INCLINE VILLAGE, Nev. (Apr. 5, 2013) – The Lake Tahoe real estate market is off to a strong start in 2013, experiencing a 34 percent increase in median home price and a 53 percent leap in average price. Sales volume around the lake is up 61 percent, primarily due to a 133 percent jump in homes sold for more than $1 million. The figures were part of a quarterly report released by Lake Tahoe-based real estate company Chase International.
The median price of a home in Lake Tahoe is $415,000. The median price of a home was up in all areas of Lake Tahoe, with the East Shore seeing the largest increase, 72 percent, to $750,000. The East Shore also had the biggest jump in sales of homes over a million dollars (1,300 percent to 14). Incline Village, however, had the largest overall number of sales in million-dollar homes, 24, up 140 percent from first quarter 2012.
“The market has been making small gains for some time, as inventory levels drop,” said Susan Lowe, corporate vice president of Chase International. “But this is the first time in a while that the numbers have reflected such an impact. I think figures will continue to show an upswing in the market, especially if the inventory remains low.”
Units sold was up five percent and homes selling for less than a million was down seven percent, a result of rebounding home prices, a lack of inventory in the lower segment of the market and higher end sales. Tahoe City was the only area to experience a decrease in volume and units sold (23 and 15 percent). Homes selling for less than a million were down 18 percent, but the median home price is up 12 percent to $397,500. The most expensive place to buy a home in Lake Tahoe is Incline Village (with a median price of $960,000) and the most affordable homes can be found on South Shore ($309,950).
The National Association of Realtors (NAR) also reported an uptick in the sales of vacation homes and investment purchases remain elevated for the second year in a row.
Lawrence Yun, chief economist for NAR, said favorable conditions are driving second-home sales. “We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes. Attractively priced recreational property is also a big draw.”
Truckee saw a 32 percent increase in sales volume with a 100 percent jump in homes priced more than $1 million. There was an eight percent drop in homes sold for less than a million. The median price of a home in Truckee is $492,000.
The sale of condominiums is also on the rise. There was a 179 percent jump in sales volume around the lake, with a 180 percent increase in those priced over $500,000. Condos selling for less than $500,000 were up 26 percent.
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.