Lake Tahoe-area home sales in 2015 were mostly steady — but this year could be even better.
Overall appreciation last year was about 3 percent, while volume of sales dropped by 3 percent, according to Chase International Real Estate. The lesser volume was exacerbated by sales of homes at $1 million or above, which dropped by 8 percent from the previous year.
Susan Lowe of Chase said during the housing boom in the mid 2000s, annual appreciation was in double digits. Appreciation was in double digits during the boom, so the current level is getting back to more sustainable levels. The biggest factor holding back greater sales volume appears to be existing homeowners who just don’t want to put their properties on the market, she said.
“I think their financial situation is a lot more stable, and they don’t need to sell a second home,” said Lowe, senior vice president at Chase. Others are holding back because they haven’t regained enough equity to sell without a loss, she said.
Tahoe City and the lake’s southern shore saw the biggest gains within Tahoe real estate, while the east side of the lake saw the biggest slowdowns as volume dropped by 36 percent. Especially on the Nevada side of the lake, a lack of inventory is noticeable, Lowe said.
But 2016 will be slightly different, said Lowe. That’s because Zalanta Resort, the first luxury condominium project completed near the lake in about 30 years, will begin sales later this year. Chase saw strong interest recently when it began taking reservations for that project, which is located near Stateline, Lowe said.
Otherwise, inventory should continue to remain tight, she added.
“We might see a bump in spring or summer, but that’s fairly typical,” Lowe said. “People are just enjoying Tahoe again.”
Article written by Ben Vander Meet of Sacramento Business Journal. Re-posted by Scott Pearce Realtor with Chase International in South Lake Tahoe. Call Scott Pearce today at 530-318-1030. Don’t miss out on owning a piece of Lake Tahoe today. Visit: SoLakeTahoeHomes.com