ZEPHYR COVE, Nev. – Lake Tahoe real estate continued to climb last year, as median and average home prices increased seven and four percent (respectively), throughout 2014. The median price of a home in Lake Tahoe is $475,000, while the average is $807,088.
The figures are part of a report released by Lake Tahoe-based real estate company Chase International, and compare the prices and closings from January 1 through December 31, 2014 to the same time period of 2013. Sales were down around the lake, with overall sales volume down 8 percent and units sold down 11 percent. Homes selling for more than $1 million were down six percent.
Sue Lowe, corporate vice president for Chase International, attributes the decline in sales to availability, that there are simply fewer homes available for buyers re-entering the market.
“We like slow and steady improvement,” Lowe said. “It’s a sign of a stable and healthy market. Sales will catch up and further increase home values.”
According to the National Association of Realtors (NAR), existing homes sales are expected to be higher this year and prices will remain at a healthier level of growth, benefitting both buyers and sellers.
“Home prices have risen for the past three years cumulatively about 25 percent, which boosts confidence in the market and traditionally gives current homeowners the ability to use their equity buildup as a down payment towards their next home purchase,” said Lawrence Yun, chief economist of NAR.
Tahoe City showed the biggest improvement with a 14 percent jump in sales volume, 24 percent rise in average price ($966,456) and seven percent jump in median price ($545,000). Homes sold for more than a million was up 31 percent while homes selling for less than a $1 million was down 14 percent.
South Shore saw a two percent rise in sales volume and nine percent drop in units sold. The average price of a home in South Shore is $443,429 (up 12 percent) and the median price is $349,000 (up seven percent).
The East Shore and Incline Village both saw drops in sales volume (nine and 29 percent) and units sold (seven and 24 percent). The median price of a home on the East Shore is $662,500 (down four percent) and the average is $1,287,472 (down three percent). Incline Village saw a six percent drop in average home price (to $1,357,044) while the median price stayed relatively flat, with a one percent increase (to $885,000).
The condo market is also seeing an increase in prices. The median price of a condo around the lake is up eight percent to $350,000 while the average price is up nine percent to $491,285. Sales volume is up one percent and the number of units sold is down eight percent, with units selling for more than $500,000 up six percent.
Headquartered in Lake Tahoe, Nevada since 1986, with nine offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, 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.