The Lake Tahoe real estate market, a decidedly high-end sector, continued its post-recession surge in the first half of this year, according to Nevada-based Chase International.
The median sales price of a Lake Tahoe home increased 14 percent year-over-year to $525,000.
However, the average price of a single-family home actually decreased 3 percent, from $799,544 in last year’s first half to $775,438 in the first six months of 2015. That was a byproduct of fewer $1 million-plus homes selling this year – 77 as opposed to 86 in the year-ago period.
Unit sales, however, were virtually unchanged: 526 this year versus 531 last year.
Sue Lowe, senior vice president for Chase, said in a statement: “Our continued lack of inventory keeps our prices moving up.”
Notable high-end markets included Tahoe’s East Shore area, where the sales price median in this year’s first half was $767,500, up 14 percent from 2014, and Incline Village, with a median of $850,000, down 4 percent from a year ago.