Price of Lake Tahoe Homes are up in First Quarter

Posted by — April 24, 2005

Price of Lake Tahoe Homes are up in First Quarter

(LAKE TAHOE, Nevada) - The price of homes continues to increase in Lake Tahoe, according to a report released by Chase International, a Lake Tahoe-based real estate company. The report, highlighting 2005 first quarter regional sales stats with first quarter 2004, reflected the increase in the average home price and the low inventory of homes under $1 million.

Sales of single-family homes more than $1 million were up dramatically in all areas around Lake Tahoe. The biggest jump in million-plus sales was South Shore, up 100 percent from this time last year. Tahoe City followed with an 80 percent increase and East Shore with 71 percent. Incline Village had the smallest jump, (20 percent) but sold more million-plus homes (18) than neighboring communities. Sales of single-family homes in Truckee were down overall. Homes under $1 million were down 29 percent and homes over $1 million were down 50 percent.

Sales of homes under $1 million decreased 12 percent around Lake Tahoe. East Shore homes declined 20 percent, South Shore 16 percent and Incline Village nine percent. Tahoe City showed a marginal increase of two percent.

"The market is still strong," Susan Lowe, vice president of Chase International, said. "The numbers show decreases in the under $1 million market, primarily due to limited inventory. However, we are looking at record-breaking increases in the over $1 million market."

Lake Tahoe's East Shore experienced the largest increase in sales volume, 52 percent, ($48,932,400) with a few sales over $5 million. South Shore saw more volume in dollars ($64,882,150) with an increase of only seven percent. Tahoe City's sales volume was down 26 percent to $40,906,699 and Incline Village increased one percent to $50,972,500. Total sales volume around the lake was up three percent to $205,693,749, but down in Truckee (26 percent to $69,722,800).

The average home price in Lake Tahoe is $956,460, up eight percent from first quarter 2004. East Shore saw the biggest jump in average prices, up 52 percent to $1,529,138. Tahoe City, which had the largest increases throughout 2004, was down 32 percent to an average of $705,288. South Shore's average is up 23 percent to $506,892 and Incline Village remained fairly steady with a one percent increase to $1,084,521.   The average home price in Truckee is $711,457, up 37 percent.

Sales of condos over $500,000 were up 100 percent around Lake Tahoe and 171 percent in Truckee. Condos under $500,000 also seemed to suffer from low inventory, as Lake Tahoe numbers showed a 50 percent decline and Truckee 53 percent.

Chase International is headquartered in Lake Tahoe, Nevada since 1986, with four offices in the region and one in London. The company is a long-standing exclusive member of Who's Who in Luxury Real Estate and Leading Estates of the World. Its membership in RELO, the nation's largest independent relocation network, further strengthens their broad base of client services. 

Chase International also utilizes its membership opportunities in the National Association of Realtors International Division, Woman's Council of Realtors and FIABCI, the International Real Estate Federation (an international network of 7,000 real estate professionals, attorneys, accountants, banks and related services). For more information about Chase International, contact Shari Chase of Chase International at 1-866-233-7111 or visit the website at www.chaseinternational.com.

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