ZEPHYR COVE, NV – Million-dollar home sales were the foundation of the Lake Tahoe real estate market in 2018. Homes sold for over one million dollars increased by 19 percent, raising the median price of homes in the region by 12 percent to $652,750.
These 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 Jan. 1, 2018 through Dec. 31, 2018 to the same timeframe in 2017.
While the overall dollar amount that homes sold for increased by 18 percent, the actual number of homes sold decreased slightly by three percent, which reflects the current market’s rising home prices and limited inventory.
Home sales for under one million dollars declined in all communities around the lake except on the East Shore, which saw a 32 percent increase. The East Shore also saw a nine percent decrease in median home price to $815,000 and a 23 percent increase in units sold.
Incline Village’s median home price increased by 19 percent to $1,269,000, making it the most expensive area to purchase a home. Overall units sold increased by eight percent and volume was up 17 percent.
South Lake Tahoe recorded a five percent decrease in sales volume and nine percent decrease in number of units sold and 6 percent increase in median price.
“Inventory has always been an issue in Lake Tahoe,” said Susan Lowe, corporate vice president of Chase International. “There’s limited space in a highly coveted second home region. As long as the economy is solid, Tahoe will likely be in the seller’s favor.”
Condo units sold declined eight percent with no changes in sales volume. The median price for a condo in Lake Tahoe has risen 15 percent to $455,000.
Sales have softened in Truckee. The town saw an eight percent decline in sales volume and units sold. Homes sold for one million dollars or more was up 13 percent. The median price of homes in Truckee is up nine percent to $733,000.
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 over 350 professional Realtors®, Chase's agents boast an array of industry certifications and the highest volume per sales agent in the area. With a heart-centered approach to their business, Chase International successfully represents homes at all price levels. For more information about Chase International, visit ChaseInternational.com.