North Lake Tahoe Luxury Home Sales Jump 21% Coldwell Banker Residential Brokerage Reports

Luxury home sales in the North Lake Tahoe and Truckee areas jumped 21 percent in the third quarter of 2012, 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 for more than $1 million during the most recent quarter.

A total of 41 homes sold for more than $1 million during the July-September period, up from 34 high-end sales during the same period last year. Third quarter luxury sales were also up sharply from the 22 luxury transactions during the second quarter of this year.

Meanwhile, the median sale price of a million-dollar home in the third quarter was $1,539,000, up 14.0 percent from the previous quarter but down 9.9 percent from the median price a year ago.

The upper end of the luxury market showed particular strength with 15 sales above $2 million from July through September, triple the number the previous quarter and up from 13 during the third quarter of 2011.

“Luxury home sales in the Tahoe area remains very strong as we go through the fall selling season,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the North Lake Tahoe-Truckee region. “We were encouraged by the number of transactions, in particular the robust sales in the high-end of the luxury market.”

Some other key findings from the Coldwell Banker Residential Brokerage luxury report for the latest quarter:

  • The most expensive sale in the Tahoe-Truckee region was a four-bedroom, five-bath west shore Tahoe home that sold for $4.6 million;
  • The Truckee area boasted the most million-dollar sales with 23, followed by the north shore Tahoe with 10 and the west shore Tahoe with eight;
  • Homes sold in an average of 198 days on the market compared to 166 days a year ago and 75 days the previous quarter;
  • Sellers received an average of 92 percent of their asking price, the same as a year ago but down from 95 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 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.

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