Average price of homes sold in Tahoe highest in a decade
Sales of homes more than $1 million drove the Lake Tahoe real estate market in 2018, pushing the average price of a home sold in the region to more than $1 million for the first time since 2008.
The average price of a home sold in the Tahoe area in 2018 was $1,096,186, which was an increase of 21 percent compared to 2017.
Homes sold for more than $1 million increased by 19 percent, raising the median price of homes in the region by 12 percent to $652,750. Homes sold for less than $1 million decreased by 8 percent across the lake, falling to 991 from 1,079 units sold in 2017.
These figures are part of a quarterly report released by Lake Tahoe-based real estate agency, Chase International. The numbers compare all multiple listing service home sales from Jan. 1, 2018 through Dec. 31, 2018 to the same time frame in 2017.
The overall dollar amount that homes sold for increased by 18 percent, but the number of homes sold decreased by 3 percent, which reflects the current market’s rising home prices and limited inventory.
“Inventory has always been an issue in Lake Tahoe,” Susan Lowe, corporate vice president of Chase International, said in a statement. “There’s limited space in a highly coveted second home region. As long as the economy is solid, Tahoe will likely be in the seller’s favor.”
The property at 2380 Sunnyside Lane in Tahoe City sold for $40 million earlier this year, which was the highest of 2018.
Home sales less than $1 million declined in all communities around the lake except on Tahoe’s east shore, according to the report, which saw a 32 percent increase. The east side of the lake also saw a nine percent decrease in median home price to $815,000 and a 23 percent increase in units sold.
Sales softened in Truckee in 2018. The area saw an eight percent decrease in sales volume and units sold. Homes sold for one million dollars or more were up 13 percent. The median price of homes in Truckee went up nine percent to $733,000.
Tahoe Donner saw a five percent increase in sales volume, which was driven by a 32 percent increase in homes sold for more than $1 million.
In Tahoe City, the number of single family units sold decreased by 4 percent to 333 from 346 units sold, but sales volume increased 35 percent to $473,374,297 from $350,295,761.
Incline Village’s median home price increased by 19 percent to $1,269,000, making it the most expensive area to purchase a home. Overall units sold increased by eight percent and volume was up 17 percent.
South Lake Tahoe recorded a five percent decrease in sales volume and nine percent decrease in number of units sold and 6 percent increase in median price.
Condo units sold declined eight percent with no changes in sales volume. The median price for a condo in Lake Tahoe has risen 15 percent to $455,000.
Justin Scacco is a reporter for the Sierra Sun. Contact him at email@example.com.