4th Quarter North Lake Tahoe and Truckee Luxury Housing Market Continues to See Improvement, New Report Shows

by Steve Maita | on Behalf of Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage reports increase in sales and median prices

The North Lake Tahoe and Truckee luxury housing market saw continued improvement in the fourth quarter of 2009 with both sales and the median sale price rising from the previous year, according to Coldwell Banker Residential Brokerage, the leading provider of real estate services in Northern California.

A total of 35 million-dollar home sales were recorded in the Tahoe-Truckee region during the fourth quarter from October to December, up from 29 during the same period a year ago. Sales were level with the third quarter. In addition, the median sale price of a high-end home climbed to $1.6 million, up nearly 6 percent from the previous quarter and 13% percent from a year ago. (My statistics show in 2008 MSP was $1,456,205 and in 2009 it was $1,650,000 which is a 13.3% increase not 1.4%).  Of the 35 luxury homes sold in the 4th quarter, four (4) were REO’s and one (1) was a short sale.

Other encouraging signs were that sellers received 83 percent of their asking price, up from 77 percent in the third quarter. And homes continued to sell faster with the median days on market dropping to 161 from 215 the previous quarter.

The figures indicate continued interest from buyers in the high-end housing market for homes priced right in the Tahoe region, especially in comparison to a year ago when the nation’s economy was approaching the depths of the recession and the credit markets were seizing up.

“The high-end market appears to be on the mend,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the North Lake Tahoe-Truckee region. “While we’re not out of the woods, the past two quarters were encouraging.”

Lombardi attributed the gains to a declining inventory of homes above $1 million on the market and an increasing interest for among buyers, who are gaining confidence in the economy and seeing good values in home prices, whether for primary homes or vacation properties.

However, Lombardi cautioned that it’s too early to say for sure whether the housing market has turned the corner given unemployment that’s still high and another wave of foreclosures possibly looming.

Some findings from the fourth quarter North Lake Tahoe-Truckee luxury report:

  • The most expensive sale last quarter was a four-bedroom, five-bath 3,700-square-foot home in Homewood that sold for $4.75 million;
  • Truckee boasted the most multi-million-dollar sales during the past quarter with 18;
  • Homes sold for 83 percent of their average list price of $2.61 million, compared to 77 percent the previous quarter and 87 percent a year ago.

The North Tahoe Luxury–Truckee 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.  The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million.

Coldwell Banker Residential Brokerage serves the North Lake Tahoe-Truckee area with six offices: 531 North Lake Tahoe Blvd. in Tahoe City, 475 North Lake Tahoe Blvd. in Tahoe City, 12068 Donner Pass Road in Truckee, 10095 Dorchester Drive in Glenshire, 6921 North Lake Boulevard in Tahoe Vista, and 2095 West Lake Boulevard in Tahoe City. 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, serving communities from the Monterey Bay to Lake Tahoe and nearly every market in between.  The company has 61 offices and more than 3,600 sales associates throughout Northern California.  Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than one out of four properties priced above $3 million and one out of every three properties above $5 million.  Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 56,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit http://www.CaliforniaMoves.com or call 925.275.3085.  DRE # 00313415.

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