Tahoe Real Estate Starts Year Strong
Posted by Lora Lashbrook — April 5, 2018
ZEPHYR COVE, NV - Lake Tahoe’s real estate market started 2018 with strong sales, seeing a 68-percent rise in homes sold for more than $1 million. The median price of a home rose 25 percent to $665,000. Homes sold for less than a million was down six 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, 2018 through March 31, 2018 to the same timeframe of 2017.
Incline Village saw the biggest jump in the sale of million-dollar homes with a 121 percent increase while the East Shore was the only area to see a jump (83 percent) in homes sold for under $1 million. Incline also experienced a 29 percent increase in the median home price ($1,120,000) while the East Shore was the only area to see a dip (11 percent) in price to $830,000.
“Record low inventory around the lake is creating a seller’s market,” said Sue Lowe, corporate vice president for Chase. “The new tax laws and incentives in Nevada are fueling further interest and activity in those communities.”
The sale of condos priced over $500,000 was up 37 percent around the lake, while those priced under that were down 11 percent. The median price of condo was up 15 percent to $430,000.
The median price of a home in Truckee dropped one percent to $705,000. Homes sold for more than $1 million was up 70 percent while homes sold for under a million was down five percent. There was a 188-percent leap in the sale of Truckee condos priced over $500,000 while those sold for less than that was down 33 percent.
About Chase International
Headquartered in Lake Tahoe, Nevada since 1986, with nine offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, 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.