Tahoe-Truckee real estate: Luxury home sales soar in first quarter
TAHOE CITY, Calif. — Single-family luxury home sales in North Lake Tahoe and the Truckee areas kicked off 2016 with a bang, soaring more than 62 percent in the first quarter of the year compared to the same period a year ago, according to a new report by Coldwell Banker Residential Brokerage.
The figures were derived from Multiple Listing Service data of all single-family homes sold in the region with a sales price of more than $1 million during the most recent quarter.
A total of 52 single-family luxury homes sold during the January through March period, up 62.5 percent from the 32 high-end sales during the first quarter of 2015.
The biggest increase in sales in the first quarter of 2016 were in the $1 million to $2,499,999 segment of the market with 34 transactions, up 79.9 percent from the 19 sales in that price range a year ago.
There were also 12 sales between $2.5 million and $4,999,999, up from seven a year ago – a 71.4 percent increase.
Meanwhile, the median sale price of a single-family, million-dollar home in the first quarter was $1,476,405, down 35.7 percent from the same period a year ago, when the median stood at $2,295,000.
One reason for the sharp drop in the median price was that the mix of home sales changed to more in the lower end of the luxury market this quarter.
“The North Lake Tahoe and Truckee luxury market had a great first quarter and remains very active in most communities,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the Tahoe region. “Buyer demand continues to be quite strong, interest rates are still near historic lows, and there are still many quality properties to choose from throughout the region. Those factors continue to make this a very healthy market.”
Some other key findings from the Coldwell Banker Residential Brokerage luxury report for the latest quarter:
The most expensive single-family home sale in the North Lake Tahoe-Truckee region was a 6,162-square-foot, 6-bedroom home in Truckee at Martis Camp that sold for $7,181,000 million.
Truckee communities boasted the most luxury sales with 38, followed by the North Lake Tahoe communities with 10, and the Olympic Valley and Alpine Meadows area with four.
Homes sold in an average of 175 days on the market, down from 245 days a year ago.
Sellers received an average of 95.2% percent of their asking price, down from 97% percent 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.
This article was submitted by Coldwell Banker Residential Brokerage, with offices in Tahoe Vista, Tahoe City, Truckee and Glenshire. Visit CaliforniaMoves.com to learn more.