Fueled by limited inventory, Lake Tahoe-region home listing prices swelled in the first quarter, a report this week shows.
For the January-March period, the median listing price rose 17 percent from the last quarter of 2013 to $635,000 for the region encompassing Lake Tahoe, Truckee, Donner Lake, Northstar, Olympic Valley and Alpine Meadows, according to the report by a local brokerage.
Compared with January-March 2013, the median listing price of a single-family home increased 35 percent, the report shows.
At the same time, the number of properties sold fell 44 percent quarter over quarter and by 25 percent year over year, according to the report which cited fewer available homes for sale as well as the past winter’s meager snowfall impacting visitation to the area.
The rising asking prices were particularly notable in the lakefront submarket, which in the report covers California’s North and West Shores and Nevada’s Incline Village and Crystal Bay.
“Keep an eye on the lakefront market, where limited inventory is driving the median home price up drastically with a 97 percent increase quarter over quarter,” president of the brokerage said in a statement accompanying the report.
“As ski communities bounce back from a weather-affected quarter, we will expect market growth in summer months,” he said.
LAKE TAHOE HOUSING TRENDS
Single-family home median listing price by submarket for the first quarter 2014 ( compared with fourth-quarter 2013):
Truckee region: $575,000, up 12 percent
Northstar (excluding condominiums): $890,000, up 9 percent
Squaw Valley/Alpine Meadows: $1.25 million, up 9 percent
Incline Village/Crystal Bay: $1.09 million, up 27 percent
Tahoe lakefront: $6.47 million, up 97 percent
Filed under: General Real Estate
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