Lake Tahoe real estate market dips, but strong second half expected

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The Lake Tahoe real estate market slowed down in the first six months after a stormy winter in comparison to the same time last year, according to a Lake Tahoe real estate firm.

Susan Lowe, corporate vice president of Chase International, which compiled the report, said the market is expected to pick up in the second half of 2019.

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The area saw a 20% decline in volume sold, and a 12% decline in units sold, the report said. The median price was up by 2%, and sales over $1 million were down by 5%. The number of homes sold for under $1 million declined by 15%.

Chase International said the data compares all MLS homes sales from Jan. 1 through June 30, 2019 to the same time frame in 2018. The report covers the entire Lake Tahoe area.

“The heavy winter slowed sales around the basin,” Lowe said in a news release. “We are seeing an uptick in interest and offers which should result in a strong second half of the year.”

Lowe said the numbers released in the fall quarter should reflect that.

“Typically the summer and fall months are the strongest in the Lake Tahoe market,” she told The Bee in an email. “We are experiencing increased traffic, showings, and escrows just since the first of June.”

In South Shore, home sales for over $1 million jumped 11%, the data showed, and on the East Shore they picked up by 13%. Incline Village saw a decrease of 6% and Tahoe City a decline of 24% in those sales.

Condo sales dropped across the board by 20 percent in volume sold, 14% in units sold and 7% in median price. Lowe said the East Shore was the only community to see an increase in median price, hitting $451,000, a 17% jump.

Sales also softened in the Truckee market with a 17 percent decline in volume sold, 13% decline in units sold with a 4% increase in median price. In that market, sales over $1 million were down by 21%, Chase International reported.

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