Lake Tahoe Real Estate 1st Quarter Market Reports
We have just received the real estate stats for the first quarter of 2012. These graphs compare real estate numbers for the first quarter in 2012 to 2011. Many numbers are seeing a positive upswing and this could be the beginning of a market rebound! The first graph represents numbers for Lake Tahoe and the second shows numbers for Ski Resort Areas – Alpine Meadows, Squaw Valley and Northstar. The third graph shows sales by price banding for the different areas – Incline Village, East Shore Lake Tahoe, Tahoe City, South Lake Tahoe, Sparks, Reno, Truckee and Carson Valley.
Here is the press release from our broker:
Chase International Reports
Market Beginning to Rebound
~Significant Improvement seen in lower-segment of Tahoe market~
Zephyr Cove, Nev. (April 9, 2012) – First quarter home sales at Lake Tahoe show an improved market compared to last year’s numbers for the same period, according to a quarterly report released by Lake Tahoe-based real estate firm Chase International. One noticeable and positive statistic was an impressive 15 percent increase in units sold around the lake, with the lower end of the market jumping 18 percent.
“The inventory in the lower segment of the market is disappearing around the lake,” said Susan Lowe, corporate vice president for Chase International. “Even though the average and median price has gone down from the first quarter last year (which saw many lakefront sales during that 2011 period and which we have not seen this year), the market is showing signs of recovery because the supply is vanishing.”
The Chase International 2012 first quarter report also shows dips around the lake overall in regard to sales prices from one year ago, which is reflected by the median price of a home in Lake Tahoe which is now $317,000 and the average home price which is $623,645, down 25 percent and 31 percent respectively.
Truckee is showing signs of recovery overall but especially for real estate sales over the $1 million mark. Specifically, the Truckee market stats report a whopping 175-percent increase in units sold over $1 million from four sales at this time last year, to a notable 11 sales this year.
The condominium market around Lake Tahoe experienced declines for all segments of the Tahoe market. The number of total condo units sold was down 18 percent. Average prices are down 35 percent and the media price is down 7 percent.