Chase International: 2007 home sales normalize, luxury home sales on the rise
After a tumultuous year in the national real estate market, Lake Tahoe-based Chase International is reporting higher median and average home prices in 2007 while the market continues to normalize. Though sales are under what they were last year, the overall dollar volume of homes sold is only down five percent with number of units sold down 14 percent.
The median home price is the threshold, which divides the real estate market in half, meaning; half the buyers bought homes costing more than the median price and half bought homes for less than the median price. The average sales price is figured by totaling the sum of the sales prices by the number of homes sold in 2007.
At Lake Tahoe, Incline Village continues to lead home sales with the dollar volume of homes sold up 19 percent over last year. The median price for a home in Incline was up six percent to $1,140,000 and the average price for a home was up five percent to $1,629,980. Also up in home sales dollar volume was Lake Tahoe’s east shore at four percent. The median price was up 14 percent to $1,045,000.
Tahoe City, Calif. saw the largest decline in single-family sales dollar volume with a 27 percent decrease. The median price also decreased by two percent to $749,000, however, Tahoe City had a three percent increase in average price to $1,156,483. Lake Tahoe’s South Shore saw an 11 percent decrease in sales dollar volume with a seven percent decrease in median price to $440,000. The average price of a home in South Shore was up three percent to $578,627.
On a positive note, overall around Lake Tahoe the median home price is up five percent to $843,500 and the average price is up 12 percent to $1,386,219.
“Throughout 2007 we consistently saw the ultra-high end market doing phenomenal with record breaking numbers,” said Sue Lowe, vice president for Chase International. “While the lower end of homes continues to normalize, the higher end is excelling.”
Moving outside of the Lake Tahoe basin, Truckee single-family home sales dollar volume was down six percent with the median home price down four percent to $645,000 and the average price remained flat at $813,263. Condominium sales dollar volume in Truckee was up by six percent due to strong sales in the upscale condominium market in the Northstar area.
In Reno, Nev. housing sales took the largest hit in 2007 with sales dollar volume down 22 percent. This is most reflective to what is happening throughout the country. Median prices in Reno were down six percent to $309,950 and the average price is down four percent to $390,366. Surprisingly in Reno is the condominium market, which skyrocketed 41 percent in 2007. The median price of condominiums went up 11 percent to $208,000. This is due to strong activity in the new upscale condominium markets lead by Downtown Reno’s revitalization efforts.
Lawrence Yun, National Association of Realtor (NAR) chief economist said the market appears to be stabilizing.
“Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilizing,” said Yun. “Mortgage interest rates are near historic lows and the most current data shows deceleration price declines, along with a modest reduction in the number of homes on the market.”
Headquartered in Lake Tahoe, Nevada since 1986, with seven offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. Currently Chase International has one of the top five most expensive properties ever listed in the nation – Tranquility located at Lake Tahoe, for $100 million.
With more than 140 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. For more information about Chase International visit http://www.chaseinternational.com.
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