Third Quarter Real Estate Booms in Lake Tahoe
Business Wire (press release) - San Francisco,CA,USA
LAKE TAHOE, Nev.--(BUSINESS WIRE)--Oct. 12, 2004--Lake Tahoe's real estate market showed remarkable increases in the third quarter, nearly doubling sales volume in the last three months alone, according to an in-depth analysis by Lake Tahoe-based agency Chase International.
While lake-wide increases in sales and volume were seen across the board from third quarter 2003, sales volume on single-family homes jumped substantially from June 2004. Overall sales volume increased from $475,762,265 to $855,361,353. East Shore volume rose from $88,374,040 to $151,124,040; South Shore from $150,527,325 to $300,496,525; Tahoe City from $114,528,547 to $192,892,697; and Incline Village from $122,332,353 to $210,848,091. Sales volume in condominiums also more than doubled in all areas except in Incline Village in the last three months.
Compared to third quarter 2003, condominium sales over $500,000 are up 110 percent and single-family homes, more than $1 million, were up 42 percent.
South Lake Tahoe showed considerable jumps overall. Sales of homes over $1 million were up 91 percent and condominiums more than $500,000 were up 333 percent. Condos under $500,000 increased four percent and homes under $1 million were up 24 percent.
The average price of homes in the Tahoe basin continues to rise, up 28 percent to $919,332. The biggest increase was seen in Incline Village, where the average home is up 30 percent to $1,285,659 - the highest average home price around the lake. The sale of homes over $1 million also increased in Incline Village 29 percent while the under million market decreased eight percent.
In Tahoe City, the average price of homes increased 25 percent to $765,447 and there was a 25 percent increase in homes sold for over $1 million. The volume of condominium sales in Tahoe City also jumped dramatically, 118 percent to $51,285,250. The average price rose 62 percent to $596,340.
Truckee saw a 56 percent increase in the sale of over million-dollar, single-family homes, selling 42. Homes under a million were up 13 percent from 497 to 561. The average price for a single-family home in Truckee is up 16 percent to $617,533. Truckee condominiums more than $500,000 were up 130 percent.
"This is definitely a seller's market," Susan Lowe, vice president for Chase International, said. "The market this year has been strong but the third quarter is phenomenal and the over-million market is experiencing huge growth."
The sales of million dollar-plus homes on the East Shore increased 64 percent and homes under one million were up 45 percent. East Shore also holds the highest dollar volume increase, up 92 percent to $151,124,040.
Headquartered in Lake Tahoe, Nevada since 1986, with four offices in the region and one in London, Chase International and its exclusive affiliations handle a large share of the world's most desirable property. For more information about Chase International, call 1-800-322-6130 or visit the website at www.chaseinternational.com.
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