Lake Tahoe Average Home Price Increases to $1.4 Million
Posted by Pettit Gilwee — April 9, 2007
(LAKE TAHOE, Nevada) Lake Tahoe continues to be a solid investment as the average price of single-family homes increased 20 percent to $1.4 million in the first quarter (January to March 2007) as compared to the same period last year, as presented in an analysis prepared by Lake Tahoe-based real estate agency Chase International. According to the company, the price of Lake Tahoe condominiums fell 10 percent, providing more opportunities for second-home and first-time buyers.“Lake Tahoe is unlike any other market,” said Susan Lowe, corporate vice president for Chase International. “Although we’ve seen some normalization in the Truckee, Reno and Carson Valley, when it comes to single-family homes in Lake Tahoe, the bubble isn’t bursting. Instead, these properties continue to show steady appreciation. For investors whose price points may be less than $1 million, now is the time to buy as the condominium market is more affordable.”Overall single-family dollar volume around Lake Tahoe was up 3 percent ($191,595,609 from $186,397,528), while units sold declined 7 percent (from 187 to 173) as compared to the same three-month period in 2006. Single-family homes sold for more than $1 million were up 9 percent (from 46 to 50), while units sold for less than $1 million were down 13 percent (from 141 to 123).In Lake Tahoe the average price of a condominium decreased 10 percent (from $561,929 to $505,563) and 46 percent in Truckee (from $1,190,410 to $640,669). Bucking this trend were condominiums in Incline Village, with average prices up 32 percent (from $520,232 to $687,250), as well as condos in South Lake Tahoe, with average prices up 6 percent (from $329,182 to $349,833). Condo units sold were down throughout Lake Tahoe 18 percent (from 60 to 49) and Truckee 43 percent (from 46 to 26). Dollar volume was also down.The East Shore showed the most significant appreciation of single-family homes, increasing 67 percent (from $1,447,200 to $2,419,152). Dollar volume was up 101 percent (from $21,708,000 to $43,544,737) because of two large sales. Units sold were up 20 percent (from 15 to 18). Units sold for less than $1 million were up 14 percent (from 7 to 8). Properties sold for more than $1 million were also up 25 percent (from 8 to 10).Also proving to be a good investment, the price of single-family homes in Tahoe City was up 17 percent (from $1,064,768 to $1,245,106). Dollar volume was down 21 percent (from $52,173,633 to $41,088,500), and units sold 33 percent (from 49 to 33). Homes sold for less than $1 million were down 33 percent (from 36 to 24), as well as units sold for more than $1 million at 31 percent (from 13 to 9).The price of single-family homes in South Lake Tahoe dipped 1 percent (from $565,239 to $558,613). Volume was down 7 percent (from $47,480,080 to $44,130,400), as well as unit sold at 6 percent (from 84 to 79). Homes sold for more than $1 million were up 14 percent (from 7 to 8), and homes sold for less than $1 million were down 8 percent (from 77 to 71).The average price of single-family homes in Incline Village was down 12 percent (from $1,667,585 to $1,461,209). However, units sold for more than $1 million in Incline Village were up 28 percent (from 18 to 23). Homes sold for less than $1 million were down 5 percent (from 21 to 20). Units sold were up 10 percent (from 39 to 43), while volume in Incline Village was down 3 percent (from $65,035,815 to $62,831,972).In Truckee, it was homes sold for less than $1 million that were up a significant 67 percent (from 54 to 90) as buyers took advantage of the large inventory. Not surprisingly, volume and units sold were up in Truckee 16 percent (from $72,462,100 to $83,839,082) and 35 percent (from 78 to 105), respectively. Homes sold for more than $1 million were down 38 percent (from 24 to 15). The average price of single-family homes in Truckee was down 14 percent (from $929,001 to $798,467).In Reno/Sparks and the Carson Valley , statistics for single-family homes were down across the board, including average prices in Reno/Sparks down 8 percent (from $423,137 to $388,964) and 18 percent in Carson Valley (from $501,530 to $413,432). The Reno condominium market was stable with a 1 percent increase in price (from $217,006 to $218,113).Earlier this month, Chase International merged with South Tahoe Realty. The new office is now called Chase International South Tahoe Realty and completes a circle around the lake. Over the years, Chase International has built a significant presence in the region with offices in Zephyr Cove, Glenbrook, Incline Village and Tahoe City. Chase also has offices in Truckee, Reno and London.Founded in 1986, Chase International is an exclusive member of Who’s Who in Luxury Real Estate and Leading Estates of the World, as well as the Artisan Group, comprised of the Bay Area’s top firms. Chase’s membership in the Leading Real Estate Companies of the World, 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 the International Real Estate Federation (an international network in 60 countries serving all disciplines of real estate). To learn more about Chase International, click to the official company Web site at www.chaseinternational.com.You can also find this story at Ski Press.