ZEPHYR COVE, NV – The median price for a home in Lake Tahoe continued its steady climb in the third quarter, with a five percent increase (to $482,500) from this time last year. Homes priced under $1 million also saw a surge in sales (nine percent) while those selling for more than a million dropped 11 percent.
The figures are part of a quarterly report released by Chase International Real Estate, comparing sales from January 1, 2015 through September 30, 2015, to the same time frame from last year. While the sale of homes over the million mark was down everywhere around the lake (with the East and South Shores seeing the biggest declines, 14 and 32 percent, respectively), the drop is generally attributed to a lack of lakefront inventory.
“What makes Lake Tahoe so attractive is that it’s somewhat exclusive, without being generically developed,” said Sue Lowe, senior vice president of Chase. “There’s only so much space to build and buy, which is why its price point and desirability tends to remain strong.”
Sales volume around the lake was down six percent while units sold was up five percent. Tahoe City and South Shore saw the only boosts in sales with a six and 14 percent jump in volume and units sold for Tahoe City and five and ten percent on the South Shore. Tahoe City, however, was the only area to see a dip (one percent) in median home price (to $550,000), while the East Shore had the biggest jump in price, 19 percent to $755,000.
The East Shore experienced a 30 percent drop in sales volume and 23 percent decline in units sold. There was also a 28 percent drop in homes selling for under a million and 14 percent fall in homes for more than a million.
Truckee experienced a five percent fall in median home price (to $558,250), four percent drop in volume, and four percent rise in units sold. Homes selling for less than $1 million was up nine percent while homes sold for over a million was down 16 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 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.