Tahoe Home Prices See Slight Increase
Posted by Katie Shaffer — July 11, 2011
LAKE TAHOE, Nev. (July 6, 2011) – Median home prices in Lake Tahoe stayed relatively flat throughout Lake Tahoe, with substantial increases in East Shore prices, according to a midyear report released by Lake Tahoe-based Chase International.
The median price of a single-family home in Lake Tahoe is up two percent to $540,375 and the average price is up nine percent to $962,705. Those numbers were boosted by a 20 percent increase in median home price on the East Shore ($625,500) and a 67 percent increase in average price ($1,565,642). The report compares home prices and sales from January 1 through June 30, 2011 to the same time period of 2010. Overall sales volume in Lake Tahoe was down nine percent and units sold dipped four percent.
“We had some strong sales and increases the first quarter, but saw a decline in the second quarter of this year,” said Sue Lowe, corporate vice president for Chase International. “I think we are still bouncing around the bottom of the market.”
Tahoe City saw a three percent increase in median home price ($475,000) and a 15 percent drop in average price ($681,634), caused mostly by a seven percent boost in sales of homes over a million and a 27 percent drop in homes sold for less than a million.
Average and median prices were down in both South Shore (ten and 12 percent, respectively) and Incline Village (11 and five percent). Sales of million-dollar homes were down in all areas of Lake Tahoe, except the East Shore, which experienced a 71 percent jump in sales of more $1 million.
Condo sales around the lake were up nine (volume) and 13 (units) percent, with Incline Village seeing the biggest jump in units selling for more than $500,000. Tahoe City experienced a 136 percent increase in units sold for less than $500,000.
The average price of a home in Truckee is down 13 percent to $534,313 and the median is down 14 percent to $433,000. Sales volume was down nine percent but units sold was up four percent, reflecting a nine percent increase in homes sold for less than a million and a 33 percent decline in homes sold for more than a million.
About Chase International
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 Realtors® 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.