Lake Tahoe home prices drop 13 percent in 2011

My Broker, Chase International, recently released the year-end market numbers for Lake Tahoe. (See the press release below). Units sold rose 1 percent year-over-year. Median price fell 13 percent.

Zephyr Cove, Nev. (Jan. 5, 2012) – Year-end home sales at Lake Tahoe are holding steady compared to 2010 with some indicators on the rise, according to a quarterly report released by Lake Tahoe-based real estate firm Chase International, which notes a one-percent increase in units sold around the lake.

The National Association of Realtors recently reported that existing home sales rose again in November and remain above a year ago, and the latest Tahoe housing market sales figures concur with this national trend. In fact, while real estate sales and prices took a slight dip around the Lake overall, the East Shore market segment saw a one-percent increase in median home price ($575,000) and a 35-percent jump in average price ($1,286,924). Volume sold on the East Shore was up 26 percent, while the number of units was down seven percent.

Although the number of units sold is up slightly, the median price of a home in Lake Tahoe is down thirteen percent to $365,000 from 2010’s year-end numbers. The average home price fell 14 percent to $607,683.

“High end home sales on the East Shore helped buoy the Lake Tahoe market,” said Susan Lowe, corporate vice president for Chase International. “It definitely is still a buyers’ market as average and median prices have continued to fall, but with units sold rising, we believe the market is strengthening.”

Truckee reflects this same trend, seeing a two-percent increase in units sold and a 17-percent rise in units sold for less than a million. The median price of a home in Truckee is $438,166 (down 10 percent) and the average price is $562,811 (also down 10 percent).

The condominium market around Lake Tahoe experienced a six-percent decline over 2010 in units sold. However, for units sold for more than $500,000, a notable 29 percent jump. Tahoe City experienced the most pronounced increase in sales over 2010 sales figures, with a three-percent rise in units sold and up 50-percent in units sold for over $500,000. South Lake Tahoe saw a 21-percent increase in overall volume sold, with median and average prices rising 14 and 69 percent, respectively. The median price of a condo in Lake Tahoe is $262,000 (down eight percent) and the average price is $348,868 (down 12 percent).

About Chase International

Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of property transactions throughout the country. A recognized leader in the world of real estate, Chase International continues to grow having added 65 Realtors® to their ranks in the past twelve months.

With 240 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. For more information about Chase International, visit www.chaseinternational.com.