Million-dollar sales in Tahoe-Truckee area up 31% in 3rd quarter from year ago

Luxury home sales and the median sale price in the North Lake Tahoe and Truckee region surged again last quarter as the area’s high-end market continued to bounce back from last year’s bottom, according to Coldwell Banker Residential Brokerage, Northern California’s leading luxury real estate services company.

A total of 46 homes sold for more than $1 million during the quarter from July through September, up 31 percent from the same period a year ago when 35 high-end homes changed hands. The total also was a whopping 53 percent higher than the second quarter of this year, when 30 luxury homes were sold.

The median sale price of million-dollar homes also rose sharply, climbing to $1,725,000 – a 14 percent increase over third quarter 2009 and a 4.7 percent boost over second quarter 2010 when the median prices stood at $1.51 million and $1.65 million, respectively.

Other key market indictors also gave reason for optimism. Luxury homes sold in an average of 170 days, down from 244 days a year ago. Sellers received 91 percent of their asking price, up from 77 percent last year. And the ultra-luxury market moved higher as well, with 16 homes selling for more than $2 million, up from 10 the previous quarter and a year ago.

The figures were derived from Multiple Listing Service data of all homes sold in the region for more than $1 million during the second quarter.

“The upper end of the Lake Tahoe and Truckee market continues to show strong improvement from its recessionary lows,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the North Lake Tahoe-Truckee region.

“I think buyers understand that this is an opportune time to jump into the market with prices still at very competitive levels and mortgage rates at historic lows,” he said. “In the past, high-end buyers – the so-called smart money – are often the first to declare a market bottom and jump back in because they have the cash and the means to do so. It will be interesting to see if the rest of the market follows suit.”

Some key findings from the third quarter Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale in Truckee-Tahoe region was a seven-bedroom, seven-bath Carnelian Bay property that sold for $10 million;
  • Truckee again boasted the most million-dollar sales by far with 15, followed by Tahoe City with 14, and Homewood and Olympic Village with three apiece;
  • It took an average of 170 days to sell a million-dollar home in the region, down from 241 days the previous quarter and 244 days during the same period last year.

The North Tahoe Luxury–Truckee 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, the company 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 six offices: 531 North Lake Tahoe Blvd. in Tahoe City, 475 North Lake Tahoe Blvd. in Tahoe City, 12068 Donner Pass Road in Truckee, 10095 Dorchester Drive in Glenshire, 6921 North Lake Boulevard in Tahoe Vista, and 2095 West Lake Boulevard in Tahoe City. For more information, please call 530.581.7779.