Luxury home prices in the North Lake Tahoe and Truckee region moved sharply higher in the first quarter of 2011 as sales eased, according to Coldwell Banker Residential Brokerage, Northern California’s leading luxury real estate services company.
The median sale price of million-dollar homes soared 44.5 percent year over year to $1,875,000. The median price was also 25 percent higher from the fourth quarter of 2010, the company found.
Prices moved higher last quarter as sales dipped. A total of 15 homes sold for more than $1 million during the quarter from January through March, down from 24 luxury sales during the same period a year ago and 34 during the final quarter of 2010.
Other key market indictors showed improvement. Luxury homes sold in an average of 205 days, down from 322 days a year ago and 232 days the previous quarter. And the number of $2 million-plus properties that sold climbed to six from four a year ago.
The figures were derived from Multiple Listing Service data of all homes sold in the region for more than $1 million during the most recent quarter.
“Although sales did decline in the first quarter it was encouraging that prices have firmed up and moved sharply higher,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the North Lake Tahoe-Truckee region.
“The North Lake Tahoe and Truckee markets had such strong gains from late 2009 through all of last year that it probably isn’t surprising that we’re seeing a bit of a breather in terms of sales,” he said. “But I think second home buyers and year-round residents are still seeing good value in the market. It will be interesting to see how that translates as we move into the spring and summer seasons.”
Some key findings from the Coldwell Banker Residential Brokerage luxury report for the latest quarter:
- The most expensive sale in Truckee-Tahoe region was a seven-bedroom, seven-bath 8,800-square-foot Tahoe City property that sold for $6.3 million;
- Truckee again boasted the most million-dollar sales four, followed by Tahoe City with three, and Olympic Valley and Carnelian Bay with two each;
- Sellers received an average of 91 percent of their asking price, up from 89 percent the previous quarter but down from 92 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.
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.