Even a slight spike in interest rates toward the end of summer hasn't slowed down the market around Lake Tahoe, according to real estate industry members in the area.
The volume of home sales rose 60 percent, and by 293 percent for homes selling for less than $1 million in the third quarter.
Passage of higher taxes on the wealthy in California last year has definitely spurred some buying in Nevada, but both sides of lake are seeing improved sales.
The other issue is the record low interest rates, even though they went up a bit, We are sensing an overall uptick in positivity about the economy. Especially in the first eight or nine months of the year, though it’s come down a bit lately.
Comparing the first three quarters of 2013 to the same period a year earlier, the percentage of homes selling for more than a million rose by 78 percent in Tahoe. Overall median home values have risen by a third so far this year, to $444,000.
Though most of the activity was in Incline Village, where the volume of home sales rose by 139 percent this year, all areas saw gains, including Truckee, where volume was up 41 percent, and Tahoe City, where the median price rose 18 percent, to $100 short of half a million.
There’s no reason to think Tahoe-area prices won’t continue to appreciate.
It all gets back to supply and demand. There’s some stabilization happening with prices.
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