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Tahoe Home Sales On The Rise

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(Sacramento, CA)
Tuesday, October 30, 2012

So far this year, the number of housing units sold around the lake is up by nearly 40% compared to a year ago, with a 16% rise in sales volume.  

"For Tahoe, definite signs of recovery happening."

Susan Lowe is with the Lake Tahoe-based real estate company Chase International which released the numbers.
"Median and average prices continue to go down however; minus 11% for the median and 15% for the average price same time last year."
The median is $330,000 and the average is $538,000. Keep in mind, the area is considered a "resort market" and these properties are generally vacation homes.
Lowe expects prices to stabilize once the market absorbs all the distressed homes.
"The distressed sales are definitely coming down considerably from what they were at the peak and there's very few bank-owned and it's easier to short-sell a house now."
Incline Village has the highest median home price at $702,000, down 8% from a year ago.
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