Home sales rose nearly 90 percent in some areas around Lake Tahoe last year.
The average sales volume for all of the Tahoe area was up 23 percent and prices climbed 29 percent to a median home price of $445,000. The east shore of Lake Tahoe and Incline Village led the rise with sales volumes up 70 to 90 percent.
Sue Lowe is senior vice president of Chase International.
“There were several homes over 10 million that sold and that kind of drove those prices up. But even more so for single family residences the units sold were up 35 percent which is a massive so it’s been a very very good year for Incline.”
Sales of homes worth less than a million dollars actually declined. Lowe says that’s because of a lack of inventory. She expects more modest growth this year.
"Of course our Nevada markets saw much more gain than our California markets did and I really attribute that to Prop. 30 in California," said Lowe.
Proposition 30 increases personal income taxes on California residents with income over $250,000 to pay for education. Nevada does not have personal income taxes.