ZEPHYR COVE, NV – The Lake Tahoe real estate market continued to see an uptick in median home prices this quarter, up 14 percent to $525,000. Overall sales around the lake dipped slightly from this time last year, with Incline Village seeing decreases across the board and Tahoe City seeing healthy improvements.
The figures are part of a report released by Lake Tahoe-based real estate company Chase International, and compare the prices and closings from January 1 through June 30, 2015 to the same time period from 2014. Most changes were minor – a four percent and one percent decrease in lake-wide sales volume and units sold, and a one percent and ten percent drop in units sold under and over the $1 million mark (respectively).
“There is only one Lake Tahoe,” said Sue Lowe, senior vice president of Chase. “And people want to experience the amazing lifestyle and buy here. Our continued lack of inventory keeps our prices moving up.”
The median price of a home rose 14 percent on the East Shore ($767,500) and the South Shore ($386,000), and seven percent in Tahoe City ($560,00). Incline Village saw a four percent drop, to $850,000. Incline also experienced a drop in sales volume (23 percent), units sold (15 percent), and homes selling for more than $1 million (24 percent).
Tahoe City saw the biggest improvement with an eight percent increase in sales volume, 14 percent jump in units sold, and 18 percent surge in homes sold for under $1 million.
Nearby Truckee saw a ten percent drop in sales volume and six percent decrease in median home price ($548,000). Homes selling for more than $1 million faltered, falling 36 percent, and homes selling for less than $1 million was up eight percent.
About Chase International
Headquartered in Lake Tahoe, Nevada since 1986, with nine offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe, Carson Valley and Reno) and one in London, England, Chase International and its exclusive affiliations handle a large share of the country’s property. With 310 professional Realtors® boasting an array of industry certifications, Chase International is the regional leader for three years running as reported by Real Trends, a communications and consulting company considered to be the leading source of analysis and information on the residential brokerage and housing industry. For more information about Chase International, visit www.chaseinternational.com.