Home Sales Continue to Climb in Tahoe
ZEPHYR COVE, Nev. (Oct. 4, 2013) – Lake Tahoe home sales continued to surge during the third quarter, with volume sold up 60 percent and homes selling for less than a million leaping 293 percent. The figures were part of a quarterly report released by Lake Tahoe-based real estate company Chase International.
The report, comparing the first three quarters of 2013 to the same timeframe of 2012, show a 78 percent rise in homes sold for more than a million. The median price of a home in Lake Tahoe is up 33 percent to $440,000.
Incline Village experienced the most activity, with a 139 percent rise in volume sold and 57 percent jump in units sold. Homes selling for more than a million are up 102 percent and those selling under the million mark are up 37 percent. The median price of a home in Incline Village is up 26 percent to $885,000, the highest around the lake.
The East Shore also saw substantial increases, with volume up 171 percent and units sold up 42 percent. Homes selling for more than a million are up 223 percent. The median price of home is up 66 percent to $681,250.
Median home prices are also up in South Shore (36 percent to $325,000) and Tahoe City (18 percent to $499,900).
According to the National Association of Realtors, sales across the nation are at the highest pace since February 2007, and have remained above year-ago levels for the past 26 months.
“The luxury market seems to be adding to our market rebound,” said Sue Lowe, corporate vice president for Chase International Real Estate. “Sales across the board are increasing, but luxury is making a substantial comeback.”
Truckee also saw a jump in homes sold for more than a million (76 percent), with a 41 percent increase in volume sold. Homes sold for less than a million are up five percent. The median price of a home in Truckee is up 13 percent to $499,900.