Real estate market improving in Tahoe faster than in Reno
By Jason Hidalgo, Reno Gazette-Journal
Home values in Lake Tahoe got a shot in the arm from the East Shore during the first half of the year, but the positive news was tempered by a dip in the number of homes sold.
The median price for a single-family home in Lake Tahoe rose 2 percent year-over-year to $540,375, while the average price increased by 9 percent to $962,705, according to Chase International’s mid-year report.
The price increase was fueled by sales transactions in the East Shore. Median sales price for the East Shore was up 20 percent to $625,500, while average sales price rose 67 percent to about $1.6 million.
Actual unit sales, however, fell by 4 percent to 435 compared to the first half of 2010. The mixed numbers reflect a market still trying to find its footing.
“We had some strong sales and increases the first quarter but saw a decline in the second quarter of this year,” said Sue Lowe, corporate vice president for Chase International. “I think we are still bouncing around the bottom of the market.”
Meanwhile on the South shore, the South Tahoe Association of Realtors is showing a decline of 9.2% since the beginning of the year. The median sales price of Single Family Residential homes thru June is $298,250 (down 8.7% from $326,500 a year ago).