Tahoe Home Sales Post Small Gain From Lackluster 1st Quarter

Posted by Katie Shaffer — July 6, 2008

Chase International Optimistic About Next Six MonthsLAKE TAHOE, Nev. – (July 7, 2008) – While overall mid-year home sales in Lake Tahoe and Reno are reflective of the national economy and show decreases from this time last year, sales have bounced back considerably from first quarter 2008, according to a comprehensive mid-year report from Chase International. The prominent Lake Tahoe-based company released the figures, which include activity from January 1 through June 30, 2008.Chase InternationalThe average home price in Lake Tahoe dropped 24 percent from $1,238,038 this time last year to $945,520 (the median fell 23 percent to $712,250). Overall sales volume was down 39 percent to $253,765,287 and units sold were down 19 percent (313 from 385). The numbers are an improvement, however, from first quarter 2008 (January 1 through March 31), which saw only $104,502,816 in volume and 139 units sold.“We may be bouncing along the bottom a bit, but we’re starting to see an increase in activity,” Sue Lowe, corporate vice president of Chase International, said. “Offers are being written and we’re optimistic that we’ll continue to see an improvement in the next six months.”Lowe also notes that the current mid-year stats were affected by a very active high-end market at this time last year. While the sale of larger properties has stalled, there’s a rebound in activity for condos and lower end East Shore and Truckee homes. The National Association of REALTORS® reported a modest gain across the country in May and are forecasting an improvement for the second half of the year as more buyers are able to access affordable mortgages.East Shore sales volume was down 54 percent to $34,923,400 but units sold were down only three percent to 37. The average home price dropped 52 percent to $943,876 (the median dropped 37 percent to $625,000), boosting homes sold for under $1 million 47 percent. Homes sold for more than $1 million was down 53 percent.Incline Village also saw a jump in average home price (13 percent to $1,356,297) while the median price fell 25 percent to $1,170,000. Overall sales in Incline were down 45 percent to $78,665,236 and units sold were down 36 percent to 58. Homes sold for under a million were down 26 percent and homes over the million-dollar mark were down 42 percent.Tahoe City volume was down 24 percent to $66,673,851 and units sold were down 11 percent to 67. The median home price dropped only four percent to $655,000 and the average dropped 14 percent to $995,132. Homes selling for less than $1 million held fairly steady, dropping only two percent while homes more than $1 million dropped 39 percent.South Shore numbers were down across the board. Volume sold fell 34 percent to $73,502,800 and units sold were down 17 percent to 151. The average home price decreased 21 percent to $486,774 and the median was down 14 percent to $399,000. Sales for homes less than $1 million was down ten percent while million-dollar-plus homes were down 64 percent.Confirming the resurgence in a lower end market, the South Shore saw an 82 percent jump in the volume of condo sales, in part due to a 12 percent decrease in median price ($275,000). Overall Lake Tahoe condo sales were down 41 percent to $37,360,450 and units sold were down 30 percent to 73. The median price of a condo in Lake Tahoe fell seven percent to $410,000 and the average price was up one percent to $544,254. Condos selling for less than $500,000 were down only two percent and those over $500,000 were down 58 percent.“We’re definitely seeing an increased interest and activity from buyers,” Lowe said. “This is the best time to get the deals and there’s a lot of opportunity. The investors and first-time home buyers see that and are re-entering the market in hordes.”The national downswing has had little effect on Truckee home prices, which held steady with a two percent increase in average price ($833,225) and a two percent decrease in median price ($633,000). While overall Truckee sales volume was down 16 percent to $161,645,580 and homes sold were down 18 percent to 194, the upper-end market jumped with a 26 percent increase in homes sold for more than $1 million. Homes sold for less than $1 million were down 25 percent.The average price of condos in Truckee saw a 12 percent climb (to $944,136) and the median jumped seven percent to $638,500. Overall volume of Truckee condos was down 31 percent and units sold were down 38 percent.The Reno-Sparks single family market experienced a 28 percent decrease in volume to $528,521,645 and units sold were down 15 percent to 1,569. The average price of a home in Reno is down 15 percent to $336,852 and the median is down 14 percent to $272,000. Homes sold for less than a million were down 14 percent and homes sold for more than a million were down 43 percent.Carson Valley home sales dropped 32 percent in volume and 17 percent in units sold. The average price was down 18 percent to $355,870 and the median was down 23 percent to $290,000. Homes sold for less than a million were down 17 percent and homes over a million were down 20 percent.About Chase InternationalHeadquartered in Lake Tahoe, Nevada since 1986, Chase International has eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley Truckee, South Lake Tahoe and Reno) and one in London. Chase and its exclusive affiliations handle a large share of the nation’s property. Currently Chase International has one of the top five most expensive properties ever listed in the nation – Tranquility located at Lake Tahoe, for $100 million.With a staff of more than 140 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.


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