Tahoe real estate: Luxury home sales double in first half of 2016
Luxury home sales in the North Lake Tahoe and Truckee areas were red hot in the first half of 2016 with sales more than doubling from the same six months in 2015, 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 single-family homes and condo-townhomes sold in the region with a sales price of more than $1 million during the first half of 2016.
A total of 131 single-family homes and condo-townhomes sold in the January through June 2016 period, up from 65 properties during the first six months of 2015.
Single-family home sales had the biggest jump, soaring to 117 units this year, up 109 percent from the same period last year. Condo-townhome sales climbed 56 percent in first half of 2016 with 14 transactions versus nine a year ago.
The biggest increase in single-family home sales in 2016 came in the $1 million to $2,499,999 segment with 79 transactions, up 114 percent from the 37 sales in that price range a year ago.
There were also 29 sales between $2.5 million and $4,999,999, up from 11 a year ago, and nine sales over $5 million, up from eight sales a year ago.
Meanwhile, the median sale price of a single-family luxury home in the first half of 2016 was $1,505,000, down 18 percent from the same period a year ago, when the median price stood at $1,837,500.
One reason for the drop in the median price was that the mix of home sales in the first half of 2016 changed with more selling in the lower end of the luxury category than last year. The median sale price of condos-townhomes increased 11 percent in 2016 to $1,475,000.
“Luxury homes, condos and townhouses in the North Lake Tahoe and Truckee housing markets were in very strong demand during the first half of this year, especially in the $1 million to $2.5 million price range,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the Tahoe region.
“Some of the things driving our market are the strong stock market, vibrant Bay Area economy especially in the tech sector and interest rates that remain near all-time lows,” he said. “All of those factors add up to positive consumer sentiment and a desire to invest in a vacation home in areas like North Lake Tahoe and Truckee.”
Some other key findings from the Coldwell Banker Residential Brokerage luxury report for the first six months of 2016:
Sales volume of single-family luxury homes was more than $274 million, up 84 percent from the same period last year;
Truckee, Glenshire, Martis Valley, Tahoe Donner and Donner Summit (Areas 7-9) had 81 single-family home sales, up 153 percent from a year ago;
The area around North Lake Tahoe (Kings Beach to Tahoe City to Emerald Bay Areas 1-5) recorded 24 single-family home sales, up from 20 last year at this point;
Squaw/Olympic Valley, Alpine Meadows and the Truckee River area had 12 single-family home sales, up from four a year ago; and
Single-family homes had a median days on market of 94 days, down from 155 days a year ago.
The North TahoeTruckee 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.
This article was provided by Coldwell Banker Residential Brokerage, which serves the North Lake Tahoe-Truckee area with offices in Tahoe City, Truckee, Glenshire and Tahoe Vista. Visit ColdwellBankerHomes.com to learn more.
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