Market Summary for 2009 Reno/Tahoe Real Estate Sales

The most commonly asked question of a Realtor is, “How’s the market?”.  Our ‘scripted’ response is usually something along the lines of “unbelievable” or “you wouldn’t believe it if I told you” or “it’s a market of opportunities”. In general, I try to be a bit more creative and support my positively enthusiastic response with some actual data. I love being asked this question because we all love talking about what we love and what we do.  Problem is, it doesn’t seem socially appropriate to endlessly converse about the market at, for example, every Christmas party that I attend.

So, forget everything you’ve heard at those parties; here’s the real answer to the question, “How was the real estate market in 2009?” Armed with this information, you will impress even your most well-read friends!

Bottom line: Real Estate Sales rose exponentially in the Reno/Tahoe areas in 2009.

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LAKE TAHOE, Nev. (Jan. 4, 2010) – For anyone who has been waiting for the market to hit rock bottom to get into their dream home in the Lake Tahoe or Reno areas, time is definitely running out. Sales of single-family homes are up dramatically throughout the region. And while home prices continued to fall in 2009, the overall number of units sold has made a remarkable recovery.

Year-end statistics released today by Chase International show single family home sales increased in all of the nine distinct communities they measure within the Reno/Tahoe area. “The numbers don’t lie. Sales have risen exponentially in 2009, and we expect that trend to continue into 2010,” notes Sue Lowe, corporate vice president of Chase International.  In fact, inventory is being absorbed at an astonishing rate.

For instance, the entire Lake Tahoe basin units sold are up 22% over the previous year.  Tahoe City increased 38%, South Shore saw a 22 percent increase, East Shore saw an increase of 17 percent, and Incline Village increased 4 percent. In Truckee, unit sales jumped 23 percent.

The 2009 numbers for Reno and Sparks were also extremely positive – with Reno single-family home sales measured in number of units up over the previous year by an impressive 41 percent, and sales in Sparks increasing by a whopping 52 percent.

Condominium sales continue to be volatile and vary greatly depending on the area but overall increased around the Lake by 17%. Condo sales along East Shore were up 69 percent, Tahoe City was up 47%, Incline Village up 8% but the South Shore was down  27 percent. Condo sales also were very strong in the Reno/Sparks area – up 59 percent in Reno over the previous year and up 100 percent in Sparks (70 condos sold in 2008 in Sparks while 140 sold in 2009).

The median sales price for both homes and condominiums continued to drop last year over 2008 prices, which contributed to the increase in sales. However, the experts at Chase International say this downward trend in sales prices might be coming to an end.

“We are definitely seeing signs that home prices may be reaching the bottom. Some of the home prices we saw in 2009 were equivalent to prices a decade ago, and buyers have taken advantage of these discounts by snapping up some of these great properties, thereby limiting available inventory. Now that the word is out about the amazing values to be had in the Reno/Tahoe area, we anticipate pricing will level off as even more buyers enter the market,” says Lowe.

A complete breakdown of Chase International’s year-end sales report can be viewed on Chasenation.com.

Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of real estate, Chase International has once again taken the reins of cutting edge technology by launching www.ChaseNation.com, the first interactive social networking website created by a real estate brokerage as a vehicle for direct interaction with consumers online.

With nearly 200 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels.  For more information about Chase International visit www.chaseinternational.com.