were fueled by high-end home sales. Although East Shore unit sales fell by
9 percent to 59 units, sales volume rose by 30 percent to $80 million. More than a third of East Shore sales involved
homes priced more than $1 million.
Despite, the negative numbers overall, Chase expects 2011 to get a shot in the arm from the activity seen in high-end homes.
“We are starting to see the return of the high-end buyer with especially the East Shore experiencing some substantial high-end sales,” said Sue Lowe, corporate vice president for Chase International. “With the increase of high-end sales, we are
anticipating a boost in end-of-year numbers.”
Truckee experienced some stabilization from this time last year, seeing a 16-percent increase in units sold and a 21-percent bump in units sold for less than a million.
The median price of a home in Truckee was $435,000, a 12 percent drop, and the average price was $554,744, also a decrease of 12 percent.
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