ZEPHYR COVE, Nev. — A sizable increase in million-dollar home sales served as the foundation of the Lake Tahoe real estate market in 2018 — highlighted by a median home price in Incline Village that nearly doubles the region's overall average.
According to statistics released this week from Chase International, when comparing 2018 to 2017, homes sold for more than $1 million increased by 19 percent, bringing the median price of homes in the greater Tahoe-Truckee region up 12 percent to $652,750.
The median home price in Incline Village, meanwhile, on the North Shore ballooned by 19 percent to $1.269 million, making it the most expensive area to purchase a home. Overall units sold increased by 8 percent, and volume was up 17 percent.
These statistics for 2018 are part of a quarterly report released by the Tahoe-based real estate agency. The data compares all MLS home sales from Jan. 1, 2018, through Dec. 31, 2018, to the same timeframe in 2017.
According to Chase, while the overall dollar amount that homes sold for increased by 18 percent in 2018, the actual number of homes sold decreased by 3 percent, "which reflects the current market’s rising home prices and limited inventory."
“Inventory has always been an issue in Lake Tahoe,” Susan Lowe, corporate vice president of Chase International, said in a statement. “There’s limited space in a highly coveted second home region.
"As long as the economy is solid, Tahoe will likely be in the seller’s favor.”
Other statistics in the report released by Chase include:
• Home sales under $1 million declined in all communities around the lake, except the East Shore, which saw a 32 percent increase.
• That area also saw a 9 percent decrease in median home price to $815,000 and a 23 percent increase in units sold.
• South Lake Tahoe recorded a 5 percent decrease in sales volume, a 9 percent decrease in number of units sold and a 6 percent increase in median price.
• Condo units sold declined 8 percent with no changes in sales volume. The median price for a condo in Lake Tahoe rose 15 percent to $455,000.
• The Truckee area saw an 8 percent decline in sales volume and units sold. Homes sold for $1 million or more were up 13 percent. The median price of homes in Truckee is up 9 percent to $733,000.
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