Luxury home sales in North Lake Tahoe and the Truckee area increased in the third quarter from the same period a year ago but the median sale price decreased, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading luxury real estate services company.
The figures were derived from Multiple Listing Service data of all homes sold in the region with a sales price of more than $1 million during the most recent quarter.
A total of 72 homes sold for more than $1 million during the July through September third quarter period, up 22 percent from the 59 high-end sales during the third quarter of 2014. Sales were also up dramatically from the previous quarter where a total of 28 luxury properties sold in the second quarter.
Meanwhile, the median sale price of a million-dollar home in the third quarter was $1,570,000, down 10 percent from the same period a year ago. The average sales price was $2,183,400, down 11 percent from last year.
The upper end of the North Lake Tahoe and Truckee luxury housing market was very strong in the third quarter with 24 sales over $2 million, and four sales over $5 million, which was very similar to the upper end sales in the third quarter of 2014.
“The third quarter of 2015 was a strong quarter for luxury sales in the North Lake Tahoe and Truckee markets,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the Tahoe region. “The solid performance of the summer quarter, after a slower start earlier in the year, brought luxury sales year to date closer to what we experienced in 2014. We hope the positive sales trend continues through the rest of the year.”
Some other key findings from the Coldwell Banker Residential Brokerage luxury report for the latest quarter:
- The most expensive sale in the North Lake Tahoe-Truckee region was a 4,600 square foot lakefront home in the Dollar Point area that sold for $8.19 million;
- Truckee communities boasted the most luxury sales with 44, followed by the North and West Lake Tahoe communities with 26, and then the Squaw Valley and Alpine Meadows area with two;
- Homes sold in an average of 179 days on the market, up from 126 days a year ago;
- Sellers received an average of 94.9 percent of their asking price, which was identical to a year ago.
The North Tahoe–Truckee Luxury Housing Report is a quarterly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker is recognized around the world for its expertise in the luxury housing market.
Coldwell Banker Residential Brokerage serves the North Lake Tahoe-Truckee area with offices located at 475 North Lake Tahoe Blvd. in Tahoe City, 17400 Northwood’s Boulevard in Truckee, 10095 Dorchester Drive in Glenshire, and 6921 North Lake Boulevard in Tahoe Vista. For more information, please call 530.581.7779.