A 12 percent rise in median home prices to $549,000 and an eight percent increase in homes sold (1376) resulted in a 17 percent increase in total dollar volume of sold homes ($1,128,257,767) in 2016 over 2015. Homes priced over $1,000,000 increased in units sold by 28 percent. Those priced under $1,000,000 only increased by 4 percent.
Condominium sales increased 13 percent in total dollar volume ($213,810,904) with an increase of units sold (473) by 14 percent and a median price increase of 3 percent to $358,800. Condominiums priced over $500,000 increased over 2015 sales by 18 percent and ones priced under $500,000 by 13 percent.
The most expensive homes are in Incline Village with a median price of $1,016,500 which is an 11 percent increase over 2015. The median price of a home in South Lake Tahoe is $415,500 which is up 15 percent from the previous year. Tahoe City had a six percent increase in median price, up to $590,000, but had declines in both units sold (down six percent) and total dollar volume (down 5 percent).
Million-dollar home sales in Truckee were up 95 percent over 2015 which raised the median price to $629,000, a 13 percent increase. Units sold increased 19 percent and total dollar volume increased 48 percent.
2016 existing home sales nationally were expected to only increase 3.3 percent according to the National Association of Realtors. The Lake Tahoe and Truckee markets preformed significantly higher than the national market. Although interest rates have increased slightly they are still at historic lows and with inventory increasing as we move into the spring, now is a great time to purchase your dream vacation home. Contact Greg at info@GoSquaw.com or 530-913-6020.
Click here for 2016 Statistical Graphs and Chart
Greg Rankin and Chase International does not guarantee the accuracy of this information. This data was obtained from the Multiple Listing Services (MLS) in the Tahoe and Truckee area. Not all real estate transactions in our area go through MLS, therefore, this information may not be completely accurate. CalBRE License #00826938
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