Lake Tahoe real estate: Home sales remain steady for summer
By the numbers
$779,128: Average home sale price across entire region
$525,000: Median home sale price across entire region
$1.05 million: Average home sale price in Truckee market
$629,500: Median home sale price in Truckee market
$886,938: Average home sale price in Tahoe City market
$570,000: Median home sale price in Tahoe City market
$1.37 million:Average home sale price in Incline Village market
$995,000: Median home sale price in Incline Village market
Source: Chase International. Figures are for quarters 1 and 2 for 2016 (January through June)
INCLINE VILLAGE, Nev. — Lake Tahoe home prices remain essentially unchanged for the first half of the year, while lake-wide sales rose slightly. The sale of homes over $1 million was up significantly (30 percent), primarily a result of strong sales in Incline Village.
The numbers are part of a report released July 6 by Chase International Real Estate, comparing all MLS sales from January 1, 2016, through June 30 to the same timeframe of 2015.
Sales volume around the lake rose an impressive 13 percent, while units sold was up 12 percent. The average price of a home is $779,128 while the median is $525,000, a 1 and 2 percent rise, respectively.
Incline Village and South Shore saw the bulk of the movement, with South Shore seeing a 22 percent increase in units sold across the board.
Total volume sold in the South Shore was up 33 percent. The average price of a home in South Lake Tahoe is $499,877 and the median is $414,000 (up 9 and 7 percent, respectively).
Sales volume in Incline was up 34 percent and units sold up 26 percent. Homes selling for more than a million leapt 59 percent. The average price of a home in Incline is $1.37 million (a six percent increase) and the median is $995,000 (up 17 percent).
Tahoe City saw declines in both volume and units sold (14 and 12 percent) with median home price rising two percent to $570,000. The average home price dropped two percent to $886,938.
Regional sales have remained primarily on par with national trends, with the buyers taking advantage of low mortgage rates.
“This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they’ve accumulated in recent years and finally deciding to trade up or downsize,” said Lawrence Yun, chief economist for the National Association of Realtors.
The East Shore saw a 10 percent jump in units sold, with the average home price dropping 11 percent to $1.13 million. The median price rose two percent to $784,000.
Condo sales around the lake saw 14 percent spikes in both volume and units sold. Prices remained relatively flat, with a five percent uptick in median price ($342,00) while the average price dropped less than one percent to $420,839. Incline Village saw more sales of condos than any other area on the lake. It also had the highest average price for a condo.
Truckee saw huge increases across the board, with a 68 percent increase in volume sold, primarily due to a 158 percent rise in homes selling for more than $1 million.
The average price of a home in Truckee is $1.05 million (up 31 percent) and the median price is $629,500 (up 15 percent).
This article was provided by Chase International. Headquartered at Lake Tahoe since 1986, with 10 offices in the Tahoe-Truckee-Northern Nevada region — and one in London — Chase and its exclusive affiliations handle a large share of the country’s property. Visit chaseinternational.com to learn more.