Tahoe real estate picked up steam in 2014
By Mark Glover, Sacramento Bee
The Lake Tahoe real estate market continued its post-recession improvement last year, according to Nevada-based Chase International.
The 2014 median sales price of a Lake Tahoe home increased 7 percent year-over-year to $475,000; the average price was $807,088, up 4 percent from the previous year.
Unit sales, however, were down around the lake, with overall sales volume dipping 8 percent. Homes selling for more than $1 million were down 6 percent.
Seems like the super low end and super high end properties are both selling very well. But the middle, from $4 to $6, is languishing.
Although Lake Tahoe sales volume was down 12% in 2014 Average and Median single-family home prices rose significantly over the course of the year. This rise in pricing was due to a huge reduction in the number of distressed sales (REO and Short Sales) and a significant rise in the number of Tahoe luxury home sales. In fact, the number of home sales over $3M is up 51% which is mostly due to a higher number of Martis Camp and lakefront home sales (luxury segment). With fewer distressed sales and a high number of luxury home sales, it is no surprise to see double digit improvements in the Lake Tahoe real estate markets.