Predictions of strong real estate performance were actualized throughout the Nevada and California sides of the Lake Tahoe region during the first quarter of 2013. Click here, or click the image below, to view the full report.
Buyers [who surmised that Tahoe had reached its market bottom during 2012] zealously pursued much of available inventory – which led to a decrease in available homes – which subsequently contributed to strong year-over-year median price increase. In regions such as Incline Village, Nevada, the median price has more than doubled that of the first quarter of 2012. Steady median price growth can also be seen throughout Truckee, California, most considerably within its enclave of Northstar, with a median price jump of 44 percent over the previous year’s first quarter.
Cheshire Estate. Sold for $2,180,000. 3/28/13
“The pressures of dwindling inventory and strong demand have influenced median prices upward across all segments of the Tahoe area market,” said Bill Dietz, Principal Broker at Tahoe Luxury Properties. “Multiple-offer transactions are becoming common and sales prices that exceed asking prices are posting with frequency,” he added. True to Dietz’s forecast, Tahoe’s iconic lakefront market saw an active start to the year as well, with the quarter’s highest-dollar transaction closing at $20.9 million. “The upper tier of the lakefront market is performing very well,” he said. “At the quarter’s close, five lakefronts were pending sale with a median price of $5.2 million and a new listing joined the market with an asking price of $28.5 million,” he added, noting the continued interest in Nevada-based lakefronts. “Look for the Nevada side [of Lake Tahoe] to heat up as high net worth Californians look to escape higher taxes in the Golden State.”
Highest-dollar home sale during 1st quarter
For additional reports on median sales price and volume trends North Lake Tahoe, CA and NV, Squaw Valley and Alpine Meadows, Northstar and Truckee, CA as well as Incline Village and Chrystal Bay, NV, visit TLUXP.com. About Tahoe Luxury Properties®: Tahoe Luxury Properties® is a full-service real estate agency specializing in real estate sales and premier vacation rentals at Lake Tahoe’s North Shore, Truckee and Northstar, CA and Incline Village, NV – and includes the most extensive selection of lakefront vacation properties at Lake Tahoe.