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Tahoe's low to mid-range real estate market sees surge
The average price of a home throughout all of Lake Tahoe dropped under $1 million for the first time since 2004. The average price is now $909,919 (down 38 percent). The median price of a home in Lake Tahoe is down 25 percent to $662,172. Homes sold for more than $1 million were down 57 percent while homes sold for less than a million were down only five percent.
“We’re seeing a considerable pick up in the lower end of the market, while high-end homes sales aren’t moving as vigorously as they were last year, first quarter,” Sue Lowe, vice president of Chase International, said.
Incline Village experienced some of the biggest decreases, with sales volume down 73 percent and units sold down 61 percent. The average home price dropped 31 percent, to $1,120,266, while the median fell 21 percent to $898,688. Homes under a million decreased 50 percent and homes over a million were down 71 percent. However, an Incline lakefront sold in the first quarter that was on the market for $32,500,000 and is not included in any of the MLS data due to the sales price being confidential. If this number had been included in Incline’s statistics, Incline’s numbers would have faired much stronger.
Overall sales volume around Lake Tahoe was down 48 percent with a 20 percent decrease in homes sold. While Lowe believes the market is beginning to level, she notes that theses percentages are affected by a handful of ultra high-end sales this time last year (six homes were sold for more than $5 million during first quarter 2007). This year there have been only two sales over $5 million, one of which was not included in this MLS report.
“The market is currently filled with opportunity,” Lowe said.
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