ZEPHYR COVE, NV – Sales volume around Lake Tahoe continued to climb in the third quarter, up 26 percent lake-wide from this time last year. The continued increase came primarily for homes sold for more than $1 million, which was up 32 percent. Homes sold for less than a million was down five 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 September 30, 2018 to the same timeframe of 2017.
The East Shore and Tahoe City saw the biggest increase in sales volume, up 59 and 47 percent, respectively. Tahoe City had the biggest jump in the sale of homes sold for more than a million, 39 percent. The East Shore was the only area to have an increase in homes sold for less than $1 million (ten percent).
The median price of a home in Lake Tahoe is up 12 percent to $655,000. Incline Village had the biggest jump in median home price, up 16 percent to $1.225 million. South Shore followed with an increase of eight percent to $475,000. It was also the least expensive area to buy a home on the lake.
“There is speculation the South Lake Tahoe numbers are not trending with the rest of the lake because of the pending vacation home rental ban presently on the November ballot,” said Susan Lowe, corporate vice president for Chase. “Many potential buyers are waiting to see the outcome.”
While luxury sales remain strong, the sale of homes under a million is in line with trends throughout the West. Lake wide, the number of homes sold rose only two percent. According to a recent report of pending home sales by the National Association of Realtors, the region saw the biggest decline in contract signings in August. “The greatest decline occurred in the West region, where prices have shot up significantly, which clearly indicates that affordability is hindering buyers and those affordability issues come from lack of inventory, particularly in moderate price points,” said Lawrence Yun, chief economist for NAR.
The sale of condos followed the same trend, with a 14 percent rise in units sold for more than $500,000 and 14 percent decline in units sold for less than $500,000. Sales volume was up four percent around the lake with South Shore seeing the biggest jump (19 percent).
Truckee also saw an uptick in the sale of million-dollar homes, up 20 percent, with an eight percent decline in homes sold for less than a million. The median price of a home in Truckee is up nine percent to $729,000.
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 www.chaseinternational.com.