The North Lake Tahoe and Truckee area’s luxury housing market finished 2013 strong with sales climbing 10 percent in the fourth quarter compared to the previous quarter and a year ago for the same period, 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 55 homes sold for more than $1 million during the October to December period, up from the 50 high-end sales during the third quarter of 2013 and the fourth quarter of 2012.
The median sale price of a million-dollar home in the most recent quarter was $1,299,500, down from $1.7 million in the third quarter and $2.35 million during the same period a year ago. The primary reason for the significant drop in median sales price from a year ago was the fact that in the fourth quarter of 2012 one home sold for over $11 million and two homes, sold for over $14 million thus affecting the median sales price.
The upper end of the market was mixed with 20 sales over $2 million, up from 18 the previous quarter but down from 30 a year ago. Other key market indicators improved with homes selling faster on average and sellers receiving a higher percentage of their asking price versus last year.
“North Lake Tahoe’s luxury housing market had an outstanding year in 2013 and finished off the year with a solid sales gain. Luxury sales year over year increased 39% with 186 luxury sales as compared to 134 the previous year. Additionally, median sales prices for the luxury market went up 22% from last year while average sales prices rose 12%,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the Tahoe region. “There continues to be very strong demand from well-qualified buyers from the Bay Area and elsewhere, which should bode well for the housing market as we begin 2014. The challenge is getting sufficient inventory on the market to meet that demand.”
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, seven-bath home in Truckee that sold for $6,850,000;
- The North Lake Tahoe communities saw 27 luxury sales in the last quarter while the Truckee communities realized 28 luxury sales. ;
- Homes sold in an average of 182 days on the market compared to 288 days a year ago and 176 days the previous quarter;
- Sellers received an average of 94 percent of their asking price, up from 89 percent a year ago and even with the previous quarter.
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.