This is a very interesting article I read about the average home prices in Lake Tahoe.
“We’re seeing a considerable pick-up in the lower end of the market,” Chase International Vice President Sue Lowe said in a statement. “High-end homes sales aren’t moving as vigorously as they were last year, first quarter.”
According to Chase International’s first-quarter 2008 Tahoe-Reno statistics, the average price for a home at Lake Tahoe is now $909,919, a 38 percent drop from the previous average. Median home prices decreased 25 percent to $662,172.
Some key findings from the report by area:
· Tahoe City: Overall sales volume in Tahoe City was down 25 percent with sales of homes priced more than $1 million seeing a 33 percent drop. But sales of single-family homes priced below $1 million jumped 25 percent. Total units sold was also up 9 percent. The average price of a home in Tahoe City is down 33 percent to $856,152 while the median price is down 22 percent to $575,000.
· East Shore: Sales of homes priced above $1 million in the East Shore dropped by 40 percent with overall sales volume down 48 percent. Sales of homes priced below $1 million, however, saw an increase of 63 percent. Total units sold was also up 6 percent. The average price of an East Shore home dropped 51 percent to $1,183,363 while the median price dropped 34 percent to $775,000.
· Incline Village: Some of the biggest decreases were reported in Incline Village, which reported a 73 percent decrease in sales volume and a 61 percent decrease in units sold. Sales of Incline Village homes under $1 million were down 50 percent while sales of homes priced above $1 million were down 71 percent.
The average price of an Incline Village home dropped 31 percent to $1,120,266, while the median price dropped 21 percent to $898,688.
· South Lake Tahoe: With average home prices down 14 percent at $479,894 and median prices down 17 percent to $400,000, South Lake Tahoe remains the least expensive place to buy home on the lake, according to the report. Overall sales volume in the South Shore area was down 27 percent and total units sold was down 15 percent. Sales of homes priced under $1 million was down 10 percent while homes prices above $1 million saw a sales decline of 63 percent.
Although the drop in home prices might not be good news for sellers and home owners, they provide a good opportunity for buyers, said Leann Pinguelo, marketing director for Intero Real Estate Services in Incline Village.
“Here in Incline, you’re starting to see some incredible homes well under $1 million, which is rare for this area,” Pinguelo said. “Folks in the market who have saved and have good credit can definitely buy a lot more house for their money now.”
By Jason Hidalgo • jhidalgo@rgj.com • April 18, 2008