Lake Tahoe home sales down, but prices remain steady from January to June
Submitted by editor on Tue, 07/08/2014 - 1:17pm
Home sales throughout Lake Tahoe continued to slow throughout the first half of the year, while home prices remained steady, according to a quarterly report released by Lake Tahoe-based real estate company Chase International. Despite an 18 percent decline in overall sales volume, the figures are still significantly higher than those of 2012.
The report, which accounts for all sales in the region from January 1 through June 30, and compares them to the same timeframe from 2013, shows a 17 percent drop in homes sold for less than $1 million and 22 percent decrease in homes sold for more than $1 million.
The median price of a home rose three percent to $475,000. Median home prices were up slightly in all areas of the lake, except for Incline Village, where the price dropped five percent to $885,000.
Tahoe City was the only area to experience an increase in sales volume (31 percent), primarily due to a 47 percent jump in homes sold for more than a million. It also saw the biggest leap in median home price (up 19 percent to $525,000).
Nationally, pending home sales were up in May, indicating stronger numbers through the summer. “Sales should exceed an annual pace of five million in homes in some of the upcoming months behind favorable mortgage rates, more inventory and improved job creation,” said Lawrence Yun, chief economist for the National Association of Realtors.
“However, second half sales growth won’t be enough to compensate for the sluggish first quarter and will likely fall below last year’s total.”
Susan Lowe, corporate vice president of Chase International, notes that inventory is one of the region’s biggest challenges. “We experienced some significant increases over the past three years, specifically in 2012 and 2013. I think our limited inventory is simply catching up with us, with the tide turning to more of a seller’s market.”
The median price of a home in Truckee also jumped 19 percent to $585,000. Overall sales volume was up five percent in Truckee, with homes sold for less than a million down 27 percent and homes sold for over a million up 26 percent.
About Chase International: Headquartered in Lake Tahoe, Nevada since 1986, with 10 offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Graeagle, Truckee, South Lake Tahoe, Carson Valley and Reno) and one in London, England, Chase International and its exclusive affiliations handle a large share of the country’s property.
With 260 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. For more information about Chase International, visit www.chaseinternational.com.
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