Median prices and sales volume for single-family homes continue to soar upward year-over-year throughout most California and Nevada communities around North Lake Tahoe, according to real estate agency Tahoe Luxury Properties.
Sales volume is generally up in most segments; but as inventory continues to slim down, we should expect a reduction in that volume, said Bill Dietz, president of real estate for TLP. This should continue to put upward pressure on prices.
Dietz said the third quarter saw strong activity in the ultra-high-end lakefront segment a 43 percent year-over-year increase in the median price, from $3 million to $5.3 million.
Although Incline Village and Crystal Bay saw a slight decline in median price quarter-over-quarter, the decrease was a result of the meteoric rise in the median price in quarter two, Dietz said. The year-over-year median price still increased 23 percent (from $679,000 to $880,000), the largest gain of any segment in the area.
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