Tahoe and Reno See Huge Upswings in Third Quarter
The Lake Tahoe and Reno real estate markets signs of improvement. Although Chase International’s third quarter report shows that the average prices are still decreasing, ultimately, inventory is quickly depleting.
Since last year, the number of units sold in the Reno area increased 35 percent and in the Sparks area 54 percent. As for the Lake Tahoe units, there has been a 12-percent sales increase of single-family homes. Corporate vice president of Chase International, Sue Lowe, comments, “These are extremely encouraging numbers for the overall health of the real estate market.”
The fact that the overall median prices are still going down is one of the main reasons for the increase in sales. The median price of single-family homes in Lake Tahoe has dropped 18 percent and 28 percent in the Reno/Sparks area. At $1.3 million as the average price, Incline Village on Lake Tahoe’s north shore remains the most expensive real estate in the area.
Condominium sales have seen a boost as well; there has been a 64 percent increase in sales since 2008 in the Reno/Sparks area. “We have not seen home prices in Lake Tahoe and Reno areas at these levels since the early 2000s. Now is a great time to be buying real estate,” Lowe notes.
—Georgia Stergakos
