Average Price of Tahoe Home Reaches $1 Million
Posted by — October 23, 2005
Average Price of Tahoe Home Reaches $1 Million(Lake Tahoe, Nevada) - The average price of a single-family home crept over the $1 million mark this quarter, according to a quarterly analysis by Lake Tahoe-based real estate agency Chase International. The report, comparing third quarter figures 2004 to 2005, shows that the average home price around the lake has jumped 16 percent subsequently pushing the price to just over $1 million ($1,007,010) for the first time. Homes over a million continue to lead the market with a 60 percent increase in units sold.
While East Shore, Nevada numbers are dropping, the area continues to have the highest average home price at $1.27 million (an increase of 11 percent), followed by Incline Village, Nevada with $1.23 million (up nine percent). The average price of a single-family home in Tahoe City is $945,664 (up 24 percent) while South Shore remains the most affordable at $572,387 (up 32 percent).
"The real estate market seems to be leveling off, but that's not the case here," said Corporate Vice President for Chase International Sue Lowe. "The sales of homes less than a million continue to decrease due to inventory, but they continue to outsell homes over $1 million and those figures are skyrocketing."
While 911 homes under $1 million have sold lake-wide, compared to 1093 from this time last year, a decrease of 17 percent, it's still substantially more than the 229 million-dollar-plus homes, which is up 60 percent from the 143 sold in 2004. South Shore saw the largest number of sales in homes under a million (510, down 17 percent), followed by Tahoe City (219, down six percent), Incline Village (115, down 22 percent) and East Shore (67, down 32 percent).
South Shore saw the biggest increase in homes over a million sold - 39, up 255 percent. Incline Village experienced a 39 percent jump in the over-million market, selling 99 homes. Tahoe City sales jumped 132 percent (58 homes) while the high end East Shore saw a decrease of eight percent (33 homes).
Lowe noted that Tahoe City was experiencing the strongest appreciation from this time last year, compared to the East Shore whose numbers were down except for average and median prices.
There was an 11 percent increase in sales volume around the lake, reaching $966,629,220, however units sold was down eight percent to 1137 from 1236. The biggest increase in sales volume was in Tahoe City, up 33 percent to $261,948,834 with 277 units sold. South Shore followed with an increase of 16 percent ($312,523,286) and 546 units sold then Incline Village with volume up seven percent ($264,981,000) with 214 units sold. Sales volume on the East Shore was down 17 percent ($127,176,100) with 100 units sold.
The average price of condominiums also continues to rise, up 13 percent to $515,808. The sale of condos more than $500,000 jumped 28 percent (159 sold) while those under $500,000 were down 33 percent (242 sold). Overall sales of condos in Lake Tahoe continued to drop (six percent) to $215,138,447.
In Truckee, the sale of condos over $500,000 jumped 204 percent while units under $500,000 was down 39 percent. The average price of a condo in Truckee is up 39 percent to $485,866.
The average price of a single-family home in Truckee was up 26 percent to $779,530, however homes under a million were down 37 percent (365) and homes over a million were up 47 percent (63). Sales volume was down 13 percent ($333,638,667) as were units sold (428 from 618 or 31 percent).
The Reno-Sparks area also saw a huge jump in homes sold for more than $1 million (129 units sold, up 77 percent) and homes under a million saw a marginal increase of five percent (4630 units). Sales volume was up 29 percent to $1,926,632,806 and units sold were up six percent to 4759. The average price of a single-family home in the Reno-Sparks area is $404,840, an increase of 22 percent. Chase International opened an office in Reno this year and has more in-depth statistics about the Reno-Sparks market available for interested clients and individuals.
Condominium sales in Reno-Sparks continued to surge with sales volume jumping 69 percent and units over $500,000 leaping 400 percent. The average price of a condo is $207,382, an increase of 50 percent.