LAKE TAHOE, Nev., (July 2, 2009) – Homes selling for less than $1 million are boosting the Lake Tahoe real estate market, according to a mid-year report released by Lake Tahoe-based Chase International. The report is comprised of all home and condominium sales in the Reno-Tahoe area from Jan. 1 through June 30.
The sales of homes priced under $1 million were up seven percent around Lake Tahoe, with homes over $1 million down 41 percent from this time last year. While sales volume around the lake was down 19 percent, units sold stayed relatively level with a two percent decrease from this time last year.
The average price of a home in Lake Tahoe is $886,045 (down six percent) and the median is $540,125 (down 24 percent).
"The economy has cultivated a remarkable inventory of affordable homes,"
Sue Lowe, corporate vice president for Chase International, said. "The inventory and price points are creating an opportune situation for home buyers and investors."
The nation as a whole seems to be showing signs of an upswing, as the National Association of Realtors (NAR) recently announced another gain for sales of existing homes in May, the first back-to-back monthly gain since September 2005.
"Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates," said Lawrence Yun, chief economist for NAR. "First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory."
South Lake Tahoe showed the biggest increase in homes sold for less than $1 million (15 percent) with units sold jumping 11 percent. Volume sold fell 15 percent and homes sold for more than a million were down 75 percent. The average home price in South Lake Tahoe is down 23 percent to $375,565 and the median price is down 20 percent to $318,000.
Home sales on Tahoe's East Shore saw a six percent increase in volume and a three percent increase in units sold, with homes sold for less than $1 million jumping ten percent. Homes sold for more than $1 million were down 22 percent. The average home price was up three percent to $965,577 and the median was down 17 percent to $520,000.
The average price of a home in Incline Village was up four percent to
$1,411,884 and the median was down 36 percent to $747,500, retaining its position as the most expensive enclave of Lake Tahoe. Volume sold was down
21 percent and units sold were down 24 percent. There was no change in homes sold for less than a million and homes sold for more than a million was down 42 percent.
Tahoe City saw decreases across the board, with volume down 33 percent; units sold down 15 percent; million-dollar homes down 27 percent; and homes sold for less than $1 million down 12 percent. The average home price in Tahoe City is $791,153 (a 20 percent drop) and the median price is $575,000 (a 12 percent drop). Condo sales in Tahoe City, however, showed a 50 percent increase in units sold and 133 percent jump in those sold for less than $500,000. Incline Village also experienced an increase (six percent) in condos sold for less than $500,000. The average price of a condo in Lake Tahoe is $357,313 (a 39 percent drop) and the median is $301,313 (down 30 percent).
Truckee saw a rise in homes sold for less than $1 million (five percent) with homes sold for more than a million down 47 percent. Truckee sales volume was down 28 percent and units sold was down seven percent. The average price of a home in Truckee fell 22 percent to $649,561 and the median dropped 14 percent to $540,000. The volume and units of condos sold in Truckee were both down (68 and 49 percent, respectively). The average price of a condo was down 36 percent to $598,208 and the median dropped
33 percent to $385,000.
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 160 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.