Home sales up, prices down in Lake Tahoe

ZEPHYR COVE, Nev. – Home sales are up around Lake Tahoe, due in no small part to dipping prices, according to a midyear report released by Lake Tahoe-based real estate company Chase International.

The report, which compares sales from Jan. 1 through June 30, 2012, to the same timeframe of 2011, indicates that the number of homes sold is up an impressive 28 percent. There was no change in the overall dollar volume, reflecting decreases in both median (19 percent) and average (33 percent) home prices. The median price of a home in Lake Tahoe is $310,000 and the average is $628,944. The sales of homes priced under a million dollars is up 31 percent while homes over the million-dollar mark is up by 2 percent.

“Decreasing inventory coupled with historic low prices is enticing buyers back to the market,” said Susan Lowe, corporate vice president for Chase International. “I’m sure we’ll continue to see a lot of movement throughout the rest of the year.”

Nearly all areas around the lake experienced increases in units and volume sold, except for the East Shore, which saw a 59 percent drop in volume sold, but an 11 percent increase in homes sold. Tahoe City saw the biggest gains, with a 33 percent jump in both dollar volume and homes sold and a 36 percent rise in homes sold for less than a million. Incline Village also fared well, with a 36 percent increase in homes sold, 39 percent of which were priced less than a million. South Shore experienced a whopping 27 percent increase in units sold and a 5 percent increase in volume.

The number of homes sold in Truckee was up 12 percent while dollar volume was up 6 percent. Homes sold for less than a million were up 13 percent. Home prices in Truckee remained relatively stable, with only minor decreases. The median price of a home is $425,000 (down two percent) and the average price is $514,740 (down 6 percent).

Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property.

For more information about Chase International visit  chaseinternational.com.