Improved Market in Zephyr Cove
Zephyr Cove, Nevada—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 median price is down 7 percent.
For more information about Chase International, visit www.chaseinternational.com.