Home sale stats for the Lake Tahoe region for the first quarter of 2018, according to Chase International.
“Professionals are continuing to relocate to Reno, which drives the sale of these upper-end homes,” said Sue Lowe, corporate vice president for Chase International. “We are, however, still dealing with record low inventory in the region.”
Tahoe real estate starts year strong
Lake Tahoe’s real estate market also started 2018 with strong sales, seeing a 68 percent rise in homes sold for more than $1 million, according to first-quarter stats released April 4 by Chase International. The median price of a home rose 25 percent to $665,000. Homes sold for less than a million was down 6 percent.
Incline Village saw the biggest jump in the sale of million-dollar homes with a 121 percent increase, while the East Shore was the only area to see a jump (83 percent) in homes sold for under a million.
Incline also experienced a 29 percent increase in the median home price ($1,120,000) while the East Shore was the only area to see a dip (11 percent) in price to $830,000.
“Record low inventory around the lake is creating a seller’s market,” said Lowe. “The new tax laws and incentives in Nevada are fueling further interest and activity in those communities.”
The sale of condos priced over $500,000 was up 37 percent around the lake, while those priced under that were down 11 percent. The median price of condo was up 15 percent to $430,000.
The median price of a home in Truckee dropped one percent to $705,000. Homes sold for more than $1 million was up 70 percent while homes sold for under a million was down five percent. There was a 188-percent leap in the sale of Truckee condos priced over $500,000 while those sold for less than that was down 33 percent.
