Lake Tahoe and Reno Real Estate Continues to Normalize, according to Chase International
Posted by Jenny Franklin — July 26, 2007
Lake Tahoe, Nev. (July 27, 2007) – Lake Tahoe-based real-estate firm Chase International reports the 2007 mid-year sales numbers are showing signs that the real-estate market is continuing to normalize. With one exception, Incline Village, Chase has seen a drop in numbers throughout Lake Tahoe and in both the Reno and Carson Valley markets.Typically the trendsetter around the lake, Incline Village is doing extremely well in single-family home sales volume. The community is boasting a 28-percent increase, the only area in the basin to report increased sales. It is, however, reporting a decrease in sales of condominiums by 11 percent. Historically, Incline Village will hold the highest median and average prices and trends as the most-appreciated market.With numbers down around Lake Tahoe, this is a great time for buyers. According to an article published by the National Association of Realtors on July 11, 2007, home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year."Buyers now have an overwhelming advantage, given the wide selection of homes available in many markets," said Lawrence Yun, NAR senior economist. "But with profit margins coming under pressure, homebuilders will limit new construction well into 2008. This should help the overall inventory level to move steadily into a more balanced state."In Tahoe City, single-family home sales volume is down 39 percent and condominiums’ sales are down 47 percent. Sales volume on both the east shore and south shore of Lake Tahoe are down. However, these markets are up in the average price of homes, south shore by 9 percent and east shore by 4 percent. South shore is also up in the sale of homes above $1 million by 47 percent.Moving away from the basin, sales volume rose slightly at 4 percent in single-family homes in Truckee, though the average price of homes decreased by 6 percent from the same time last year. The sale of condominiums costing more than $500,000 in Truckee increased by 15 percent, though condominium sales volume is down a total of 6 percent overall.Another area that is doing exceptionally well is the Reno condominium market with sales volume up 16 percent, the median price up 25 percent and average price up 9 percent. The single-family home prices in Reno are down 19 percent, which continues to be equated to the large selection of homes on the market. Throughout Reno, people can continue to find homes selling 6 percent below the average price and 7 percent below the median price."Right now is a fantastic time for people who want to purchase a first or second home either around Lake Tahoe or in the Reno-Carson Valley area," said Shari Chase, founder and CEO of Chase International. "We have not seen a market this ripe for buyers since 2001 and are just starting to see indicators that the curve is moving upward."Headquartered in Lake Tahoe, Nevada since 1986, with seven offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, 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. Currently, Chase International has the highest-priced lakefront home ever listed at Lake Tahoe, Tranquility, for $100 million.With a staff of more than 130 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, contact Susan Lowe of Chase International at 1-800-322-6130 or visit www.chaseinternational.com.