The sale of million-dollar homes throughout the Reno area jumped 52 percent last year, far outpacing homes sold for under a million dollars, which rose just two percent.
The median price of a home in the Reno-Sparks area continued to climb to $336,896, up ten percent from last year.
The sale of condos in the Reno-Sparks area was also on the rise, with a 23 percent jump in volume sold. As units priced $500,000 and up saw a 100 percent increase in sales, the median price of a condo is up nine percent to $170,000. Carson Valley is also experiencing a large uptick in the sale of luxury homes with a 90 percent increase in homes sold for more than $1 million. The sale of homes for less than that was up four percent. The median price of a home in Carson Valley is up 14 percent to $370,000 while Carson City saw a 14 percent increase in homes sold for less than a million. The median price of a home there is up eight percent to $287,000.The Lake Tahoe region experienced a 17 percent jump in the number of homes sold over $1 million around the lake over 2017.
The median price of a home is up seven percent to $585,000.
Despite an uptick in price and sale of luxury homes, the overall number of homes sold was down one percent. Volume was up 11 percent. The figures are part of a quarterly report released by Lake Tahoe-based real estate agency Chase International.
Incline Village saw the biggest increases in sales, with a 27 percent jump in volume, followed by Tahoe City with 12 percent. Tahoe City also had a significant increase in the sale of million-dollar homes, up 26 percent. The median price of a home in Tahoe City is up ten percent to $650,000 while Incline Village has the highest median price around the lake at $1,062,000 (up five percent).
The South Shore area saw a 32-percent jump in the sale of million-dollar homes. The area also has the lowest priced median home of $439,000, a six percent increase from 2016. The South Shore and East Shore saw decreases in the sale of homes priced under $1 million, six and 25 percent, respectively. Lake-wide, homes priced under a million was down four percent.
The figures are part of a quarterly report released by Lake Tahoe-based real estate agency Chase International. The numbers compare all MLS home sales from Jan. 1 through Dec. 31, 2017 to the same time frame of 2016.“Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” said Lawrence Yun, chief economist for the National Association of Realtors. “As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month. The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better.”
The sale of high-end condos (priced over $500,000) also showed considerable improvement, with a 51 percent jump. Tahoe City had a staggering 111-percent increase in volume sold.
The sale of million-dollar homes in Truckee was up nine percent with a four percent increase in homes priced under a million. The median price of a home in Truckee is $673,500, up seven percent from 2016.
