Mid-year home sales down, median prices up across greater Reno-Tahoe
RENO/TAHOE — While median home prices across Northern Nevada and Lake Tahoe kept climbing through the first half of 2019, overall sales volume decrease — significantly so when looking at the lake.
The Lake Tahoe market saw a 20 percent decline in volume sold, and a 12 percent decline in units sold, over the first six months of this year. Further, sales of homes over $1 million were down by 5 percent, and those sold for under $1 million declined by 15 percent.
These figures are part of a mid-year report released by Lake-Tahoe-based Chase International. The data compares all MLS home sales across the entire Lake Tahoe region (both California and Nevada areas) from Jan. 1, 2019, through June 30, 2019, to the same timeframe in 2018.
According to Chase, the decrease in home sales can partly be contributed to a long and wet winter, which extended the cold season well into spring.
“The heavy winter slowed sales around the basin,” said Susan Lowe, corporate vice president of Chase International, in a statement. “We are seeing an uptick in interest and offers which should result in a strong second half of the year.”
Below are some other highlights from Chase’s mid-year report:
• The median home price was up by 2 percent year over year, from $678,750 in 2018 to $689,068 the first half of this year, for Lake Tahoe.
• Home sales for over $1 million were up in the South Shore by 11 percent and up on the East Shore by 13 percent. Incline Village saw a decrease of six percent, and Tahoe City declined 24 percent.
• Condo sales were down across the board, with a 20 percent decrease in volume sold, 14 percent in units sold.
• Median price of condos went down 7 percent — from $551,648 last year to $513,431 this year.
• In Truckee, the median home price was up 4 percent, from $737,500 to $765,000.
• The Truckee market saw a 17 percent decline in volume sold and 13 percent decline in units sold.
• Truckee home sales over $1 million were down by 21 percent.
RENO/SPARKS, CARSON VALLEY AND CARSON CITY
The Reno-Sparks real estate market, meanwhile, saw overall home sales volume drop 4 percent, and the number of homes sold dropped 6 percent.
Million-dollar home sales stayed fairly flat with a 4 percent decrease from last year, while those sold for under $1 million declined by six percent.
“We are seeing an increase in inventory in the last few months,” Lowe said. “This is providing buyers with more options in the Reno-Sparks region.”
Below are some other highlights from Chase’s mid-year report for Reno/Sparks, as well as Carson City and Carson Valley:
• The Reno/Sparks median home price rose 2 percent — it was $374,000 over the first half of 2018, compared to $380,000 this year.
• Carson Valley’s median home price is up 5 percent — from $409,900 to $430,000.
• Carson City, meanwhile, saw an 8 percent uptick in median home price — from $320,000 to $345,750.
• Condo sales in Reno/Sparks saw a robust increase of 23 percent volume sold and an uptick in units sold by 13 percent. Median prices were up 16 percent to $230,000.
• In Carson City, condo sales were up by 47 percent in volume sold and 11 percent in units sold. Median prices were up a whopping 21 percent to $199,450.
Heather Ashbridge, who started with Nevada State Development Corporation in 2008, previously served in several roles with the organization, including assistant vice president and loan officer. She is based in NSDC’s Reno office.