The Lake Tahoe Real Estate stats for the 2nd quarter of 2012 have just come out! Here is the press release from our broker:
Home Sales Up, Prices Down in Lake Tahoe
Homes Priced Under a Million Keep Market Moving
ZEPHYR COVE, Nev. (July 9, 2012) – Home sales are up around Lake Tahoe, due in no small part to dipping prices, according to a midyear report released by Lake Tahoe-based real estate company Chase International.
The report, which compares sales from January 1 through June 30 of 2012 to the same timeframe of 2011, indicates that the number of homes sold is up an impressive 28 percent. There was no change in the overall dollar volume, reflecting decreases in both median (19 percent) and average (33 percent) home prices. The median price of a home in Lake Tahoe is $310,000 and the average is $628,944. The sales of homes priced under a million dollars is up 31 percent while homes over the million-dollar mark is up by two percent.
“Decreasing inventory coupled with historic low prices is enticing buyers back to the market,” said Susan Lowe, corporate vice president for Chase International. “I’m sure we’ll continue to see a lot of movement throughout the rest of the year.”
Nearly all areas around the lake experienced increases in units and volume sold, except for the East Shore, which saw a 59 percent drop in volume sold, but an 11 percent increase in homes sold. Tahoe City saw the biggest gains, with a 33 percent jump in both dollar volume and homes sold and a 36 percent rise in homes sold for less than a million. Incline Village also fared well, with a 36 percent increase in homes sold, 39 percent of which were priced under a million. South Shore experienced a whopping 27% increase in units sold and a five percent increase in volume.
The number of homes sold in Truckee was up 12 percent while dollar volume was up six percent. Homes sold for less than a million were up 13 percent. Home prices in Truckee remained relatively stable, with only minor decreases. The median price of a home is $425,000 (down two percent) and the average price is $514,740 (down six percent).
Filed under: Lake Tahoe Real Estate
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