For Immediate Release
Tahoe Home Prices Continue to Climb
Lake-Wide Price up Eight Percent – Inventory Dampens Sales
ZEPHYR COVE, Nev. (July 5, 2017) – Home prices continue to increase around Lake Tahoe, with median prices up eight percent to $575,000. Overall sales dipped in the first half of the year, with a 16 percent decrease in homes sold for less than $1 million. Homes sold for over a million was up two percent.
The figures are part of a quarterly report released by Lake Tahoe-based real estate agency Chase International. The numbers compare all MLS home sales from January 1, 2017 through June 30, 2017 to the same time frame of 2016. Despite a 13 percent drop in units sold around the lake, there was an overall eight percent increase in total (dollar) volume.
Every area of the lake saw a decline in units sold, with Incline Village and Tahoe City seeing the only boost in overall sales volume (28 and 15 percent, respectively). Tahoe City experienced the largest bump in median home price, up 13 percent to $644,000. Incline Village is the most expensive area to buy a home, with a median price of $1,095,000, up ten percent from last year.
According to Sue Lowe, corporate vice president for Chase International, inventory is a consistent problem around the lake, a trend that’s affecting the entire nation. According to the National Association of Realtors, pending home sales in May continued a three-month slump, primarily due to critically low inventory levels around the nation.
“Monthly closings have recently been oscillating back and forth, but this third consecutive decline in contract activity implies a possible topping off in sales,” said Lawrence Yun, chief economist for NAR. “Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”
The sale of condominiums saw little effects from inventory shortage, with a 92 percent jump in units sold for over $500,000 around the lake. Tahoe City and Incline Village saw particularly strong sales (up 500 and 67 percent, respectively). The median price of a condo in Lake Tahoe is $390,000, up 14 percent.
In Truckee, home sales were down with a 24 percent decline in volume sold. The median home price was up six percent to $670,000, but overall units sold was down 16 percent. Million-dollar homes saw the biggest decline, with a 29 percent drop in sales. Truckee also saw a surge in condo sales, with a 50 percent increase in units sold for more than $500,000.
About Chase International: Headquartered in Lake Tahoe, Nevada since 1986, with ten offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe, Carson Valley, Sparks and Reno) and a public relations office in London, England, Chase International and its exclusive affiliations handle a large share of the country’s property. With 350 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 while continuing to specialize in their core expertise of luxury. For more information about Chase International, visit www.chaseinternational.com.
Filed under: Lake Tahoe Lifestyles
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