For the first six months of 2017, luxury sales for the region were steady. The data is based on sales transactions of $1 million-plus single family homes and condo-townhouses recorded in the region from January through June by the Multiple Listing Service.
Luxury condo sales in the North Lake Tahoe and Truckee areas rose by 31 percent in the first six months of 2017 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 21 luxury condominiums and townhomes priced $1 million and higher sold in the first six months of 2017, an increase from 16 total sales in the first six months of 2016. As sales rose, the median sales price of luxury condos and townhomes slipped to $1,255,000 from $1,500,000 the same time last year.
Single-family luxury home sales slipped to 92 total sales year-to-date from 117 total sales in the first half of 2016 which is a 21% decrease. Prices remained level at a median sales price of $1,497,500, down a modest .5 percent from $1,505,000 a year earlier. Luxury single-family homes sold at a faster pace in the first half of 2017 than in 2016, with properties selling within a median of 79 days, down from 94 days in 2016.
“The luxury market in Lake Tahoe and Truckee is off from last year due to lower overall inventory in the luxury market and lower sales in some of the gated luxury communities in Martis Valley,” said Michael Lombardi, manager of the Coldwell Banker Residential Brokerage offices in the Tahoe region. “The second half of the year is seeing inventory growth and continued buyer demand in the Luxury market.”
Below are some additional highlights from the Coldwell Banker Residential Brokerage luxury report for year-to-date 2017:
- Sales volume for luxury properties was just over $243 million in the North Lake Tahoe and Truckee region in the first half of 2017, down from over $299 million in 2016
- Kings Beach, Tahoe City and the West Shore of Lake Tahoe saw a bump in total luxury sales, increasing from 25 sales in 2016 to 33 total sales in 2017
- Squaw/Olympic Valley, Alpine Meadows and Truckee River posted eight luxury home sales, compared to 12 sales recorded in 2016
- In the Truckee, Glenshire, Martis Valley, Tahoe Donner and Donner Summit luxury market, total luxury sales were down 25 percent from 96 in 2016 to 72 in 2017. However, median sales prices in single-family homes were particularly strong, with a 2.7 percent jump to $1,540,000 in the first six months of 2017 compared to $1,500,000 in the same time frame in 2016
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 Global Luxury 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.