Luxury home sales and Luxury median sale prices in the North Lake Tahoe and Truckee areas jumped once again in the third quarter of 2013 compared to the same period a year ago, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading luxury real estate services company.
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 52 homes sold for more than $1 million during the July-September period, up 26.8 percent from the 41 high-end sales during the same period in 2012. Third quarter luxury sales were also up 48 percent from the 35 transactions in the previous quarter.
Meanwhile, the median sale price of a million-dollar home in the third quarter was $1,717,500, up 11.6 percent from the median price a year before when it stood at $1,539,000. Last quarter’s median sale price was off slightly from the $1,781,250 price in the second quarter of this year.
The high-end of the luxury market continued to be robust in the third quarter with 19 sales over $2 million, up from 13 the previous quarter and 14 a year ago.
“Luxury home sales in the Tahoe area continued to be very strong through the summer with prices continuing to rise,” said Michel Lombardi, manager of Coldwell Banker Residential Brokerage in the Truckee-Tahoe region.
“The demand from second home buyers from the Bay Area and Sacramento area has been great and that has driven our strong sales,” he said. ” While the listing inventory was solid during the third quarter we have begun to see the annual trend of declining inventory as we approach the winter months as homeowners take their homes off the market during this time.”
Some other key findings from the Coldwell Banker Residential Brokerage luxury report for the latest quarter:
- The most expensive sale in the North Lake Tahoe-Truckee region was a six-bedroom, six-bath home in Meeks Bay that sold for $9,495,000;
- The Truckee area boasted the most million-dollar sales with 27, followed by the north and west shores of Lake Tahoe with 18;
- Homes sold in an average of 176 days on the market compared to 193 days a year ago and 197 days the previous quarter;
- Sellers received an average of 95 percent of their asking price, the same as the previous quarter and up from 92 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. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker 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.