ZEPHYR COVE, NV - Home sales around Lake Tahoe held steady through late summer with a five percent increase in volume sold. The number of homes sold, however, was down seven percent. Homes sold for more less than $1 million continued to fall (nine percent) while homes sold for over $1 million rose four percent.
The figures are part of a quarterly report released by Lake Tahoe-based real estate agency, Chase International. The numbers compare all MLS home sales from January 1, 2017 through September 30, 2017 to the same time frame of 2016. The median price of a home in Lake Tahoe rose one percent to $580,000.
South Shore saw the biggest jump in the sale of million-dollar homes, up 24 percent, with the East Shore following at six percent. Incline Village had the largest increase in volume sold. It’s also the most expensive area to purchase a home, with a median home price of $1,069,000, up three percent.
The National Association of Realtors reports that pending home sales fell 2.6 percent in August. Lawrence Yun, chief economist for NAR, says the nation’s low supply levels have officially drained all the housing market’s momentum over the past year.
“Low supply levels are contributing to our strong market in the mid to lower ranges even though the market continues to be flat in the upper end” said Susan Lowe
In Truckee, the median price of a home rose seven percent to $670,000 while volume and overall units were down 11 and eight percent, respectively.
Condominium sales around the lake remained strong with a 37 percent jump in volume sold. The median price of a condominium in Lake Tahoe is up eleven percent to $395,000.
About Chase International
Headquartered in Lake Tahoe, Nevada since 1986, with ten offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe, Carson Valley, Sparks and Reno) and a public relations office in London, England, Chase International and its exclusive affiliations handle a large share of the country’s property. With 385 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.