Led by million-dollar homes, Tahoe real estate sales up 26 percent in 3rd quarter
ZEPHYR COVE, Nev. — Sales volume around Lake Tahoe continued to climb in the third quarter of 2018, up 26 percent lake-wide from this time last year, according to statistics analyzed by Chase International.
According to Chase, the continued increase came primarily for homes sold for more than $1 million, which was up 32 percent. Homes sold for less than a million was down 5 percent.
The figures are part of a quarterly report released by Chase International, comparing all MLS home sales from Jan. 1 through Sept. 30, to the same timeframe of 2017.
The East Shore and Tahoe City saw the biggest increase in sales volume, up 59 percent and 47 percent, respectively. Tahoe City had the biggest jump in the sale of homes sold for more than a million, 39 percent. The East Shore was the only area to have an increase in homes sold for less than $1 million (10 percent).
The median price of a home in Lake Tahoe is up 12 percent to $655,000. Incline Village had the biggest jump in median home price, up 16 percent to $1.225 million. South Shore followed with an increase of eight percent to $475,000. It was also the least expensive area to buy a home on the lake.
While luxury sales remain strong, the sale of homes under a million is in line with trends throughout the West. Lake wide, the number of homes sold rose only two percent.
According to a recent report of pending home sales by the National Association of Realtors, the region saw the biggest decline in contract signings in August.
“The greatest decline occurred in the West region, where prices have shot up significantly, which clearly indicates that affordability is hindering buyers and those affordability issues come from lack of inventory, particularly in moderate price points,” Lawrence Yun, chief economist for NAR, said in a statement.
The sale of condos followed the same trend, with a 14 percent rise in units sold for more than $500,000 and 14 percent decline in units sold for less than $500,000. Sales volume was up four percent around the lake with South Shore seeing the biggest jump (19 percent).
Truckee also saw an uptick in the sale of million-dollar homes, up 20 percent, with an eight percent decline in homes sold for less than a million. The median price of a home in Truckee is up nine percent to $729,000.
The unanimous approvals Wednesday came despite state leaders promising to tighten up requirements for Nevada’s tax abatements and incentives for future companies.