Lake Tahoe real estate finished 2013 strong, marking significant increases in average and median home prices, as well as sales volume. The figures are part of a quarterly report released by Chase International Real Estate.
Comparing last year’s figures with those from January 1 through Dec. 31, 2012, the 2013 year-end report showed a 29 percent jump in median home price ($445,000) and 23 percent rise in average home prices ($775,516) at Tahoe. Sales volume was up 23 percent, heavily impacted by a 42 percent leap in sales of homes priced over $1 million. Homes selling for less than a million dipped six percent.
2013 4th Quarter Real Estate Stats Tahoe City
The East Shore and Incline Village, both in Nevada, led the lake in sales. East Shore saw an 89 percent leap in sales volume with a 104 percent increase in homes sold for more than a million. Incline Village saw a 71 percent increase in volume sold and a 79 percent rise in the sale of million-dollar homes. The median price of a home on the East Shore is $681,250 (up 41 percent) and Incline Village’s is $880,000 (up 25 percent).
“The upper end of the market continues to rebound,” said Sue Lowe, corporate vice president for Chase International. “Many professionals, executives and business owners are recognizing the benefits of making a financial and lifestyle investment in Lake Tahoe.”
Lawrence Yun, chief economist for the National Association of Realtors notes that nationwide, 2013 marks the best sales overall in seven years, but he predicts that the strong price gains and higher mortgage rates mean a more modest growth in values is expected for 2014.
Though the median price of a Tahoe City home is up 19 percent ($510,000), sales volume was down 20 percent. Volume sold was up ten percent on the South Shore, with a 34 percent increase in median home price ($329,000).
“The sale of homes priced under $1 million is down because of the lack of inventory in the lower segments of the market,” Lowe said. Sales volume was also up in Truckee (32 percent), with a substantial jump in homes selling for more than $1 million (63 percent). The median price of homes sold in Truckee last year was up 15 percent to $510,000.