Chase International: Tahoe-Truckee real estate held steady in 2015
ZEPHYR COVE, Nev. — The Lake Tahoe real estate market ended the year with minor but relatively healthy increases — seeing a 3 percent increase in both units sold and median home price. The median price of a home around the lake is $490,000.
The numbers are part of a report released by Chase International Real Estate, comparing all MLS sales from Jan. 1, 2015 through Dec. 31, 2015 to the same timeframe of 2014.
Lake-wide, (dollar) volume sold was down three percent, with units selling for more than $1 million down eight percent. Homes sold for less than a million were up six percent.
“High end homes are a significant part of the Tahoe market,” said Susan Lowe, senior vice president of Chase. “Availability of those homes will always be a factor in the region. The steady increase in overall sales and price are indicative of a strong market.”
The South Shore and Tahoe City saw the biggest increases throughout the year. Tahoe City saw a 10 and 12 percent jump in volume and units sold, with a 2 percent rise in median home price (to $557,500).
Volume and units sold were up 5 and 6 percent on the South Shore, where the median home price rose three percent to $361,061.
Volume and units sold were down on the East Shore (36 and 24 percent), but median home prices jumped 15 percent. Incline Village stayed relatively even across the board, with a 5 and 1 percent decline in volume and units sold, and 2 percent decrease in homes selling for more than $1 million.
There was no change in the number of homes selling for under a million, and the median home price rose four percent to $920,000.
Sales of condos around the lake in 2015 were also stable, with a 5 percent drop in volume sold but a three percent increase in units sold. The median price was unchanged ($349,000).
The Truckee area saw an 8 percent drop in volume and five percent rise in units sold. Homes selling for under a million was up 13 percent and the median price dropped seven percent to $555,000.
This article was submitted by Chase International, which has nine offices in the Tahoe-Truckee region, including Incline Village. Visit chaseinternational.com to learn more.