Chase International releases year end real estate report: Volume down, value consistent | South Lake Tahoe
By Lee Weber Koch, Chase International
Chase International released its Real Estate Market Report for year-end 2022, which showed lower overall sales volume and units available for sale. However, year over year, there are steady increases in value for homeowners throughout the Northern Nevada and California markets.
“Overall, real estate as an asset shows consistent growth in value over time and remains the single largest contributor to family wealth,” said Susan Lowe, president/corporate broker for Chase International.
After two record years of historically high volume and double the activity compared to pre-pandemic years, the market has normalized by 13% to 50% in volume and units sold – but home values have remained relatively stable.
The figures are part of a final report released by the Lake-Tahoe-based real estate agency, which compared all Multiple Listing Service (MLS) home sales in their market from January 2022 to December 2022. with the same time period in 2021.
Lowe presented a five-year outlook that proved her real estate investment statement. In the Lake Tahoe region in 2017, the median household price was $585,000 compared to $935,000 in 2022, representing a 59.8 percent increase in value. In the Reno/Sparks region, the 2017 median price was $336,950, which showed a 53.3 percent increase in 2022 with median home values at $515,000.
“These statistics document our customers’ perspective on buying a home in today’s market. They are investing in real estate as part of their long-term wealth strategy in addition to their new sense of well-being and lifestyle choices,” Lowe said.
Referring to home sales on the Nevada side of Lake Tahoe, Lowe noted a 50 percent drop in volume on the East Coast with home values up 10 percent. On the North Shore, Incline Village recorded a 47 percent drop in single-home volume, while home and condo values rose 17 percent.
Lake Tahoe California real estate showed similar trends. The South Lake Tahoe market saw a 16 percent decrease in volume with a 1 percent increase in median home prices and a 15 percent increase in value for condominiums. Lake Tahoe’s west and north shore property volume reflected the region’s activity with a 40 percent drop in volume, a two percent increase in home value and a nine percent increase in median home price.
In Truckee, California, the volume of single-family homes fell 12 percent, while property values rose four percent for houses and 12 percent for condominiums. The Tahoe Donner region reflected continued interest in this popular community with home volume down just 3% and median price down four percent.
On the eastern side of Nevada’s High Sierra, Reno and Sparks followed the trends with combined average volume up 13 percent and average price up 10 percent. To the east, Fernley saw comparable results, Carson City and the Carson Valley documented a decline in volume of nine percent and 16 percent respectively with home values seeing an eight percent increase in demand in Carson City and five percent in the Carson Valley .
The Lake Almanor region is new to Chase International, which partnered with Lake Almanor Brokers in August 2022. Not surprisingly, this recreational mecca was in line with the Lake Tahoe region, documenting a 10 percent decline in volume and seeing a four percent increase in property value.
For a complete analysis of Chase International’s latest 2022 review of the Northern Nevada and California real estate market, visit Chase International/Market-Report.
About Chase International ~ Chase International is a dynamic real estate company joining the hearts of buyers and sellers around the world. Founded in 1986 and committed to the success of its customers, sales associates, staff and community, Chase cares about and loves making a difference in people’s lives. With more than 375 professional Realtors representing homes at all price points, the company is proud to be the market leader, achieving 2021 peak volume in the region of $2.6 billion in sales per market tracker Real Trends. The company currently operates in 14 locations: Zephyr Cove, Glenbrook, Incline Village, Carson Valley, Reno, Sparks, Henderson, South Lake Tahoe, Tahoe City, Truckee, Roseville, Lake Almanor and London. With strong national and international connections in place, Chase’s exclusive listings receive maximum exposure to potential buyers worldwide. For more information about Chase International or to explore career opportunities, visit ChaseInternational.com.