Chase International: Strong summer sales put Tahoe-Truckee back on track
Lake Tahoe real estate sales and home prices were up across the board in the third quarter of 2016, marking the first time in more than three years that there’s been steady increases in all areas around the lake.
Sales volume around the lake was up 20 percent, and the median price of a home increased 12 percent to $540,000.
The numbers are part of a report released by Chase International Real Estate, comparing all MLS sales from January 1, 2016, through September 30 to the same timeframe of 2015. Units sold was up 10 percent lake-wide, and homes selling for more than $1 million was up 41 percent.
“The numbers are very encouraging,” said Susan Lowe, senior vice president of Chase International. “There’s generally always some fluctuation or decline somewhere on the lake, but sales have remained consistently strong over the summer.”
In recent years, Tahoe City and the East Shore have been more susceptible to variances; however, both saw increases in volume (six and 28 percent, respectively) with significant jumps in homes selling for more than a million (20 and 33 percent).
The median price of a home in Tahoe City rose five percent to $580,000 while on the East Shore it rose six percent to $1.18 million.
Homes selling for more than $1 million had the largest impact on sales, with every region on the lake seeing substantial increases, the largest being on the South Shore (62 percent) and Incline Village (55 percent). The only two stats to see any declines were homes selling less for less than a million in Tahoe City (down four percent) and Incline Village (down one percent).
South Lake Tahoe saw the largest increase in median and average home prices, up 13 and 14 percent to $405,000 and $496,984, respectively. The area is still the least expensive place to buy a home. The highest median home price remains in Incline Village, where the price jumped 11 percent to $1.039 million.
The median price of a home in Truckee rose 13 percent to $624,750. Homes selling for more than $1 million was up 111 percent while homes selling for less than a million was up 11 percent. Overall volume sold in Truckee was up 61 percent.
This article was provided by Chase International, which has 10 offices in the Reno-Tahoe region, including Incline Village. Visit chaseinternational.com to learn more.