We recently received these fabulous graphs showing some of the recent Lake Tahoe real estate stats. How do real estate sales in Lake Tahoe compare to last year? The graphs below show that there was a 47% increase in sales volume and a 42% increase in units sold in 2010 compared to 2009. Condo sales increased this year by 100% for both sales volume and units sold. The median home price for single family homes decreased by 1% and the average sold price increased by 2%. Condos saw a 10% decrease in median sold price and a 4% increase in average price. Overall, real estate numbers seem to be improving from last year!
Click on the image to the left to see the additional graphs.
Here is the press release that came out with the mid-year stats:
TAHOE HOME PRICES BEGIN TO LEVEL OFF
Home Sales Pick Up With Surge in the $10 Million Market
LAKE TAHOE, Nev. (July 8, 2010) – Home prices in Lake Tahoe are beginning to level off and the high-end market is looking lively, according to a mid-year analysis by Chase International.
The average home price was up two percent ($899,515) while the median dropped only one percent ($530,681). The slight changes mark the first time the Lake Tahoe real estate market hasn’t experienced a significant drop in home prices since the end of 2007. The report compares sales and figures from January 1 through June 30, 2009 to the first two quarters of 2010.
Sue Lowe, vice president for Chase International, notes that while the recent tax credits boosted sales in some markets, such as Reno, they probably had little effect on Tahoe home sales. “Most of the sales around the lake are second homes.”
There was a 36 percent increase in homes sold for less than $1 million while homes over a million jumped 60 percent. Tahoe City and Incline Village showed the biggest improvements in sales. The majority of million-dollar homes sold in the $1 – $2 million range, however four homes sold for more than $10 million.
“The $2 – $10 million market is still soft but we have had some significant activity in the ultra high-end sales (over $10 million),” Lowe said. “There’s been definite signs of a rebound this year compared to the first half of 2009, which was quite challenging. But inventory is down and prices are leveling off – we’re optimistic that the market is starting to stabalize.”
Truckee home prices saw only minor drops in median ($505,000) and average ($615,514) home prices – six and five percent respectively.