INCLINE VILLAGE, NV -(October 25, 2008) – The Lake Tahoe real estate market is right in step with national trends, as Chase International’s third quarter report shows little increase in sales and prices. Truckee, however, continues to show signs of life with strong sales in million-dollar homes and average prices relatively un-phased by the rest of the market. Chase released the report Thursday.
The average home price in Lake Tahoe dropped 27 percent from this time last year to $1,051,509 while the median price dropped 15 percent to $714,000. Volume sold around the lake was down 38 percent to $439, 591,967 and units sold was down 19 percent to 507. Homes sold for less than $1 million dollars decreased only nine percent, while homes sold for more than $1 million dropped 41 percent.
Sue Lowe, vice president for Chase International, notes that lake-wide volume is down primarily because of the decrease in the sale of high-end homes. During the first three quarters in 2007, 21 homes sold for more than $5 million. This year to date, we saw only six sales in that luxury price range.
“There are some absolutely amazing deals to be found right now,” Lowe said. “This is a huge opportunity for investors and astute buyers with cash on hand. It has been a long time since we’ve seen these kinds of deals.”
Lake Tahoe’s East Shore experienced the biggest drop in home prices. The average price of a home is down 50 percent to $1,141,752 and the median is down 35 percent to $659,000. Homes priced less than a million are what is moving, with a 23-percent increase in sales. Homes above the million-dollar mark are down 40 percent. Overall volume sold on the East Shore is down 54 percent and units sold are down only eight percent.
The average home price in Tahoe City rebounded a bit (three percent) to $1,222,665. The median price fell nine percent to $657,000. Homes selling for less than a million are down 20 percent and million-dollar-plus homes fell 21 percent. Tahoe City sales volume dropped 17 percent and units sold are down 20 percent.
South Lake Tahoe homes experienced a 17 percent decrease in average price ($487,801) and a seven percent drop in median price ($405,000), making it the most affordable area of the lake to buy a home. Homes sold for less than a million was down three percent and homes sold for more than a million fell 59 percent. Volume and units sold were both down, 25 and ten percent, respectively.
Incline Village remains the priciest neighborhood in Lake Tahoe with an average home price of $1,353,817 (down 21 percent) and median price of $1,135,000 (down only five percent). While homes sold for more than $1 million was down 43 percent, the number of those homes (53) was more than double of any other area on the lake and accounts for nearly half of the over-million sales in Lake Tahoe. Homes sold for less than $1 million are down 33 percent. Incline Village volume was down 52 percent and units sold are down 39 percent.
Truckee seems to be the anomaly, offering some positive indicators. The average price of a home in Truckee was up two percent to $825,312 and the median price held steady at $631,000. Homes sold under the million-mark were down 14 percent while homes sold for more than $1 million jumped 33 percent. Overall volume sold in Truckee was down five percent and units sold were down six percent.
Reno saw a 19-percent drop in average home prices ($344,662) and 15-percent drop in median prices ($275,000). Homes selling for less than $1 million were down only two percent while homes selling for more than $1 million were down 47 percent. Overall volume sold in Reno was down 22 percent and units sold are down four percent.
The average price of a home in Sparks dropped 15 percent ($267,234), as did the median ($245,000). Overall sales volume in Sparks was down 15 percent with no change in units sold. Homes selling for less than a million held steady with no change and no homes in Sparks sold for more than $1 million.
Carson Valley experienced an 18 percent decrease in average home price ($356,422) and 21 percent drop in median price ($295,000). Overall sales volume was down 23 percent with units sold down six percent, primarily from the sale of homes sold for less than a million. There was no change in homes sold in Carson Valley for more than $1 million.
Condo sales were also down across the board, with the exception of South Lake Tahoe, which experienced 76 percent increase in units sold for less than $500,000, subsequently boosting volume sold by 18 percent and units sold by 38 percent. The average price of a condo in Lake Tahoe fell five percent to $563,098 and the median dropped 12 percent to $410,375.
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 has once again taken the reins of cutting edge technology by launching www.ChaseNation.com, the first interactive social networking website created by a real estate brokerage as a vehicle for direct interaction with consumers online.
With 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