Home sales around Lake Tahoe took a small dip in the third quarter, while prices fluctuated in sync with the rest of the nation. The figures, part of a quarterly report released by Lake Tahoe-based real estate company Chase International, noted a four-percent decrease in units sold around the lake.
The median price of a home in Lake Tahoe is $370,500, down ten percent from the third quarter of 2010. The average home price fell 11 percent to $630,984. The National Association of Realtors recently reported that the median price of a home in the West ($189,400) is down 13 percent from a year ago.
While sales and prices were down around the lake overall, East Shore saw a seven-percent increase in median home price ($575,000) and 51-percent jump in average price ($1,408,018). Volume sold was up 32 percent, while units sold were down nine percent.
“We are starting to see the return of the high-end buyer with especially the East Shore experiencing some substantial high-end sales,” said Sue Lowe, corporate vice president for Chase International. “With the increase of high-end sales, we are anticipating a boost in end-of-year numbers.”
Truckee experienced some stabilization from this time last year, seeing a 16-percent increase in units sold and a 21-percent bump in units sold for less than a million. The median price of a home in Truckee is $435,000 (down 12 percent) and the average price is $554,744 (also down 12 percent).
The condominium market fared somewhat better around Lake Tahoe with a four-percent rise in units sold and 43-percent increase in units sold for more than $500,000. Tahoe City experienced the biggest jump in sales, with a 35-percent rise in units sold and up 52-percent in units sold for less than $500,000. South Lake Tahoe saw a 32-percent increase in overall volume sold, with median and average prices rising 36 and 32 percent, respectively. The median price of a condo in Lake Tahoe is $274,400 (down five percent) and the average price is $353,136 (down four percent).
For more information or assistance with purchasing Lake Tahoe or Truckee area real estate, contact Alison Elder (hot link to my site) at info@eldergrouptahoe.com or 530-582-8103.
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