Luxury home sales and the median sale price in the North Lake Tahoe and Truckee area climbed once again in the third quarter of 2011 from the previous three months, according to Coldwell Banker Residential Brokerage, Northern California’s leading luxury real estate services company. 

A total of 34 homes sold for more than $1 million from July through September, up from just 23 homes sold in the second quarter of the year. However, luxury home sales were off from the third quarter of 2010 when 46 high-end homes changed hands.

The median sale price of a million-dollar plus home also spiked 22 percent from the second to the third quarter to $1,707,500 but was down just 1 percent from the like period a year ago.

Other key indictors showed a robust performance in the third quarter this year. There were 13 sales of $2 million or more compared with just five during the second quarter. In addition, homes sold on average in 165 days, down from 290 days for those closing in the second quarter. And sellers received an average of 92 percent of their asking price, up from 91 percent the previous quarter.

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

“The luxury market turned in a very good performance in the third quarter as buyers continued to take advantage of attractive pricing and low interest rates to buy their dream home or vacation property,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the North Lake Tahoe-Truckee region. 

“I think a lot of the performance in the fourth quarter and into 2012 will really be driven by the overall stability of the financial markets and the outlook for the economy and consumer confidence,” he said. “As the economic picture becomes clearer we’ll have a better idea how the Tahoe housing market will fare.”

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

  • The most expensive sale in Tahoe-Truckee region was a five-bedroom, five-bath 4,632-square-foot Tahoe City property that sold for $6.45 million;
  • Truckee again boasted the most million-dollar sales 14, followed by Homewood with five, and Tahoe City with four;
  • Homes sold in an average of 165 days, down from 290 days the previous quarter and 170 days 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. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.