South Lake Tahoe, CA (Jan. 11, 2014) – Lake Tahoe real estate finished 2013 strong, marking significant increases in average and median home prices, as well as sales volume. The figures are part of a quarterly report released by Chase International Real Estate.
Comparing last year’s figures with those from January 1 through Dec. 31, 2012, the 2013 year-end report showed a 29 percent jump in median home price ($445,000) and 23 percent rise in average home prices ($775,516) at Tahoe. Sales volume was up 23 percent, heavily impacted by a 42 percent leap in sales of homes priced over $1 million. Homes selling for less than a million dipped six percent.
South Lake Tahoe area posted an increase in medium price for single family homes at 34%. Condos median price rose 58% for 2013. Short sales and bank REO's have been purged. Inventory is down so prices are expected to increase in 2014. Homes priced under $400,000 equal 78% of our current escrows. Our price range under $200,000 has a limited supply as median price surged in 2013.
The East Shore and Incline Village, both in Nevada, led the lake in sales. East Shore saw an 89 percent leap in sales volume with a 104 percent increase in homes sold for more than a million. Incline Village saw a 71 percent increase in volume sold and a 79 percent rise in the sale of million-dollar homes. The median price of a home on the East Shore is $681,250 (up 41 percent) and Incline Village’s is $880,000 (up 25 percent).
“The upper end of the market continues to rebound,” said Sue Lowe, corporate vice president for Chase International. “Many professionals, executives and business owners are recognizing the benefits of making a financial and lifestyle investment in Lake Tahoe.”
Lawrence Yun, chief economist for the National Association of Realtors notes that nationwide, 2013 marks the best sales overall in seven years, but he predicts that the strong price gains and higher mortgage rates mean a more modest growth in values is expected for 2014.
Scott Pearce realtor at Chase International South Tahoe Realty. DRE lic# 01246102
Company Name: Chase International
Contact Person: Scott Pearce
Email:Send Email
Phone: 530-318-1030
Address:989 Tahoe Keys Blvd
City: South Lake Tahoe
State: CA
Country: United States
Website: www.SoLakeTahoeHomes.com
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