Average Tahoe-Reno Home Prices Continue to Climb This Year
Posted by Pettit Gilwee — July 9, 2006
The Lake Tahoe and Reno-Sparks real estate markets began to normalize in the first half of the year, while average and median home prices continued to climb, according to a 2006 mid-year analysis (January 1 to June 30) by Lake Tahoe/Reno-based real estate agency Chase International. Overall single-family units sold and volume around Lake Tahoe were generally down as compared to the same six-month period in 2005. Units sold declined 41 percent (from 680 to 404) and volume was down 24 percent (from $565,400,665 to $429,943,859). However, the average home price in Lake Tahoe is up 33 percent to $1,313,415 (from $987,683). Single-family units sold under $1 million were down 46 percent (from 554 to 298) while homes more than $1 million were down 16 percent (from 126 to 106). “The Lake Tahoe and Reno markets have continued to normalize the first part of this year,” Sue Lowe, corporate vice president for Chase International, said. “Though we’re seeing an overall decrease in volume and units, our median and average prices continue to show a remarkable appreciation. Plus, increases in the million and over market continue along the East Shore (Nevada); Tahoe City, California; and Truckee, California.” The East Shore showed the biggest increase in volume on the lake, up nine percent (from $78,125,100 to $85,046,150). Units sold were down 28 percent (from 61 to 44) with units less than $1 million down 51 percent (from 41 to 20). However, units over $1 million increased 20 percent (from 20 to 24). Tahoe City also showed an increase in volume, up two percent (from $131,312,679 to $133,564,634). Units sold for more than $1 million were up 52 percent (from 21 to 32) while homes under $1 million were down 47 percent (from 136 to 72). Total units sold were down 34 percent (from 157 to 104). In Truckee, single-family homes sold for more than $1 million was up 31 percent (from 39 to 51). Units sold for less than $1 million were down 31 percent (from 220 to 152) and total units sold were down 22 percent (from 259 to 203). Sales volume was down 11 percent (from $202,718,900 to $181,065,103). In Incline Village sales were down across the board. Volume declined 39 percent (from $174,864,000 to $107,077,315) and units sold were down 47 percent (from 137 to 73). The sale of single-family homes under $1 million was down 49 percent (from 73 to 37) and units more than $1 million were down 44 percent (from 64 to 36). Sales volume in South Shore was down 42 percent (from $181,098,886 to $104,255,760) and units were down 44 percent (from 325 to 183). The sale of units less than $1 million was down 44 percent (from 304 to 169) and the sale of homes more than $1 million was down 33 percent (from 21 to 14). Even with a normalization of the market, the appreciation continues in Reno-Sparks where the average price of a single-family home is now $421,532, up seven percent (from $392,134). Units sold for more than $1 million decreased 10 percent (from 82 to 74). Homes under $1 million were down 36 percent (from 3,067 to 1,964). Overall sales volume was down 30 percent to $859,081,658 (from $1,234,829,387) and units sold were down 35 percent (from 3,149 to 2,038). Although Lake Tahoe condos generally decreased in volume and units, 17 and 37 percent, respectively, the average price of condos around Lake Tahoe jumped to $693,933 (from $493,029), a 41 percent increase from this time last year. The average price of a condo in Truckee is up 89 percent (from $507,839 to 960,542), while sales volume was up 47 percent. South Shore and Tahoe City also saw increases in volume at 36 percent and 12 percent, respectively. Average condo prices in South Shore increased to $492,570 from $362,460 (36 percent) and in Tahoe City from $648,669 to $875,550 (35 percent). On the East Shore, average condo prices increased a significant 77 percent (from $427,969 to $756,404), while sales volume and units sold were down nine percent and 43 percent. The average price of a condo in Reno-Sparks is up six percent from last year (from $198,972 to $210,651). Sales volume and units sold were down 30 and 33 percent. Chase International is headquartered in Lake Tahoe, Nevada since 1986 with five offices around Lake Tahoe, new offices in Reno and Truckee and one in London. The company is a longstanding exclusive member of Who’s Who in Luxury Real Estate and Leading Estates of the World, was elected to the Board of Regents for luxury real estate and is an exclusive member of the Artisan Group, comprised of the Bay Area’s top firms. Chase’s membership in the Leading Real Estate Companies of the World, the nation’s largest independent relocation network (formerly RELO) and its luxury arm, Luxury Portfolio, further positions the company as an industry authority on luxury real estate and strengthens its client services. Chase International also utilizes its membership opportunities in the National Association of Realtors International Division, Woman's Council of Realtors and FIABCI and the International Real Estate Federation (an international network of 7,000 real estate professionals, attorneys, accountants, banks and related services). For more information about Chase International, contact founder and CEO Shari Chase of Chase International at 1-866-233-7111 or visit the website at www.chaseinternational.com.