Luxury home sales and the median sale price in the North Lake Tahoe and Truckee area eased in the fourth quarter as 2011 came to a close, according to Coldwell Banker Residential Brokerage, Northern California’s leading luxury real estate services company.
A total of 28 homes sold for more than $1 million from October through December, down from 34 the previous quarter and for the same period a year ago.
The median sale price of a million-dollar plus home dipped to $1,375,000 in the quarter, down 8.3 percent from the fourth quarter 2010 and 19 percent from the third quarter of 2011.
Other key indictors showed a mixed performance for the high-end market. Homes sold on average in 209 days, down from 231 days during the same period the previous year but up from 166 days in the third quarter. And sellers received an average of 90 percent of their asking price, up from 89 percent the previous year but down from 92 percent the previous quarter.
“The luxury market took a bit of a breather at the end of 2011, but that was after strong run-ups earlier in the year including a 22 percent increase in the median sale price in the third quarter,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the North Lake Tahoe-Truckee region.
“Overall, we’ve seen really good activity in the upper end of the Tahoe market for the better part of the past year,” he said. “That’s a healthy sign for the overall market because history has shown that sustainable recoveries in the housing market typically begin with the luxury segment.”
Lombardi said the North Lake Tahoe housing market “is likely to see ups and downs in the coming year.” But he added, “There will certainly be good buying opportunities for those interested in getting into a primary home or vacation property in Tahoe. My belief is that there will be a healthy inventory of homes for sale at attractive prices.”
- The most expensive sale in Tahoe-Truckee region was a four-bedroom, five-bath 4,421-square-foot Truckee home that sold for $3,575,000;
- Truckee again boasted the most million-dollar sales 12, followed by Olympic Valley with four, and Homewood with three;
- Homes sold in an average of 209 days, up from 166 days the previous quarter but down from 231 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.
Coldwell Banker Residential Brokerage serves the North Lake Tahoe-Truckee area with five offices: 531 North Lake Tahoe Blvd. in Tahoe City, 475 North Lake Tahoe Blvd. in Tahoe City, 17400 Northwood’s Boulevard, Truckee, 10095 Dorchester Drive in Glenshire, and 6921 North Lake Boulevard in Tahoe Vista. For more information, please call 530.581.7779.