The report, released earlier this week, compares sales from 2012 to those of 2011 and noted increases in sales across the board with slight decreases in the median price. Tahoe City and Incline Village saw the biggest jumps in sales, with an impressive 77 and 62 percent increase in volume and 41 and 52 percent climbs in units sold, respectively. Incline Village, through Chase International, was also home to the sale of a $25+ million estate, the largest sale in Lake Tahoe since January 2008.
The sale of million-dollar homes was up 59 percent around the lake, with South Shore reaping the biggest benefits with a 100 percent increase. Tahoe City experienced a 71 percent jump in homes sold for more than a million and Incline Village was not far behind with a 60 percent uptick. The East Shore climbed 19 percent.
“There was definitely more movement in the upper end of the market during the last quarter of the year, but we’re seeing a strong comeback in all areas,” said Sue Lowe, corporate vice president of Chase International. “When you look at annual numbers it’s clear that the market is strengthening in all price ranges and with inventory continuing to tighten, we expect average and median prices to continue to climb. Distress sales are also down substantially.”
Lake Tahoe is in sync with the national market. The National Association of Realtors (NAR) reported last week that pending home sales increased for the third straight month in November and were at their highest level in two-and-a-half years. The pending home sales index is a forward-looking indicator based on contract signings, and on a year-to-year basis, sales have risen for 19 consecutive months.
"Even with market frictions related to the mortgage process, home contract activity continues to improve,” said Lawrence Yun, chief economist for NAR. “Home sales are recovering now based solely on fundamental demand and favorable affordability conditions."
The median price of a home in Lake Tahoe is $315,000, down six percent from $334,600 in 2011, while the average price is up five percent to $636,898. Incline Village has the highest median home price ($704,000 with a six percent decrease) and South Shore had the lowest median home price ($245,525 with a seven percent decrease).
The median price of a home in Truckee is $445,000 (up two percent) and the average price is $552,126 (down two percent). Sales volume was up six percent and units sold was up eight percent over 2011 numbers.
Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of real estate, Chase International continues to grow, having added 65 Realtors® to their ranks in the past twelve months.
With 240 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. For more information about Chase International, visit www.chaseinternational.com.
Media Contact: Katie Shaffer
East River Public Relations