The number of home sold around Lake Tahoe, Reno, Sparks and Truckee fell in the first quarter of this year fell. But prices continue to rise.
Home sales in Tahoe City fell 31 percent, but the average price was up 113 percent. That’s the extreme case. Overall in the Lake Tahoe area, the number of units sold is down 18 percent, but prices are up 12 percent. Sue Lowe, Vice President of Chase International says residential inventory is low, and not just around the lake.
“Reno Sparks has got a lot of the same issues as Lake Tahoe has, we just have a tremendous inventory shortage. There are still a lot of multiple offers happening in the Reno marketplace," Lowe says.
The number of homes sold in Truckee fell 24 percent and prices climbed 24 percent. Lowe says, just in the past few weeks, more inventory has started to come on the market and new home building is expected to alleviate the shortage in the Reno Sparks area. But limited building opportunities in Tahoe and Truckee are expected to keep prices climbing.