TAHOE CITY, Calif. – February 5, 2015 – The North Lake Tahoe and Truckee area’s luxury housing market finished 2014 much the way it began with property sales and the median sale price both rising sharply from year ago levels, 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 86 homes sold for more than $1 million during the October through December fourth quarter period, up 56 percent from the 55 high-end sales during the fourth quarter of 2013. Sales were also up from the 62 million-dollar transactions in the third quarter of 2014.
Meanwhile, the median sale price of a million-dollar home in the fourth quarter was $1,587,500, up 22 percent from the same period a year ago but off from the third quarter’s level of $1,686,250.
The upper end of the North Lake Tahoe and Truckee luxury housing market turned in another very strong performance in latest quarter with 36 sales over $2 million, nearly double the 19 sales at that level in the fourth quarter of 2013.
“The North Lake Tahoe area’s luxury housing market turned in a very strong 2014 with a solid close in the fourth quarter,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the Tahoe region. “Northern California’s economy continues to do well, homeowner equity continues to climb along with property values, and well qualified buyers are out there looking for the right vacation home. Those are all great ingredients for the luxury market in Tahoe. We’re hoping that continues in the new year.”
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 Truckee home that sold for $6.95 million;
- Truckee communities boasted the most luxury sales with 53, followed by the North Lake Tahoe communities with 27, and then Squaw Valley and Alpine Meadows areas with 6;
- Homes sold in an average of 152 days on the market, down from 169 days a year ago but up from 130 days the previous quarter;
- Sellers received an average of 92.3 percent of their asking price, down from 94 percent a year ago and 96 percent 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.
Coldwell Banker Residential Brokerage serves the North Lake Tahoe-Truckee area with offices located at 475 North Lake Tahoe Blvd. in Tahoe City, 17400 Northwood’s Boulevard in Truckee, 10095 Dorchester Drive in Glenshire, and 6921 North Lake Boulevard in Tahoe Vista. For more information, please call 530.581.7779.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 57 office locations and more than 3,900 affiliated sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. A subsidiary of Realogy Holdings Corp. (NYSE: RLGY), NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.771.5285. CalBRE #01908304.
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