Tahoe Real Estate Market Ends 2010 on High Note
Posted by Katie Shaffer — January 5, 2011
LAKE TAHOE, Nev. (Jan. 4, 2011) - The Lake Tahoe real estate market ended the decade with strong sales and significant signs of improvement, according to a year-end report from Chase International. The report, which compares all sales and home prices from 2010 to those of 2009, indicated a 16 percent increase in units sold and a 20 percent jump in overall sales volume.
"This is a remarkable improvement from 2009," said Susan Lowe, corporate broker and senior vice president for Chase International. "These numbers show the Lake Tahoe regional market stabilizing."
Tahoe City showed the largest increase in sales with a 40 percent increase in total volume (dollars) and 17 percent rise in units sold. Incline Village saw a 27 percent jump in both units and volume. The South Shore saw a 10% increase in dollar volume and a 15% increase in units sold. The East Shore was the only area that saw a decrease in dollar volume at -3% but did see a 7% increase in units sold.
The median price of a home in Incline Village is $827,000, the highest in the basin, despite a ten percent drop from 2009. The median price of homes sold along Tahoe's East Shore is $570,000, up five percent over 2009 and for South Shore, the median price remained steady compared to 2009 at $317,000. The overall median price of homes sold in Lake Tahoe is $541,000, down six percent, while the average price remained stable (with a one percent increase) at $897,173.
The National Association of Realtors notes that historically high housing affordability is boosting sales activity across the nation, indicating a gradual recovery into 2011.
"In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market," said Lawrence Yun, chief economist for NAR. "But further gains are needed to reach normal levels of sales activity."
The sales of condominiums around the lake are also up substantially with a 48 percent rise in sales volume and 46 percent jump in units sold.
Truckee condos were up 46 percent in both sales and volume. Home sales in Truckee remained relatively flat, with little movement in volume and a five percent increase in number of units sold. The average price of a home in Truckee is $627,093 (down four percent) and the median is $490,000 (down eight percent).
A complete breakdown of Chase International's year-end sales report can be viewed at www.Chasenation.com.
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 RealtorsR 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.