Chase International Sees Recovery in Lake Tahoe Markets

Posted by Nicole Shearer — October 11, 2007

With Sales All Over The Board, Chase Believes The Market Is On The ReboundLAKE TAHOE, Nev. – (Oct. 12, 2007) – Lake Tahoe-based real estate firm Chase International is starting to see a dichotomy in real estate sales throughout the Lake Tahoe Basin, in Reno and the Carson Valley. Third-quarter statistics show a major recovery in areas with increased volume of single-family home sales in Incline Village, Nev. and on the east shore of Lake Tahoe.Single-family home sales volume continues to do extremely well in Incline Village. The community is boasting a 45-percent increase in sales volume from last year. The median home price in Incline has increased 15 percent over 2006 to $1.2 million and the average price has increased 26 percent to $1,715,343. Condominium sales volume in Incline is down 12 percent.Another area showing a strong increase in sales volume is the east shore of Lake Tahoe, where single-family homes are up 11 percent with the average price of homes up 24 percent to $2,270,237. The east shore’s median price is down 12 percent. Condominium sales volume on the east shore is down 51 percent, however, there was an 18-percent increase in units sold under $500,000.In Tahoe City, Calif. single-family home sales volume is down 28 percent from last year, yet sales volume is up 11 percent from last quarter. The median price is down 8 percent to $722,500 but the average price is up 3 percent to $1,187,379. Tahoe City condominium sales volume is down 43 percent.South shore single-family sales volume is down by only 4 percent with the average price up by 3 percent to $586,742. The median price is down 9 percent. Condominium sales volume in South Lake Tahoe is down 51 percent."The ultra-high-end market is extremely solid, it's better than I've ever seen it," said Sue Lowe, Chase International vice president. "These numbers show the lower end of the market still needs more time to normalize while the higher end is showing a significant increase."Outside of the Lake Tahoe basin, sales volume in Truckee, Calif. was down 5 percent with median home price down 8 percent to $631,425 and average home price down 5 percent to $814,209. Condominium sales volume in Truckee was down by 13 percent, though units over $500,000 were up by 3 percent.Reno's condominium market continues to do well with a 9-percent increase in overall sales volume and 38-percent increase in units sold over $500,000. Single-family home sales volume in Reno is down 19 percent from same time last year with the median price dropping 7 percent to $310,000 and the average price dropping by 4 percent to $394,314."While the regional real estate market has experienced a normalization period, there continues to be a wide selection of homes available for people to choose from," said Shari Chase, Chase International founder and CEO. "With some buyers playing the waiting game with interest rates and home prices, we're certain they will realize now is a great time for home-buyers to get into their first house or upgrade to a larger one, or buy that second home they have always wanted."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 home ever listed at Lake Tahoe: Tranquility, for $100 million.With a staff of more than 140 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.

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