Million-dollar homes lead first quarter in Truckee-Tahoe real estate sales
The Truckee-Tahoe real estate market started 2018 off on a strong note with a jump in sales across the region in single-family units costing more than $1 million.
Chase International’s Lake Tahoe-based real estate agency recently released its first quarter report comparing sales from Jan. 1, 2018 through March 31 to the same timeframe from 2017.
Lake Tahoe’s real estate market saw a 27 percent increase in total sales, with the average price of a single-family home rising to $665,000 from $532,000. Tahoe City was the only area to see a downturn in total sales, falling to $57,966,493 from $67,007,634.
The Tahoe market was bolstered during the first quarter by a 68 percent increase in homes sold for more than $1 million. Incline Village had the most significant increase with a 121 percent jump from last year at this time.
“It’s fairly unusual,” said Chase International Corporate Vice President Sue Lowe. “But you also have to take in to consideration the first quarter from last year was the winter from hell and the entire real estate market stalled to a certain degree. Its’ definitely stronger but you do have to take in those variables.”
While sales of homes more than $1 million increased lake-wide, sales of homes less than $1 million fell by 6 percent. Tahoe City saw the greatest decrease at 15 percent compared to last year at this time. Tahoe’s East Shore was the only market to increase in sales of homes less than $1 million with an 83 percent jump. The East Shore was also home to the highest selling home of the quarter. The lakefront estate at 177 Yellow Jacket Road in Glenbrook, Nev., sold for $13.145 million.
“Record low inventory around the lake is creating a seller’s market,” said Lowe in a statement. “The new tax laws and incentives in Nevada are fueling further interest and activity in those communities.”
Rising tide lifts all boats?
Lowe said a strong job market has affected the Reno area’s real estate market, and as prices have gone up, many sellers have been reluctant to sell because they can’t find anything else to buy.
“It’s kind of a snowball effect,” she said. “But it’s definitely a seller’s market.”
In Truckee, the real estate market saw a 70 percent jump in homes sold for more than $1 million, according to Chase’s report, and had a total sales increase of $168,341,921 compared to last year’s $118,517,162.
The average price of homes sold during the first quarter jumped 26 percent to $1,193,914 from $948,137, while the median price took a slight dip to $705,000 from $709,000.
There was also a 188 percent jump in Truckee’s sales of condos priced more than $500,000, while the sales of units under $500,000 dipped 33 percent.
Condo sales around Lake Tahoe grew by 23 percent. Units costing more than $500,000 grew by 37 percent, but those less than $500,000 fell by 11 percent.
Tahoe Donner followed the area’s trend of more homes being sold for more than $1 million, with 17 units sold this past quarter compared to three in the first quarter of 2017.
Justin Scacco is a reporter for the Truckee Sun. Contact him at email@example.com.