Lake Tahoe Sees Jump in Average Home Price

Posted by Katie Shaffer Thu, 07 Apr 2011

LAKE TAHOE, Nev. (Apr. 6, 2011) – Homes around Lake Tahoe experienced a 29 percent jump in average price, according to a quarterly report released by Chase International Real Estate. The figures compare sales and home prices from first quarter 2011 to first quarter 2010.

The average price of a home in Lake Tahoe rose to $937,501 and the median is $564,500 (an 11 percent drop). Sales volume is up 23 percent and units sold is up six percent.

“The Lake Tahoe market is showing definite signs of stabilization,” said Sue Lowe, corporate vice president for Chase International. “Our last two quarterly reports have shown vast improvement in sales volume and units sold in the Tahoe Basin.”

The National Association of Realtors® reported a 2.1 percent increase in pending home sales last week. “Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines,” said Lawrence Yun, chief economist for NAR. “Contract activity is now 20 percent above the low point immediately following expiration of the home buyer tax credit.”

Tahoe City saw an increase in sales volume and units sold (31 and nine percent, respectively). South Lake Tahoe experienced an 11 percent jump in units sold and 12 percent in sales volume. The East Shore had a 25 percent increase in sales volume and a 5 percent drop in units sold. Incline Village saw a 28 percent increase in sales volume and a 10 percent decrease in units sold.

The average price of a home in Truckee fell 19 percent to $504,337 while the median dropped 14 percent to $439,000. Sales volume is down 11 percent and units sold are up 11 percent. Condos in Truckee were down across the board with a 45% decrease in sales volume and a 44% decrease in units sold.

The average price of a condo in Lake Tahoe is $356,451 (down six percent), while the median price is up 15 percent. Sales volume is up seven percent with a 12 percent increase in units sold.

Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of real estate, Chase International continues to grow having added 65 Realtors® to their ranks in the past twelve months.

With 240 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. For more information about Chase International visit www.chaseinternational.com.