Tahoe real estate sales down in first half of 2019
Real estate sales in the Tahoe region are down the past six months compared to the same period last year.
“The whole market is down,” said Susan Lowe, senior vice president at Chase International.
In the first six months of the year, 608 units were sold, down from 643 units sold during the same period in 2018, according to the Tahoe Sierra Multiple Listing Service.
The data includes sold listings on the North Shore, West Shore, Alpine Meadows and Squaw Valley, Truckee, and Tahoe Donner.
During the first quarter this year, January through March, 32 single family homes and condos were sold for under $300,000 — with 66 sold between $300,000 and $500,000. In the second quarter this year, April through June, a total of 262 single family homes and 80 condos were sold. Out of those units only eight single family homes and 15 condos were sold for under $300,000; 37 homes and 38 condos were sold between $300,000 and $500,000. During that time five single family homes were sold for over $5 million.
“The first quarter I would contribute to the winter,” said Lowe.
While the market has slowed compared to last year, Lowe said things should pick up soon.
“I’m seeing a big up kick since June 1st on contracts going into escrow and showings; just more activity,” she said. “Typically the summer and fall are the most active around the lake. The third quarter might make it even out a bit.”
In June, 18 single family homes and 18 condos sold for under $500,000, throughout the Tahoe Sierra MLS region. Twenty one single-family homes sold under $500,000 in January, along with 18 condos, comprising nearly 40% of the month’s sales.
In Truckee, the average price of single family homes sold between January and March was $1.7 million. In the second quarter that average was $1.1 million. The average price of condos sold in Truckee was $638,000 in the first three months this year and $562,000 in the second quarter.
According to a report from Chase International, the number of homes sold for under $1 million declined by 15% in the past six months, with sales over $1 million down 5%.
Hannah Jones is a reporter for the Sierra Sun. She can be reached at 530-550-2652 or email@example.com.