Tahoe-Truckee real estate: Luxury home sales decline at end of 2015
February 9, 2016
TAHOE-TRUCKEE, Calif. — Luxury home sales in North Lake Tahoe and the Truckee area dropped in the fourth quarter of 2015 from the same period a year ago, according to a recent report by Coldwell Banker Residential Brokerage.
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 50 homes sold for more than $1 million during the October through December period, down 39 percent from the 82 high-end sales during the fourth quarter of 2014 — a particularly strong period for the luxury market.
Sales were also off from the third quarter of 2015, when 72 properties sold for more than $1 million.
For all of 2015, there were 187 luxury sales compared to 234 million-dollar sales for all of 2014, a 20 percent decline. That compared with a 14 percent increase in the sales of homes between $500,000 and $999,000 last year, and a 1.7 percent increase in sales below $500,000.
Meanwhile, the median sale price of a million-dollar home in the fourth quarter was $1,534,375, down 3.3 percent from the same period a year ago.
Recommended Stories For You
For the full year, the median sales price for luxury properties in 2015 was $1,662,500, down nearly 6 percent from 2014. The average sales price in 2015 ended at $2,337,763, up fractionally from 2014.
"We did see a slowdown in luxury sales in the North Lake Tahoe and Truckee markets in the fourth quarter, but overall 2015 was a good year for the housing market in general in this region," said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the Tahoe region. "Inventory levels are starting out 2016 traditionally low, but there are still many quality properties to choose from throughout the North Lake Tahoe and Truckee area."
Other key findings, according to Coldwell Banker Residential Brokerage, for Q4 in 2015:
• The most expensive sale in the North Lake Tahoe-Truckee region was a 5,900-square-foot, six-bedroom lakefront home in Homewood that sold for $9.95 million.
• Truckee communities boasted the most luxury sales with 24, followed by the North Lake Tahoe communities with 13, West Tahoe communities with 8, and Olympic Valley and Alpine Meadows with five.
• Homes sold in an average of 156 days on the market, up from 152 days a year ago but down from 179 days the previous quarter.
• Sellers received an average of 94 percent of their asking price, up from 92.3 percent a year ago but down from 95 percent the previous quarter.
"With the inventory available coupled with homes still priced at 5-6 year lows and very favorable interest rates, the conditions are attractive for savvy real estate investors who want to get into the Tahoe-Truckee market," Lombardi said.
The "North TahoeTruckee 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.
Trending In: Real Estate
- Lake Tahoe Home: Things to know when buying property at Tahoe
- 945-acre Northstar-area land portfolio sold to Nor Cal developer Mountainside Builders
- Incline Village real estate: You can’t always rent what you own
- Big benefits to owning property in Nevada
- Study: Incline Village fourth best place to retire in Nevada