Luxury home sales in the North Lake Tahoe and Truckee areas experienced strong gains in 2016, shooting up nearly 50 percent compared to a year earlier, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading luxury real estate services company.
A total of 280 single-family homes and condominiums priced $1 million and higher were sold in 2016, up from 187 unit sales in 2015. The data is based on sales transactions of $1 million-plus single-family homes and condo-townhouses recorded in the region from January through December by the Multiple Listing Service.
Sales activity was strongest in the single-family home sector. Luxury single-family home sales escalated 57 percent in 2016 in the North Lake Tahoe and Truckee region. There were 245 sales of single-family homes priced $1 million and higher in 2016, compared to 156 the prior year. The median selling price for a luxury single-family home dipped 5 percent year-over-year to $1,650,000 from $1,737,500 in 2015.
Meanwhile, high-end condo-townhouse sales rose nearly 13 percent to 35 in 2016 from 31 in 2015. The median selling price for a luxury condo jumped to $1.5 million, 16.4 percent higher than the $1.29 million median selling price recorded the prior year.
Single-family properties in the $1 million to $2,499,999 price range experienced the biggest increase. Sales in that price range jumped 63 percent to 168 sales transaction recorded in 2016 compared to 103 in 2015.
“2016 was a stellar year for luxury home sales in the North Lake Tahoe and Truckee area,” said Michael Lombardi, manager of the Coldwell Banker Brokerage offices in the Tahoe region. “Sales activity was fueled by our healthy economy and consumers who continue to see value in owning and investing in vacation homes and other residential property in the region.”
Below are some additional highlights from the Coldwell Banker Residential Brokerage luxury report for 2016:
- Sales volume for single-family luxury homes totaled more than $594 million in the North Lake Tahoe and Truckee region in 2016, representing a 52.2 percent increase from 2015
- Luxury home sales were selling at a faster pace, with the average days on market for single-family homes falling to 150 days in 2016 compared to 178 days the prior year, and the average days on market for high-end condos dropping to 153 days from 183 days
- Gains in the Truckee, Glenshire, Martis Valley, Tahoe Donner and Donner Summit (Areas 7-9) luxury market were particularly strong, with a 92 percent jump in luxury single-family home sales, 165 in 2016 compared to 86 in 2015, and 35 percent in luxury condo sales, 27 versus 20
- The area around North Lake Tahoe (Kings Beach to Tahoe City to Emerald Bay Areas 1-5) posted 58 luxury single-family home sales, down slightly from the 60 sales recorded in 2015
- Squaw/Olympic Valley, Alpine Meadows and the Truckee River area saw 22 luxury home sales last year, which is a 120 percent increase from just 10 sales the prior year.
The North Tahoe–Truckee Luxury Housing Report is a 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.