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Lake Tahoe real estate market dips, but strong second half of year expected, report says

Fly over, come inside $47 million Lake Tahoe estate that’s part of Hollywood history

A waterfront estate at Zephyr Cove, Lake Tahoe, is one of highest-priced properties the area. It's back on the market, said Sierra Sotheby’s International Realty. The property at 550 Sierra Sunset Lane in Nevada listed at $46.995 million.
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A waterfront estate at Zephyr Cove, Lake Tahoe, is one of highest-priced properties the area. It's back on the market, said Sierra Sotheby’s International Realty. The property at 550 Sierra Sunset Lane in Nevada listed at $46.995 million.

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 major 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.

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

Chase International said the data compares all MLS homes sales from January 1, 2019 through June 30, 2019 to the same timeframe 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 percent, the data showed, and on the East Shore they picked up by 13 percent. Incline Village saw a decrease of 6 percent and Tahoe City a decline of 24 percent in those sales.

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

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

There’s a chance to live like a rock star in Lake Tahoe. The home of David Coverdale, the rock icon best known as the lead singer for Deep Purple and Whitesnake, has listed the Incline Village estate he’s owned for three decades for $9.85 million.

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